The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-02-19

ana be allowed an annual interest, OF SIX
or eight per cent, on its face, such COM
pensation would be well cons,de, ed en-.
ormous, and a public imposition. Yet,
even il that were endured, the paper
money, 80 issued, would still be better
medium of exchange, between the Gov
ernment and the people; aud among
individuals, than thai, which, now, pre-
walls, throughout the Southern Confede
racy. The amounts actually required bv
the exigencies Of the war, and for pri
vate transactions, and the circulation,
would run together, like parallel lines,
or balance each other, like we'll adjusted
scales. The prices OF commodities of
home production and consumption, would
only fuctuate, according to the laws Of
demand and supply; and not vacllate,
as they do now, according to the ebb and
flow Of the tides Of the currency Those
tides alas which are not governed by
the steady laws Of Nature, but depend
on the ever varying winds OF private hu
man judgment; and are subject to hopes
and fears, miscalculations, chance, for.
tune, personal favor, panics.
Foreign trade, besides the hazard at
tending it, would, Of course, Indicate the
rate Of depreciation OF our currency, com
pared with the measure Of value, in the
commerce Of peace. That would be un.
avoidsble need not be murmured at
and should not enter into our consdera.
ton at present.
|: could be easily demonstrated, that
the evils OF the present banking sys,em;
;he extravaganza and waste, the ins:abil-
ity and Perplexity embarrassing trade,
and undermining social confidence, which
have so long hung, like portentous clouds
over the American people, are the natu.
raj results OF that pernicious and false
Union, which we have abandoned and
which filled the whole atmosphere with
its misty vapours Of delusion and fraud
but, as we are now striking at its corrupt
I'd heart, we need not examine the disea.
ses Of its constitution.
The banking system, such as it was,
prevailed among us and our Govern.
rnents, both Confederate aud State, have
made use Of it. 1t WAS stronger at the
North, because its great centre was there;
and its vitality was weaker in the South
ern States. which had become even more
provincial, financially, than they were in
their political character. II is a singular,
but well established law Of animal and
vegetable nature, that, in proportion TO
the decay Of life, the etforts at procrea,ion
increase and the delicate female, or rot
ting fruit tree is most prolific in imma'
ture offspring, and perishing blossoms
So it was with the American Is anks.-
They were multiplying every where. Ii,
WAS marvellous to observe how much
b'nking capital there seemed TO be in the
country. There WAS no end to their gen
eralior; yet, in spite Of all this fictitious
wealth, bank paper was deprecating, UNI
III general suspension Of speci. pay.
ments, or bankruptcy, ensued and Inv
was invoked, to stay the cause Of justice;
and Iegalize promise breaking, all over
| The land.
There has been much Glamour, recent
y, about the Stay Law; but il would be
as sensible to complain that, in arithme
tic. two and two make four, rs to legalize
the suspension Of the banks and then
object TO a general stay law. There is a
sound common sense among our people,
and they will insist on the logical con.
sequences Of fnlse premises.
The stern reality of war has brought
us to the perception Of the truth. The
war taxes must be paid. The stay law
will not relieve the people Of supporting
their government IN the present emergeni
cy. II there we're an unsound condition
Of things pervading the country, and
there was contest between borrowers
and lenders, made more dangerous, be.
cause all the people, with few exceptions,
were in both classes ; the Sovereignty,
which has been invoked, to save the States
from utter destruction, must, first, meet
the public danger, pressing from without.
The whole people must 60 to the work
Of the war. This is not the time TO adj
minister medicines, which may debilitate
the pubic energies, while they purge out
the disease, whose symptoms have ap.
peared. The men, and their labour, Of
the country, must be called into service.
1t matters little, while the enemy are
pressing on, whether brave man is in.