Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-10-04
[Rrom the Jackson M!ssIsslpplan-

Editors OIL the MlSSiSSlpplan .-IHc puoiE
mind at this time is greatly exercised on the
vitality important subject OF raising the reQul.
site means for carrying the Government and
the people safely through the trying struggle
that is now upon them. The inquiry is con
~tinually being made, how are we to raise
money to pay our taxes? The writer does
not profess to have discovered the true ST.
luton Of this great problem, bat still thinks
the apparent obstacles may be overcome at
the proper time, il proper measures be ELL.
ploycd 10 accomplish the object. No one
surely will complain that the Confederate
Congress has imposed 4 tax upon Us; this was
so obviously proper that I'll will admit that it
was right Iiit there is some complaint in
the country that the government has not pro-
vided this means fer raising the money to
pay the tax, Or that its financial policy is
defective in this particular.
Its policy may not he perfcct-iL may not
he the best that could have been adnpted-but
present defects may vet be rcncdied. The
discomfort is not entirely well founded, since
the requisite contributions to government must
come from the private resources Of the people
from their industry and energy. The most
the government can do is TO encourage and
stimulate industrial pursuits by salutary laws;
it cannot furnish the money, nor can it make
money abundant when it is not in the country.
But the money is in the country, and money.
holders can do more towards supplying I cir
cnlating medium than the Government can do.
Money WAS certainly very abundant in the
| South before this war commenced. Our staple
commodities found ready and profitable
markets, and industry in every shape
yielded abundant returns. Prosperity and
| plenty nhonnlel throughout the lanh.-
What, then, hes become Of the money? The
answer must hr, that it is still here, or by far
the greater part Of It is; we know it haS not
been sent off to any considerable extent. But
still it has disappeared; it has been Withdrawn
from its uSnal channels Of circulation. and why
is it 50? Manifcstly it is because confidence III
credit has been paralyZed. Moneyc1 institu
tions aud money holders seem to have ~ronclu.
dcd that money cannot now he safely put into
circulation, although the real basis of credit is
mt destroyed, but its activity is bnt temporarily
suspended. Perhaps 4 few sor'lid misrrs ara
holding their money mcrly for the love Of il,
nr fur the ignobln purpose Of enriching them
selves from the calamities OF others. 1t is
hoped, however, that bat few arc actnated ny
such Imrserly motives.
We cannot, with certainty arrive at the nc
tual amunnt Of specie in the Confederate
States, but it is believed to be not less than
eighty and probably rot more than Il hundred
millions of dollars. The most Of this is in the
banks, and If it is to be locked up, then it is
useless, both to the Government and the pco.
pie. How is this vast capital to he made
available and useful liz aiding the Govern
ment? The first step is the suspension Of the
banks. Perhaps most Of them have already
adopted this manifestlS wise policy, and
those which have not must 10 So, and The scvr
raj States in which they are located mrSt lt-
gaIi2e the suspension. But suspension alone
will 10 but little; expansion Of circulation
is equally necessary. Suspension under such
circumstances will not dcprcciatc the value Of
their notes, but they would circulate Is freely
AS if rcdcemablc in specie. The specie then in
the country will constitute Z basis for L sound
circulating medium Of between two and three:
hundred millions Of dollars. 10 This cytnnt
may lIe banks safely go, for it is perfectly
certain that whcn peace IS restored, business of
all descriptions viii Immediately revive. anil
the banks will not lr called on for specie to
any considerable extent. 1t is only in antici.
patton Of a monetary pressure that runs are
made on t:c banks, lnIt never when me has
just passed.
Let it, be supposed, then, ti:at two hundred
millions will be required Ia nc paid in taxes
annually 10 carry on the var. perhaps i; may
require 4 greater SllIa. still the money. or its
equivalent Is y circulating mnliam IS in the
country. But III the ahHcencc Of any market
frr the products of tn. country, how are the
people to raise it to pay their taxes. gnd for
the purchase al t!:e uecc*SaTicS Of life? Asa
general rue good credit and Il rc!n,i'lrrativa
interest will open ilIr mUne; vaults, and As
the government mnI*t 'Tpcni upon the People
for It's RESOURCES. it Is deeply interested in
sustaining their credit, especially the credit
Of the planting ~rlaSscs. l'ut Il se's- of
patriotisIn must also have its influence anil
operate ~ tl.c most powerful lIcitcmcnt in this
crisis. Every nnc must see and feel that
struggle is going OF VI the success of which is
involved not only hl' ~Ioliticai liberty, bat his
rights ui property also. This war is f"r the
rights Of the people, anl it's hurthens must hr
borne by them. If We fail, We shall cease 10
be- n free people, aud orr property, under one
prcIcyt or other, sill be taken from lis. Per
haps wr shall bc robbed Of the whole Of il,
but at least we shall be forced to pay the
ainoun, that our viclorS may cXpcnd in subj u.
eating us. We must keep the important truth
constantly before us that orr all is stal:ed ON
the issue it is a war in which We must sue
coed, cost what it MAJ. Every one is therefore
deeply and personally interested in The
result. The man who las money Is
personally interested in lending it 10 his neigh.
Dor, on good ultimate security. lie receives
not only tic interest, but he derives an addi.
tional benefit from the aid it gives the govern
ment, and it is moreover = patriotic use OF It,
The banks are vitality interested in aiding the
people to support the government, as their very
existence depends on our Success. II we laIl,
the specie in their vaults will he the most cove.
tel uljrrt of the %victprs. In aid Of such Il
pnliry, creditors must forbcar for Il time by
COMMON consent. They must not, canno! cN.
pect their debtors Ia fulfil engagements made
under 4 prosperous condition OF The resources
Of the country. And the people Of all classes,
and Of ell vocalinns, must be content with L
stationary condition. 1t is no time 10 be cS.
acting or to expect pecuniary gain from any
article Of traffic. We must all feel that it IS
now our highest duty 10 all and sustain each
other.
But rs the circulating me'iinm must Of he.
cessity greatly exceed the amount In be con.
tributed to the support III the gIvrrntrnt, the
supply may he augmented TO an amount Suil
cicnt for present necessary purposes by licanS
Of products Of the country. TO this end let
the Government buy the cotton crop, or such
proportion as may be thought necessary, say
at ten cents per pound, paying for it in trea
surv notes which world circulate the more
readily being issued in payment Of an ar
iicIe which would ultimately insure their re
,lp,nption. Wiren II market shall be opened
the government Can sell the cotton readily, and
being so large n holder may, to sdmo extent con.
troll the market and realize a profit on its pnr-
chase. But suppose there should be some
loss on it, who would ultimately sustain that
loss? The taxpayers, of course, as the def.
cheney would b. made mp by the taxing power
of the Government. This seems to be a sure
and simple plan no complicated machinery
will be requisite in lis accomplishment. The
Gou,rpmnni r1n establish oppncipS in any civ