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

J.
wealth st A and who are eqnslly entitled 20 is
protection and to ss bounty. is greater th&a il
Was. Il has voluntarily assumed ths debt, which
il acts good faith il must pay, sooner or later
Instead Of ten thousand, however the debt will be
Millions how many, will depend, nos only upo
she duration Of the war, bu. she extent to which
prices are enhanced by excessive issues.
If it were possible TO presume that Southern
Legislature could so far oss sight of what is due
20 common honesty az TO wish to disturb the rels
lions of debtor and creditor. further than to save
The one from unreasonable exsctions il times Of
pecuniary disaster, 1t can nevertheless be easily
shown thst any excess of currency beyond what
may be required to perform the ordinary functions
of trade, will inure in ultimate advantage not to
hose whose expenditures keep pace with their re
ctpts bat alone to the speculator aud those whose
eceipts are In excess Of their daily wants. The
proposition Is so true, however, that the sinplt
'tatement becomes s self~evident proposition.
The whole thing, therefore, resolves itself into
tbs, that without any corresponding benefit to the
great bedy of the people, excessive Issues will only
end to swell the Golfers of the rich at the expense
# the tax payer.
Ia she Confederate States it would be difficult
co dlstingush between csnsumers AMI producers
nearly ali being alike consumers and producers
Ooe produces cora, West, pork, &C., but he Is q
consumer of irsu salt cotton sugar, coffee, rice &C.
10 an extent that year BY year Is just su ,ent to
balance his account, and vics versa so that what
yer be the nominal amount which he may receive
20 exchange for what he produces, he ands it 40
sorbed By corresponding rise in the price o.
hal m fla IL MT
IT whstever nters into the ordinary channels Of
trade and commerce, always adjusts isself to tht
amount of the circulating medium 80 as to absorb it
The Government Of the Confederate States pro
ded that the holder Of treasury notes might invea
hem in Bonds which were to be made of such size
hat they would not enter into general circulate.
and they hoped thus to keep down, to some extent
the excessive issues to which they we're driven BY
necessity. As might have been anticipated, how
ever, notwithstanding the high prices that hsV,
| Oeen obtained for almost every thing with which
| lie Government has had to supply itself
| he surplus in the hands of the people has OIL.
lominalIy augmented. aimee oWingl to the enhanced
price of every thipg, it requires. the whole excess
| % provide for the ordinary wants of life. An(
hus it will continue TO be to the and of the war
he provisions of tbs tax oil be not carried out il
rood sth OR taxes must be Increased iH proportion
70 the depreciation Of our paper Issues, or, what is tn
thing in proportion to TIE rise in prices Of sue
| hings as 5s prodace.
But the evil Of an Overwhelming public deb
will be increased in the exact proportion of the d.
probation Of thu currecy which Is left en- our ham
1t the end of the war. However EWimmingly VI
nay seem to move on At present, for every dolla
fpubic or pirate debt contracted during til
ssr We shall have to pay two or even more The
restoration of peace will bring US back to the err
flow prices and the standard Of gold We shAl
men begin to feel the collapse Of our inflated cur
ency aud distress, as now we dream INST Of. Blu
must defer further remark on this point to N,
dext number.