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The Financial Condition Of The Rebels

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The grent dubjccta of revenuu and finuoe are ndw befóte Congreng. Tlie intellect of the body is at a low ebb if tho b Hl now pending sliali be only one ' pijsedt A device so sorry and abortivo hs, thnt is bardly tit to be respeelfully conmdcrèd by iut"liigent public men. - 27 hll jTVj des to require esery citizm ti j -v the gpverniiient ont-jifth if hit yon ■■■?, iiid l'j receire in acknowhdjinrnt ' ' 'per een, hond dj the gnvernme (. - Thi ir neitlier atax n t a fue hun, - 1-ui embraces the worst features if both. Of '11 loan tliose at eiglit ier Ce. X are tlie worst. K)ï all tast' tirenty per eeut. :% sí iñeomo is the iuu.-t oppn-ssue. Si.ine ii;t-iiuiS re all pruöt. Smne incoinbü do not afi'iird ten percent. ir ti f. In sCmiio e;iHí., capital is ronlisud and I , iurpctod iü n few n.onths. In otliercases it is a permnnent investment, aud on!y its nét pnifits ate rcalized. A tux uu tlie ros iüCiiruo is iti ono case a ta.x on c:ipii and profits, in the other c.ine a tus profits alone. A tas ou gros a mtial icocipï.3 ttiíí mp3.;o i burtlieu to i tim ■ i íicavj on ínue persons as :n borne by tliorg employiug just as niueli eapital. 'J bis project is a forced loan, and tli ruin írüs shaüow as tlie dupes for wliom h Bseks if bt' expeets it to be regurdvd therwise, Congrus strikt aheavm bivio at our credit thc.n the -public run!, wh-n it tlius puts upon tlie st;itute bonkn tina efifeetive publicatiun, that faith in nu credit isgoüe. Mo::ey abounds, si-eking, invöstment in public securitics. Virginia six per ceut. stocks are at par - a point to wbicb ibey bave not afained for several years. North Carnlina six per stocks are twelve or tituenper cent, above par. Mnney abounda seekiiifr invcátinents in stocks, besause at presont it can ñnd no safe investniCDt in Urge businesa enterpvisos. In the titidst of ♦ lila reduudancy Congress proposus an unaclmcut which deel. ros want of conti flenee in Confedérate stocks, and theruby inevitablv oceainus tho want of uoafi. denee whioh exists oi;ly in t lio iuiag'i ia t'.on of the tiniid minds thut purpoe tl s p ringe solióme of financo. F"roe Coufed :tut cig;.t por c ut. bonls on ihofle wi o ouly take tliem bec iu-e the Uw oorapels it, and you ihrow npni thu inirket at o:iee a horde of bonjh;jders looking for purchasers of what they ho!d only because the law has foroed it upon them. How can thc govenrnent gi with its sis per cents iato a market wiiieh it will bave already filled with earer and excited salesman of its own eiglit per ceuta? Wlien oce c!ass ot the holden of public socurities are thus in the market. lüüking íur purchasers ot the highest grada of Confedérate seoarities, what must be the effect upon thoso who hold the lower elass of t'uoae securities The goveniineut has coin uitted finaneial blunders enough to ruin .ts cred:t, if the confideiico of the publio were not so well suppo-ted as it is. The écheme just before Congress is as oppressive as a tas. but without its advantages. If tlie people were required to pay tliis ainount of tax and did to, it would exhib t a will and a putpose whieh n ijht give streugth to our credit. But it is not a tax. It is a loan forced upon people, who are supposed not to want it. No ene looks tor serious taxation in the tnidst of suob a war as tlii". The producer are n thr army. The whvíe potar and enlerprise f the country is in the grrut strujgle. The caus9 for wh ch we strivj is the cause of miiiv generatiims on ) they must pay their shaieof itscost. To postpone taxatiou ttutil society resumes its uurmui conditiou, nud lien it can eraploy tho revenuo powers in fall strength, is the auknowledged law of finance in such periods. If indeed there ba want of confidence ia the permanent valué of Confedorate securitiea, it is easy to reittore it. Let it be deolared that we are ready at any moment to cali in ojt loans, and none will be progeuted. Stop the iss'iö ot oiglit per ceat. bonds. Fut out none but six per cent. stocks. Ibis plan has buei tried, and experience upproves it. O the bonds convertible at llie pleasure o: the holder, how many hare been offürec fur conversión ? We hear of person every day trying to get these securities in vain. They are absorbed and out oi the raaiket. The dubtor who is always ready to pay at cali is rarely called on to pay. It is dillicult to esiiinate the un.ount of investinent which would sefk a, gix per cent. stock, convertible at the will of the holder uto curreney. A Confedérate bond would then bu a so much cash ia the hands of its holder with the additional ndvantage of reoei ving interest on liis own cash in bis owi hands. At his option liis boml could b converted uto currency. Tho bmt would then be as desirablo ap currt-ncy i. 11 respects, with the additional advanta ge of tli9 rato of interest wliicli it boarn The uian who would prefer keepiug casi in his drawer to investiug it in suoli buud would indeed be blind to inturest, am doaf to the votce of avarice. jBid)!gan irps.


Old News
Michigan Argus