The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-02-12
COMMUNICATIONS.
IYoR THE LANCASTER LEDGER.

NO, VI.
Whatever notions may prevail about
the expediency OF separation between
the Government, and the money power,
as it is called; they should have no ap
pllcat'on when the public necessity re
quires the sovereignty Of the State to be
called into active existence. those pow.
.ers which are ordinarily exer;ed by the
Government, are not then sufficient
When the life of State is endangered,
the whole power Of the community must
be exerted, and should be unlimited
Whatever danger may be apprehended
by the people, in regard TO their internal
organization, it can never be equal to
that Of ths.oss OF their political existence,
by sutjugation to others. In word, this
risk is the condition Of all human society
and it is idle,-mere utopianism-to cav.
IL at the imperfections Of our nature, or
pretend to devise, for our republic, any
other scheme Of practical political sover.
eighty freedom and independence. When
the trial comes, men must trust to the
Divine Founder Of the social order, and
in their own virtue, and intelligent vici
lance.
1t may be that when the common
opinions, about the circulating medium"
which so generally prevail, shall have
been examined, it will be found that it
does not deserve tue title Of money; whose
place and name it has usurped and
that the power it exercises, is alike inju'
rious to the people individually, and to
their essential sovereignty. AT present,
shawevsr, it will be enough to demonstrate
the serious evils Of the present money
lsystem, as it is called, in the perilous sit,
,uation Of the Southern Ccnfsderacy.
The States need men, ard the materi,
ais Of war; in a word, the labour Of one
portion OF their people, and vast amount
of the productions OF the labour Of the
remainder. Indeed, j. may require all
the services Of the entire people, except
so much as, with close economy, may be
necessary for sustensnce. To concentrate,
and employ our physical and material
iforce, the Government must have money.
Il, issues interest bearing bonds, re.
,deemabie after a series Of years the
value Of which depends upon the credit
Of the State, or its ultimate ability 20
maintain its political form. 1t should
never be forgotten that on this credit Of
the State, depends the real value of the
lie OF every citizen, and Of every species
of property within its domain. Hence
that credit is the true standard Of value
throughout the State. Whatever expen.
diture the defence OF the State may cost.
is 80 much to be deducted from the real
value of everything in the State, at the
commencement OF the war. The amount
of that expenditure, aud its proportion
to the value Of the whole, can only be
ascer,ained at the termination Of the
war.
Uuder thu present financial system, the
bonds Of the State are offered for sale to
those who control the circulating medium.
1t is exchanged at discount, perhaps
ten or fifteen per cent.
That medium, which we call money, 10
only the. exponent Of the credit Of those
who issue it for it is the evidence Of
their indebtedness. In other words, the
indebisdpess Of the State, bearing inter.
est, is exchanged, at discount, for tue
ipdsb:sdnsso Of oihsn, wlthoa. interest