The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-03-12
COMMUNICATIONS.
IFoR TIE LANCASTER LEDGER. |


If the people Of this State, or Of all
the Southern States or Of any other or
ganized community. had firmly adhered
to the sound principles, which the trials
Of the Revolutionary war, had tsugh,
our ancestors there would have been
no bills Of credit, nor State debt, and no
money in circulation. but the catholic
measure Of value, Of commerce. No
one can have studied the history of the
American nation-(for, being Of common
language, they are, and ever will be, one
nation, however divided into free sover,
eign States, independent of each other)-
without pereeiving thrt such was the pur
pose OF the founders Of the Constitutions
Of the States, who confederated 10 sus-
tain their infant sovereign.ies.
In that case, the most infatuated be
lieve in the magical power Of making
money out Of engraved paper, could no,
doubt that the people in fertile country,
such as ours, would have lived, and mul.
tiplied that labour would have built
houses, and commerce have exchanged
our productions for those Of other lands.
There would have been gold and silver
coin, enough to pay the taxes Of govern
ment and 10 measure the value Of pro.
perty, OF every description. There NAV
also have been accumulated capital md
surplus wealth would have stimulated
enterprise and labour. These things did
happen in ancient times, without banks;
and our credulity is not much strained to
believe they might have happened again.
Peace may have best the people with
prosperity and war may have afflicted
chem.
In the event Of war, their foreign trade
may have been destroyed !; E; and the in
telligence and labour Of the State have
been. TO a great extent, diverted from the
productive channels Of industry. The
government would have been the chic
consumer Of the productions of the peo
pie; taxes would iDcsesse munitions o
war be manufactured, and destroyed
and armies be maintained il the field
IT is probable that in the time Of war
money would become scarce. The gold
and silver, which were abundant, would
vanish in q short time the prices o.
commodities, Of domestic production
would fall; and those of foreign inpor
tation would rise. If the war continued
and its results seemed doubtful, it nigh,
even happen that there would not be
god and silver, enough in the country to
pay the taxes OF government; and serve
as an adequate medium OF the exchanges
OF domestic traffic. It would probably
fly away to other States, 70, security.
This condition Of things is probably
stated sufficiently strong, to satisfy ID,
bllndest idolater Of the bank paper mon
sy system. Will lie then conclude tha
brave. free, hardy people, Of an ind,'
pendent Sovereign State, would be, ever
then, paralized, because there we're nc
banks, from which the government could
borrow their irrsdeemable paper bills q
What would be the consequence, il. un
der this pressure, banks were created 70,
the accommodation Of the people and
the government Every article Of pro
perty. or Of consumption, would rise ir
nominal value, rs the bank issues wsr.
expanded and fall as they were con
tracted. Their intrinsic value would de,
pend on tho ability ofthe people to main.
sin their Independence while their nom-