Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1861-03-14

mist, every banker ana manulactuler III
England. The North, under its big pro-
tective tariff policy, will stand in woetul
contrast with the free trade South. The
action of Congress, therefore, in authori-
zing loan and establishing an export tax
to pay the interest and provide a sinking
fund, is, in my humble opinion, measure
of the greatest wisdom; and it would be
we'll to raise the entire revenue for the cur
rent fiscal year upon this basis. 1t will be
taken by our own people, and [ believe the
planters will take not only fifteen millions,
but thirty or forty millions at par.
1 make the assertion with confidence
Outside of the security isself-these bonds
will advance ten per cent. in six months
there is bonnd up in the placing Of this
loan, and in the manner in which it is ta'
ken, principle greater than armies. Most
Of your readers will remember the demoral'
izing effect upon Austria Of the taking OF
the French loan by the people of France,
at par; the offers being in excess at par OF
the wants of Government. The manner
in which thai loan was taken, the rates at
which it was taken, and offers in excess OF
the wants of Government, in fact decided
the contest between France and Austria in
Italy. Austria issued her bonds, adver'
tised them in the old obsolete style, giving
capitalists the opportunity Of coming in and
taking up the whole amount. They did
so, but at n heavy discount, because capital
lists will only take loan at discount
profit on the margin being their object
Napoleon, on the other hand, with clear
appreciation of the moral force of public
opinion, applied directly to his own people
Local committees were formed in each dis
trict of France. He not only wanted the
money, but he desired the moral force,
mort valuable even than money, of having
the loan taken up by the people. Let our
Government do the same thing. The North
has gone begging in Wall street, paying
twelve per cent, and allowing capitalists to
shave the government by a tremendous
discount on the face of the bonds The
Northerr Union has even called on the
States to endorse for it! Give our people
the chauce-give the great cotton obligar,
chy of these States the opportunity of do
ing in AN erica what the French people did
in Europe. We can deliver blow that
will entirely demoralize Abolitionism in the
money world Let US not fear to strike it.
have said that this measure Of raising
money for the current year, by placing the
loan among our planters, fixing only light
export tax for interest and sinking fund
account, is one of great wisdom. The fact
that it relieves the people at once of taxa
tiou fer the current year, aud gives us one
year o. breathing time, is in itself con-
elusive argument for the policy. As to the
bonds, they can be hypotbecatea by the
planters in any Southern bank.
The world has been told that we were
the friends of commercial freedom. Let US
show that we are. The world has been
told that cotton is king. Let us show that
it is. Europe has witnessed with surprise
and alarm the discredit of the Northern
rump of the late Union among its own peo-
pie, and the miserable tarif-scheme lately
enacted. Let US exhibit the confidence of
the Southern people in their new Govern
ment, and proclaim free trade to the world
TEXAS.