Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-02-19
. For the Standard.
TWAR TAX AND THE CONVENTION.

" AN IAA AMI ldE Jun ENIlON.
Mr.. EDIroR: see proposition before the Con.
borrowing directly, or by borrowing indirectly; by
issuing interest bearing State notes, which is in
fact worse than borrowing directly, for it shows
that we are unable to effect direct loan and is
flooding the country with currency which nothing
but the patriotism of the Banks and individuals will
sustain. and the quantity Of which agreeably to the
laws Of political economy, may injure the quality.
Without going into the questions, that this propo-
sition shows to our enemies and to the world the
fact that our people are either unwilling, or unable
to pay this the first contribution for the prosecution
Of the war, and the additional fact that by drawing
so literally on State credit We may iuiure that
credit which is only capital for the people
may begin to think that State that issues notes
payable several years after date to pay war tax
may conclude when these notes become due, to is
sue notes on longer credit to pay these notes of,
and SO on ad ia1initu,n. would like to call the
attention of the Convention to the future effect Of
this proposition to pay the Confederate tax on the
various classes of our people All will agree that
this payment or assumption OF the war tax at pres
ent BY the State is not payment in fact from the
people but merely deferred debt, which must f.
nally be met scith interest," and that by taxation
that it is not payment of the note due from the
State to the Confederate States, but merely re-
newal Of the note with additional interest," which at
the next renewal must all be PAID, with the addi-
tional interest accrued account of the renewal,
and that too by direct tazation and tina. tax will
not be levied as it now would be levied under the
Confederate tax BILL which tax is not levied on the
heads of the men who are now fighting the battles
of country, but it should be, on the property
of the country, for which the war is waged-but
the tax will be levied under our State Revenue law,
which taxes the head Of every soldier over 81 years.
and taxes land and negroes ad ralorem and nothing
else ad oaIorem, and exempts millions of money ir.
vested in State bonds; prompt interest paying
bonds-yes, the interest always paid promptly, not
withstanding the war and the war tax, and for the
payment Of which the lands and negroes and the
heads Of our people are taxed Under the Confed-
crate tax bill these State bonds are taxed as other
money at interest and why mot? The interest is
paid to the day, and the bonds are regarded by ev
cry capitalist as thu. very best Investments
proof Of this all capitalists are eager to invest in
them. II the bonds are not a good investment
why is it proposed to issue millions on the States
credit and the farmers are expected TO take them
for their produce, and the Banks are expected to
take Them IN payment Of debts due and pos only
that but they expected to loan very literally 10
tie State, and the deficit If revenue finn these
bonds not being taxed will be made. up on theland,
negroes and heads Of the hard-working yeomanU
Of The country. Can there DO any reason why the
hnd owners and slave owners and polls Of the State