Specie certificates.
We have already published the letter of Mr. Memminger to Senator Hunter, proposing to meet a deficiency in the means of the Treasury, occasioned by the failure of the taxation of this year to aid in the current expenses, (its collection not being made in time) and by the interruption of the sale of six per cent. untaxable bonds from the military disturbances around Richmond, by the issue of a new form of indebtedness. This is a certificate payable two years after the settlement of a treaty of peace with the United States in specie; and the interest to be payable semi annually in specie or its equivalent. Mr. M. proposes that these certificates be given in payment for supplies for the army at the market value in specie at the time of impressment, or according to the average prices prevailing in 1860. Mr. Memminger suggests the expediency of placing at the disposal of his department ten millions of dollars to enable it to purchase cotton for exportation and conversion into specie wherewith to pay the interest on the proposed certificates.The Committee of Finance in the Senate have reported a bill in pursuance of the recommendations of Mr. Memminger, which has taken its place on the calendar. It is clearly the policy of Congress, and one which has been earnestly urged by the President, to avoid the extension of the circulation of Confederate currency, and to reduce it to the maximum of two hundred millions of dollars as soon as possible. The undertaking is a serious one, and will exercise fully the financial ability of both the Congress and the Treasury Department. Whether, with this combined talent, the object can be attained, remains to be seen. This specie certificate of indebtedness is very well, and may be of considerable aid; but it may be apprehended that the producer cannot be able to invest as much as is desirable in these certificates, owing to the heavy expenses attending his branch of industry, and the heavy taxes imposed by the Government, to meet which he must have current notes.--Yet, as an additional means of keeping down the currency, and preventing a further and disastrous inflation, it merits a favorable consideration. If at all successful, it will save the Government a great deal by the purchase of supplies at something like reasonable rates. But to ensure the acceptance of these certificates by the people with readiness, they ought to be made a safe investment by such protection against successive taxation as would command for them the public confidence. This done, they would probably be sought after.
