Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-12-02
nnr Finanllces.

contained in this letter are worthy OF serious con-
sideration, as well on account Of their soundness
and the clearness with which they are expressed,
as because of the source from which they ema-A
nate -
November 10, 1892
My Dear Sir:-You ask my views on the 6nan-
cial condition of our country. Money is as neces-
sary to carry on war, as men, who bear the bur-
then of this war. In respect to money, government
can raise money in three ways-by taxes, loans,
and promissory notes, to pass as currency. 1t was
not deemed prudent to resort to the first mode, ex
cept to limited extent; the process Of collecting
taxes was too slow for the emergency. The second
resorted to,-our independence not being recog-
nzed, foreign loans could not be expected; the re-
Spouse of our citizens did not up 10 the
able expectations of the government and it was
thought the exigency justified resort to the third
mode, although known to be dangerous because of
its facility, and ruinous because of its tendency to
initiate the currency.
What is the result9 The currency has become
inflated and the value of Confederate notes, not
withstanding the stays intended to brace it. has de-
preciated, so that by reason of the depreciation,
combined with shameful spirit of extortion and
speculation, it now takes 81 to answer the purpose
that 81 did before the war. How does this operate
on the community Those who depend on a money
income find it necessary to expend four times as
much as before-their estates have in fact been
duced to onehalf, and should the last another
year, and the government continue to issue notes,
their estates will be reduced to one fourth. For in
stance, man having estate of $30, 900 at inter-
est receives 81 800, and used to expend 81, 500 a
year; so he felt comfortable, and all was WE'LL
Now he is obliged to expend sc, 00G year his
tire income is consumed and his capital encroached
on "a, 500. But this is not a-his capital has de-
preciated one half On the other hand, the plant
ers and manufacturers sell their products for 81 in
stead of ST. little flour, or grain, or cotton yarn
pays for sugar and salt and they barter for any
thing at relative prices so their income is increased
four times expenses remain the same and the value
of their estates is enhanced two for one. For in
stance, man having an estate of $50, 900 in land
and negroes makes 500 bushels of wheat, 1900 of
corn, and 5000 lbs pork to sell-at old prices,
wheat, 81, corn so cents, pork S., his income was
$1,000 he expended the whole being content with
the increase OF his negroes and the gradual accu-
mutation from that source. But now he sells wheat
at So corn 81, pork $40, and realizes in all &c. 5OO
so his income is increased $1,000, expenses the
same, and the value of his land and negroes
HANGED two for one-the man is actually making
money by the war.
Thus, it is plain to demonstration the burthen of
the war is borne by those whose estates consist in
money and interest stocks, salaries, and all Yho
ceive money for their labor. The soldier who fights
our battles finds his pay reduced four to one and
$40 sent to support his wife and children counts
but 81, and the effect Of issuing large amount
of Confederate and State notes, has been to take
from them their entire income and one. half of the
capital not by direct tax, or a loan from ndi-
viduals but indirectly as a loan without interest
from the whole class-for, when the government
issues its promises to pay the bearer" it in effect
comes from those on whom the loss falls, and the
war is carried on at their expense and the misfor-
tune is, this is the most helpless class of the
munity-widows, orphans and those who are most
ly too old for the active employment of capital and
if the notes ever are redeemed payment Will not be
made to those of whom the indirect loan made,
but to the bearer" or those to whom they were
obliged to pass the notes at the rate of four to
On the other hand, planters and manufacturers
far from having felt the pressure, getting rich
by the war; This is grievous wrong Men, for
the protection of whose negroes the war is waged,
get rich-thoSe who have no negroes become poor;
the burthen should, at least, be borne equally
What is the remedy? Remove the cause of the
evil-reduce the initiation of the currency. How
By loans far practicable and by direct taxes.
Unless this be done those whom the whole
weight now rests must sink under it, or struggle to
get rid of it by investing in land and negroes; in
fact capital is now seeking that channel-hence the
extraordinary prices of negroes in spite of the
emancipation proclamation. Merchants, cal penters,
school teachers and others are struggling to get rid
of the burthen, by demanding higher prces-but
high prices will lessen the demand, and in the end
their customers will be reduced to those who can
barter grain, meat or the materials for clot hing
These reflections by pursuing the train of thought,
!. lead tn these conclusions
1st 1t will satisfy those who have money at CON-
mand that interest well as patriotism, calls on
them to lend to the government one-haf of their
estates-if not all the war can then be carried on
without the ruinous consequences to them which
now presses so hard Should it be said" That
will be to risk all on the event of the war" The
reply is true-but is not all rsked on the event
of the war? Suppose the South is su5jugated, of
what value will be your Confederate notes your
bank bills !? The Confederacy extinct, the funds of
the banks con6scated, all will be gone anyhow
whereas, should the South be successful-if you
invest in government loans, you have good stock
with remunerating interest; but if you withhold
your funds and the Government is forced to issue
more notes. at the end of successful war you have
deprecated paper not WORTH in all human proba-
bty one tenth ofits nominal value; these alterna-
tiveS are offered-hold your funds and sink quietly
into insolvency-take the risk of investing in land
and negroes at prices, which, by your struggles
will up TO fabulous prices or listen to the die
taes of interest and PATRIOTISM and lend to the gov
ernment
ID 1t will satisfy those who own land and ne
groes, or factories, that fairness, well as interest
and patriotism call on them to lend to the govern
ment one-haf of their annual profits if not all Is
it fair that the burthen of war in defence of our
common country should be borne alone by other
classes of the communityp Is it not wrong that
you should make money out of a war commenced
for the protection of your slaves? while those who
have monied investments are being ruined by it
The suggestion that you pay a war tax in land and
slaves, $3.50 on $50, 900 WORTH is trifng on the
brink of precpice. Put aside sordid thirst for
gain, and let your sense of right answer the ques-
ton Aid the operation by consideration Of your
own true interest Do you think others can longer
bear the whole burthen of this war; they must sink
under it. If the South is subjugated it will not be
by arms, but by famine and privatons, caused by
the high prices of the necessaries of life Where
then will be your negroes, and land, and factories
All involved in common ruin, which you have it in
your power to avert by attending to the dictates of
fairness, of your own. interest," and of patriotism
8. 1t will satisfy the members of the State Leg
isatures and of Congress, that further issue Of
notes will ruin the country, and that wise policy
calls ON them to reduce the initiation Of the curren