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 Communication f 
 Conf Pam #348 
 
Mouse of representatives, May 23, IS64.— Referred 
 to the Committee of Ways and Means and Joint Committee on Im- 
 pressments and ordered to be printed. 
 
 [By the Chair.] 
 
 cojS/diJS/ixjisrio^Tioisr 
 
 FROM THK 
 
 SECRETARY OF THE TREASURY, 
 
 Rcconimetidhig certain chanp;es in the hnpressmcnt 
 
 Laws. 
 
 Treasurv DKPAlliMi^Nr, C. S. A., ^ 
 N Richrtwnd, May SOth, 1864. \ 
 
 Hon. Thomas S. Bocock, 
 
 Speaker of the House of Representatives : 
 
 Sir : Since the date of my report of 2d instant, nearly three weeks 
 have elapsed. During that period it was intended to make sale at 
 public auction at the capital, of part of the six per cent, untaxable 
 bonds, with a view to establish the rate j^ which sales could be made 
 at every commercial point in the Confederacy. Military necessities 
 have prevented this sale and still require its postponement. The aid 
 which it was expected the Treasury would derive from that source, is, 
 therefore, delayed for at least a month and for the expenditures of 
 that period, treasury notes or some other substitute becomes neces- 
 sary. The means provided by Congress for supplying the wants of 
 the Government at this time consist : First, of the limited new issue 
 of treasury notes ; second, of the sales of the said six per cent, bonds," 
 and third, of certificates of indebtedness. In my report of the 2d 
 instant, 1 have shown that th^ whole amount derived from taxes 
 during the present year will be applied to the reduction of the public 
 debt, and will afford no aid in paying the current expenditures of the 
 Government. This I regard as an imperfpct feature in the tax bill 
 and have recommended that it be remedied by additional taxes. The 
 collection of these taxes, however, cannot take place in time to meet 
 
the emergency and resort must be had to one of the other resources. 
 In the same report I have set forth the reasons why an increased issue 
 of treasury notes would be injudicious, and if these reasons are 
 deemed adequate to justify the conclusion, it follows that resort must 
 be had to the third means of supply, namely : certificates of indebted- 
 ness. 
 
 The great leading wants of the Government to be supplied at home 
 are clothing, subsistence and transportation. If measures can be 
 adopted which will enable these wants to be supplied wholly or in 
 part through certificates of indebtednes, great relief will at once be 
 obtained. The railroad companies have generally exhibited so much 
 public spirit and patriotism that it is highly probable they will 
 readily accept certificates in part payment of transportation. 
 
 The other great wants are supplied by the manufacturers, farmers, 
 and planters, who manufacture the clothing and produce the subsist- 
 ence stores of the country. If these parties could be induced to ac- 
 cept certificates for. such articles as are the subjects of purchase or 
 impressment, the scheme would be complete. It seems to me that by 
 resorting to a specie basis for all purchases and impressments, they 
 could be made more acceptable both to the Government and to the 
 owner. If all articles, when impressed, were valued at the prices of 
 1860, (when the currency was at a specie standard,) or at their 
 present value in coin, and certificates were issued for such value 
 payable tAvo years after peace in specie, the interest, in the meantime, 
 to be paid semi-annually in coin; or its market value in Confederate 
 notes, a substantial security of the highest value would be obtained. 
 The party giving up his commodities would be better satisfied with the 
 price and mode of payment. During the continuance of the war he 
 would receive the same I'ate of interest as though his property had 
 been valued in Confederate notes ; and after the war he would receive 
 its full value in coin. The Government would be better satisfied 
 because, whilst it paidcio higher interest during the war than it would 
 do under the existing law, it would, after the war, save the loss to 
 which the present exaggerated prices have exposed it. As no material 
 abatement in prices has occurred since the meeting of Congress, it is 
 obvious that the supplies voted ,by the last Congress must be largely 
 increased, unless some such measure of relief should be adopted at 
 the present session. I respectfully .recommend, therefore, that 
 the impressment law be amended in conformity with the above sug- 
 gestion ; and that it be extended to all supplies which may be neces- 
 sary for the suport of the army and navy. I also reconimend that a 
 reasonable proportion of the railroad transportation based upon the 
 charges of 1860 shall be paid in the same' way. As the cash ex- 
 penses of railroads are very large and require supplies of money for 
 daily use, it is probable that one-third of such charges would be as 
 much as they could afford to take. 
 
 To enable the treasury to meet the payment of the interest on 
 these ccrtifiates, it would be advisable to furnish it with the means of 
 procuring .coin. A double advantage would thus be gained. The 
 Government would be enabled to pay its interest at a lower rate and 
 
the paying out of so much coirv would reduce the difference between 
 the market rate of coin and Confederate 'Securities, I would, there- 
 fore, respectfully rccj^ommend that an additional appropriation be 
 made to enable the Treasury to purchase and ship as much cotton as 
 may be made available for this purpose. Ten millions of dollars 
 would probably be sufficient at the present session. 
 Respectfully submitted, 
 
 C. G. MEMMINGEH, 
 
 Secretary of the Treasury. 
 
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