Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-13
Onr Crsninar nanrer. 20. = !

prices, growing out Of an undue increase in the
amount of the circulating medium, to those esps
cially who constitute an overwhelming portion Of
our population, that is Of those wSo produce but
little in ezcess Of what they consume, is of but
small advantage, if any, and is osly beneficial to
to those whose income from production is largely
in excess Of their expenditures; while the govern
ment is q loser to tie full extent of the enhance
ment in prices, growing out of redundant cur.
rency, and which must in the end be paid by the
people at large. Nay more, that by far the greater
part of this tax must fall upon men of moderate
means, whether the tax be direct or indirect, be
cause these constitute the great body Of tax,
payers. -1
Bat the point to which beg especially to csl the
attention of the reader AZ present, is the burtaen
which our deprecated spsr currency will impose
upon the debtor part Of the eommuaity'as the en1
of the war. The banks must thtn Iesume specie
payment They oannos DC this by procuring coin
to meet the whole Cf their circulation, bat must
rely chiefly upon reduction of their issues by
calling them a, or IN other words, By col
lec.ing their debts. v .3-gC
The Government slso will be obliged to fund its
treasury notes, or nave them thrown out OF bank
since the banks could NO longer reSsiye them.
Ia either event the sudden reduction
in the amount Of tae circulating, medium viii OF
itself create so sudden collapse 10 prices as can
not but produce the most serious disaster to our e.
nanees.
The provisions left en- hand and to be thrown sud
denly upon the market by the army, and the aud.
den Influx of cheap foreign goods and of provisions
from the Northern States, where the average pIict
ranges but little over one third of ours. will tend
still more to G reduction Of prices. We shall then
have to pay il effect two dollars or more for every
dollar of debt contracted during the war, whether
it be government or individual debt. Il requires
extraordinary ssgacity to predict that the bauk
luptcy of thousands will bs the inevitable result
unless timely measures be taken to sVsrtis
Instead, then, of throwing obstacles in the way
Of collecting debts, every measure consistent with
justice should be adopted to facilitate the collection
and extinguishment of our individual and public
Indebtedness as speedily as may be. speak espe-
cially of our own State and those from which the
supplies for army are dra WI, at such enormous
poices as are being now paid, True, as before ;s~
marked our private expenses have advanced in 8
ratio corresponding very nearly with the increase
in the price of cur products but the little We may
have lefE over will pay two dollars now, to one
that it will psy after peace. The temptation to
postpone payday and the ordinary delays
Of Law, are quite strong enough already to have
plunged often times both debtor and creditor into
want, without a word Of encourage nent and msch
ess of interference on the part of the Legislature
There could be no greater act of cruelty on the
part Of legislative body at the present time. than
nv Of If heir IN 7ha NJ
debts and thereby postpone them to a time when
with an accumulation of interest, they must be
paid with double the amount that would at present
liQuidate them l am not ignorant of the TACT thar
there are exceptions to this general rule But
shall we do injustice 30 the great body Of
the community, and entail bankruptcy upon
ALL merely to afford temporary relief to the
few? These remarks though Intended 10 apply spe
ally to the collection Of that portion Of cur war
debt for which the Confederate States have impOs,
direct tax, may be perhaps SIS well applied TO cur
individual indebtedness.
RUSSELL, IN his correspondence 20 the London
Tines has said that the coursge of Southern trI cps
is undoubted and that il our finances we're equally
IS sound, our chances Of success would De muCh
improved. FJStsst d0osri ab k0Sts.' II standing
argument with monarchists sgainst republican IN
stituHons that their GnAnces must always let
down whenever, from tie exigencies of war or
other cause, it becomes necessary to iupoIe heavy
taxes Hen love liberty, and they will fight for
but they won't pay fer it. They give you their
bonds to any extent but when payday oomss, bes
yond such an amour. as they can pay with entire
convenience, they will pay only With other bonds
Americans are brave, and above any other people
IN the world love excitement Their Sighting suaIi-
ties ara above question, bat they cannot b. rel,td
upon to impose upon themselves the heavy burthens
of taxation necessary to supply the material of a
long expensive and exha asiipg war or to mlintalr
their credit" These and Ike charges Consli urs
standing reprosehes to our name, among European
nations.
We are . young nation, our ex,s:enca even rot
being ut recognized By another natl N on earl Z.
Our conduct though We be ye. in infancy, will
be all the more closely watched as az ordiDg an in
dicstion OF the character which VS. shall
have, when VIC shall havs assumed the
larger proportions OF manhood. Apart, then
from the immediate and direct irHlence Of our
legislation upon cur currency and finances, how
important that should, in she beginning Of our
struggle for national existence, give such assUr-
@nce VI OuE integrity, Ouf heL'sACEluClnB pStEio
ism, and willing endurance Of whArever burthers
are incident to our struggles, will neitheF leave
. stain upon our credit or excite doubt Gs to the
good faith with which We Intend to meet all our
obligations. The prompt payment without evasion
equlvocatiou, or postpoasment, Of the Confederate
States war tax. cannot but exert most happy ir-
fuence in establishing for US good name where
ever the fact may be known; and we may rest
assured it will be known By every government in
Europe.
Although have bu: hintsd at fe of the most
palpable facts and arguments which might be ad
duced 10 reference 20 the subject which have
considered in this aud the preceding articles,
enough has been ssii, trust, to show what
affirmed in the beginning, thu. The state Of cur
finances, growing out Of redundant currency
constitutes "0,gT creates, danger"
i'll be correct in this, then follows that nothing
Int an ovarruIinS neneastv can iuStirv fba