Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1861-09-06
rERms-.-rwo DOLLARS PER ANNuM,]
BY W. A. LEE AND HUGH WILSON, JR.

which many whose past employments nave
been disturbed will be- able to win sup
port, and contribute to the general thrift
land independence. The South has within
itself all the means Of employing and sub
sisting its people. There is work for every
nan, and there will be a market for every
iudicivus mans work ; and even the tax
which our Government will collect will
dispense with the othet as great C" 'tpst.er
to our farmers anI artisans.
If anything were needed to coml,nl tho
action Of Congress to the people and ST.
cure their appreciation and applause, it
woulG 1c supplied by reference to the finan-
cial experience Of our Revolutionary ,strug.
gel. It is matter of history that theglo-
rioug uprising Of our fathers for liberty
and indepepdence, was nearly rendered
void under tie distress Of paper deprecia-
ton. Their error was in jssu'nS their con-
tinental money, without providing a means
for securing the payment Perhaps we
should rather say ut was the misfortune OF
their condition which drove them upon n
policy the evils Of which they forcsaw, bu.
could not escape. The continental Con-.
grcss had no powersto tax the people; it
could only recommeGdsitto to the State. Our
rulers at that time were also afraid to try
the experiment. tas ssthe contest aous on,
the subject Of taxation, the3laying of taxes
adequate to the exigencies of war, even
though itFhad been practicable, would have
been impoi'ic,' so they judged,T and SO
they acted in ITS. Ramsay's History
Of the Uaited States.l In 177G the rulers
Of America still thought it premature to
urge taxation,' although, as the historian
further informs us, it was obvious that if
bills Of credit were multiplied beyond a
reasonable sum for circulation, they must
necessarily depreciate.' In l777 they be-
gan to realize their error. About the mid
die of that year, the paper depreciation
commenced. At its close. the depreca-
tion was about two or three to one.' In
1878, it hecame five or six for one.' Tn
1919 it was twenty seven or eight for one.
In 1870, fifty Or sixty for one, After
wards it either did not circulate at all, or
at the rate Of "a hundred and fifty to one
In the latter part of 1918, Congress set
to work to repair its mistake and to restore
credit to its paper issues. 1T was then too
late. The credit which might have been
preserved, could not be revived. Besides,
its drafts upon the States for taxes, with
which to redeem the paper money, were
very imperfectly. responded to. The con-
stanty depreciating currency involved all
pecuniary matters in ever growing confus.
ion and disaster. Rhc paper money went
down as we have stated. Finally two hun
drcd millions Of issue were redeemed by
FIVE millions Of silver dollars. The people
losttbe difference.
Our Congress, as we have seen, have
commenced right. History is philosophy
teaching by example and they are profit.
ing by the teching. The have provided a
basis Of credit for the government pape,
before issuing it. We are fully persuaded
that the people, so far from responding
with nurrurs, will greet them with ap-
plause. They will hail their action as proof
that our affairs are wisely administered, and
as the guarantee Of an suspicious result
and they will, therefore, address 'h""'-
selves with new zeal 10 the great wt,r!: O
achieving independence and cort,ucriDe
, peace. .--Richmond Enquirer.