The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-04-09

uTs. I1DWeNeT, uHiOr.uH4te ana Hi-AuStSeu
and injurious to themselves, and the Who'll.
community, i, is the duty Of government
to legislate with regard to The actual con-
di,ion Of things. Especially in this case,
for the evil WAS fostered and fomemted,
il not engendered 10y the law. The inter-
est on the public debts should oe paid hy
the scrip, and TO that extent, the hank
stock holders would be on the same foot
ing AS the rest Of the people: bu, il will
be remembered that ,axesl have been
imposed on bank stock, and oil bonds,
and promissory notes, in the hands Of the
holders How are the Lolders Of bank
stock, and Of bonds, and notes, to pay
taxes, If government forbids the collection
Of debmi and, yet further, how are the
superannuated, the women and children
OF the country, and that still larger class
Of men, too timid or indolent to manage
their own wealth, to be maintained with
stay laws blocking up ;he Courts Of JUS,
tice I
These stay lava are, however. the legi,.
innate consequence. OF lag.lized bank sns.
pension. To complete The sys,em now
proposed, each Of these evils should 10
modified. Tho condition Of the country
may require that payment Of the princi.
pal Of debts should not be enf"rc-d; but
there is great injustice in allowing the
debtor to refuse payment t" his creditor
Of his portion Of the profit Of the loan. or
tie interest; and thus yearly add to his
loan, agains, the -r",. II his contract.
and the will Of his creditor. This 10 =
great iniquty. II is too true that the
systsEa Of borrowing. upon interest, has
proceeded so f.r that there are but few
investments which, even 10 prosperous
times, produce clear profit. above the in
terest on loans; and the credit system is
like the tabled Saturn, vino devour-d his
offspring. The borrower hecomes the
slave Of the creditor; and is soon 40 care.
less and reckless rs a boD,lsnap. Yet all
this ia no reason why the income OF the
capital borrowed. should he al consumed
by the debtor, and the creditor have no
fruit from his own.
The suspension Of specie psymen, 10y
the banks may have produced one good
effect, in the present embarrassment Of
public affairs. j may have prevented
the real money oi the country from being
dispersed among tho people, and hoarJed
by the timed. in numerous, hiding places.
Il h, probably nearly all, i" he vaults Of
the banks; and thereby more accessible
to the government; who has use for It,
beyond the sphere Of its scrip.
The advocates Of the bank paper none.
system have ever contsndel, that the only
use OF real money was TO serve ~ ba.is
for paper circulation" and for "ioreign
exchange" The suspension laws have
made this basis no longer necessary; AID
war has destroyed the foreign trade Of
private enterprise. 1t is no longer needed
in the vaults Of the banks, while il ia ex'
posed TO the risks of war, as intrinsically y
the most portable thing Of value for the
piundssing invader. The hes, USE "a
which il can be put is to have !, delivered
to the governmsn, Tor the public service
and the banks will be more secure, IL the,
receive its value in tie scrip Of the gov
srnmeui; which is the true measure o
value Of every thing possessed d, patriots
citizens.
To Whatever amount, the scrip Of tn
Confederate government, or Of the States
may Ls issued, while war requires it use
aud the blockade excludes foreign trade
aud the money Of the world i, has no
the same character NJ the public deb,
incurred in time Of peace. However nm
wise the policy may have been. tha, deb
bears interest, and it wss borro ~ed will
. prospsc, OF profit. Public faith reqaire
tha, il should bs repsid. The .cip.ho~
ever. in lie aggregate, only represents la
amount Of the contributions Of individu
ais for the uss Of the whole, Of ~hioi
those individuals are constituents pas,s
during period Of common peril. Eve.,
thing then contributed. whatever ms,
have been its nominal vsIss, at the tim.
was equally affected by the common risk
with other property Of The People, uo. u.s'
BY government. The fac. that govern
ment appropriated any thing did not On
hance is comparative vaIss, nor le.set
It's risk Of loss to the posss.so.. The 4.
mount OF the scrip in the hands Of ind
vidusls, at the end Of the var, wont,
sbew the rost Of tire war. sill remaininl
unliquida,ed. That cost should De CON