Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-22

, Is possible In position to caFysn our commerce,
both Internal and external TO the greatest advantage
: To this end, our currency must be made tosTs
preach as near as possible to the standard recoquz
! ed throughout the EOrld-gold and silver.
1t is undoubtedly true that such RaAncial sxnsd;-
ents would be fatal 10 credit in time Of peacs
nSt ony admissible, but sdvizibls in time Of war.
but it is absolutely essential that these expeden
should not be at variance il the sound prineiule.
Herei the prime objection to the proposition NV
before the Legslature. 1t is not sound princiD,sz
at any time to pay one debt by making larger cue-
Moreover, if it IS advantageous and best for the
State Of Tennessee TO Assums the payment Of The
tax, and borrow money to pay it, il must bs
equally advantages and bss. that every State in tie
Confederacy shsH--do the sans. A moments eop.
sideration will point out how fatal such couYas
would be to the credit Of the General Government.
At The time Of the formation Of the Confederate
Government, it was estimated that the gold and all
yer IN the slave States exceeded sixty millions ~
dollars Maryland, Kentucky and Missouri had prob
ably twenty millions Of this smount-leavfrR for
the Confederaey forty millions. These forty MI
lions are locked up in the vaults Of the banks and
oSher monied corporations, and in the possession
Of need. This is always the case during civil com
motions, when the precious metals disappear in
strA9gs rapidly For al financial projscts we
are, as 3 nation, almost without specie, and must
therefore inVsas a substitute-whch substitute,
a. before stated, must depart as Els as possible
from the standard of specie.
Ipresume it is safe to say that our bank sircu-
lstiOn is not less than before the commencement Of
hsstilitiss-it Is doubtless considerably larger In
consideration therefore, of the very uodera.e de-
msnd for medium of exchange made necessary By
the limited commerce. between the several States Of
the COnfederaey, it is plain that except for tissx-
psnses Of the war, We are amply provided with
currency. Should it bsgranted, for arguments sake
that cur trade demands the very large amount of
bank notes in circulation it is still self evident
that no further addition would be necessary except
to such amount as Is necessary to conduct the pros
scution of the war.
Congress has determined that the best method Of
procuring money for Government purposes, Is by
issuing treasury notes of such small denominations
as to become currency, and to provide for the re-
demptiOn Of these notes by tax The effect Of this
if properly carried out, viii be equivo-
lent to succession Of popular loans at sbsrt Gates
Bat if Ae State assumes the paymsnt Of the tax in
sAe manner proposed, il is Go longer popular
loan, but to all insents and purposes, a mortgage
upon the present and future wealth Of the c0mmu-
nifty, The distinction between the two is apparent
a. glance and it requires little scumen to per-
csive which VIII result best for the whole people.
If the Legislature shall deem it practicable to
provide for the collection of the Confederate war
tax by the regularly authorized collectors of TIE
State and County taxes, and SO save the csmmis-
'Ons payable for its collection it should certainly
De done but for one should be sorry to zee eur
State paying her tarssl'h boTT0tosd money and so
will many another PLAIN NAN.