Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-02-19
For the Standard.
WAR TAX AND THE CONTENTION

Mr.. Editor: see proposition before the Con-
vention for the State TO pay the Confederate tax by
borrowing directly, or by borrowing indirectly by
issuing interest bearing State notes, which is in
fact worse than borrowing directly, for 1t 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-
stion shows to our enemies and to the world the
fact that our people 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 our State credit we may injure that
credit which is our 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 iafnitunl. | 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
eRt by the State is not payment in fact from the
people, but merely deferred debt which must f.
nally be met tcith interest and that by taxation ;
that it is not payment of the note due from the
State to the Confederate States but merely a re-
newal of the note with additional interest which at
the next renewal must all be- paid with the addi-
tional interest accrued on account of the renewal
and that, too By direct taxation and tia. 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 our country, but it should be- 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 81 years
and taxes land and negroes adj oGIornn and nothing
else Gd Ddlorem and exempts millions of money IT,
vested in State bonds; prompt interest paying
bonds-yes the interest always paid promptly, not
understanding the 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-
erste tax bill these State bonds are taxed as other
money at interest, and why not9 The interest is
paid to the day, and the bonds are regarded by ev-
cry capitalist as the very best investment--as
proof of this, all capitalists eager to invest in
them If the bonds not q good Investment
why Is II proposed to issue millions the States
credit, and the farmers are expected TO take them
for their produce and the Banss- are expected to
take them 10 payment of debts due; and no; only
that but they expected to loan very literally to
the State, and the deficit of revenue from these
bonds not being taxed will be made up on the land
negroes, and heads of the hard-Torking ycomanry
of the country. Can there be any reason why the
land owners and slave owners and polls Of the State