Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-10-23
: Governmept Finances.

ests Of the government is ofthe first importance to
the people Of the Southern, Coafederacy The main
tenance Of the war and successful termination is
s"oor destiny" Now th.tit is upon us, it must be
fought out at all risks But alongside Of the ques-
ton Of our success and VICTORIOUS end lies the i'm
portant question Of providing the ways and means.
zAll new governments are peor and must neces-
sarily go in debt If they are established by the ]
sword, the debt becomes enormous The Provision
al Government of the Confederate States with this
war upon its shoulders cannot live out its allotted
period of one year. at cost including The war debt
of the States Of less than 100000, 900. The per-
manent government must therefore commence bust
ness, heavily in debt, with the prospect if the
continue, of large augmentation. To provide for
the maintenance of our credit in the infancy of the
government demands the highest wisdom and the 4
purest patriotism Of the country. But the question
is not simply how is the debt to be provided for,
but how it shall be done with the greatest to
the people? There is a future in this contest which
must not be overlooked The war mus! be fought
out, our independence must be maintained, and our
credit secured, but all these must be so conducted
that the Southern people can come out of the war
with sufficient strength and with their hands loose,
to recuperate quickly. The resources of the South
in actual cash-gold and siver-are admitted on all
hands to be small; but in every species of produc-
tive property and in physical and mental energy,
she is immensely wealthy. Great fears are enter
tanned that long war, even of two three years,
will utterly PROSTATE Men who are rich in re.
sources already begin TO imagine themselves in dan
ger of bankruptcy, and put on long faces at the
mention of war tax
1t need not be blinked that our energy, our mill
tary skill, our powers of endurance and econom
ical pecuniary resources will be stretched in this
war to their utmost tension. But unless we become
cravenhearted, INDECENT extrayagant and wasteful-
unless we become unworthy Of our high destiny and
recreant to the cause of civil liberty and consttu-
tiona freedom, the South will come out of this war
shorn of her locks, perhaps, but still possessed of
giant strength and mightiness of energy which
will speedily break the bands with which she has
been bound, and she will spring forth to rebuild her
fortunes with the freshly grown locks of Sampson.
With large amount of property and an unconquer
able energy, which nrinsically better than gold
and silver the South pay her debt and still
march forward in the career of uneXamped pros
perity.
Now, the true problem for the statesmen of the
South to solve, is, how shall her great wealth in
!, property and enterprise, be so managed, and her
products be disposed Of that the expenses of
/ the war, the wants of the State and Confederate
governments be met, and the necessities of the peo
pie be supplied during the war; so as to embarrass
the people in the least possible degree and leave the
| productive property and energy of the South, still
uncrippled and unettered? This is the great ques-
ton, and its happy solution is of the highest mpor
lance. 1t is doubtless environed with difficulties
bu: sound craftsmanship and pure patriotism can
! grapple with and overcome them.
What then, are the present aspects of the ques
! ton? What has been done to meet the financial
/ wants of the Confederate government? At an early
day, the Congress provided for cash loan from the
people Of $l5 00O 900; subsequently it proposed to
the cotton planters loan in cotton bales of $50
O00,C GOO, which has since been increased to $780,
| 100000, for both of which, the cash and the pro-
duce loan the government is to give its bonds at
| per cent, redeemable at reasonable time, with q
special provision in favor of the cash loan securing
to it the per cent. export tax cotton. At the
VI
ment was further extended by ordering the issue of
800, 100000 Of Treasury notes, without interest,
redeemable six months after the termination of the
present war A war tax was also laid, which it is
supposed will yield S20,0O0,0OO.
The SIS, 900 cash loan has been taken up,
and is understood that the cotton loan is about to
be completed to the amount of 500, 900. This,
however, will not be available to the government in
cash, until it can effect some arrangement for its
sale The reliance of the government, therefore, to
meet its large and constantly accumulating expen-
dtures, rests first upon the ability and willingness
of the several States to assume the payment of the
large expense incurred in raising and equipping
troops &C., to be reimbursed after the war-and
secondly, upon the cash loan effected and the 500,
100000 of Treasury notes issued, making in the
aggregate $ll5,O 100000 This amount added to the
amount assumed to be paid by the several States,
and to be refunded to them after the war, we can
not doubt will carry the provisional government
through to it's termination. But must not leave
out of view two other items which must greatly as
sist the government in meeting its necessities We
mean the large amount which must come into the
Treasury, as the results of the sequestration act
which, however, the government must refund at a
future day, and the large individual contributions
both to the government and to the army which are
daily augmenting. Of the present ability of the
government, therefore, to meet its actual wants in
carrying on the war, the above showing leaves nc
room to doubt The war tax will not be available
until after the permanent government goes into op
Grafton. The subject will be further considered
c. R. THOMAS Eso.-We invite the attention O
our readers especially in the Sd District to the Cir
cular of this gentleman in the Standard to-day
This Circular well written, and does credit both
by its style and the sentiments it conveys to Its
author 1t is not our purpose to take part in the
contest in the Sd District but we think it our duty
to say, that having served with Mr.. Thomas in the
State Convention, and having observed his course