The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-03-12

ing them would be regulated by the pa,
per money makers.
Ii the Government should borrow on
interest, and exchange its bonds for these
paper bills, it would buy what it needed,
at the high prices of these deprecated
bills. and pay its soldiers in the same cur.
rencv. When the war eude1, and peace
was restored, the Government would pay
it's debt; the difference between its credit
in the struggles OF WAR, and in The pros.
perity Of peace, would all enure 20 the
profit OF the banks; and the people would
have to pay taxes, to enrich them.
The sbsurdi,y and injustice Of any sys-
tenn, by which the government of State,
at war, creates an artificial body, or uses
one already existing, for the purpose Of
borrowing, or exchanging credits, in order
TO use that borrowed credit, as money,
will appear by simple illustration. II
the exigences Of the war divert one half
Of the means and labour usually employ
ell in making bacon, into the unproduc
tive service Of the State,-irto the army,
the increased demand for bacon, and
its diminished supply may cause the price
to rise say from $40 to $40 per 100 lbs
This will be so, if the paper currency cir
culstes in the same quantity in peace and
war, leaving out of consideration the for.
eign trade. blockaded. But the fact is.
that, during war, every commodity is less
ened in actual value, bv the general risk
Of war /; and should bear its proportiona,e
charge.
Why should the man, who sells his
bacon TO the State, get more for it, for the
very reason, that everything in the State
is Of less intrinsic value just IN proper
tion to the actual cost Of the war; II
he held the scrip Of the State, this would
be apparent, and the injustice be ulti
ma,ely adjusted but alas he has the
paper money of the banks, and he ex
pencs it for some necessary, at the same
rate. lie does not gain, although the
State loses. The banks hold the scrip,
and are the only gamers for when the
war ends, the State Scrip is good for it's
nominal amount. Its credit has been
earned by the blood, and wounds. and
sufferings, of the soldiers, and at the ex
Pense OF the whole people. The money
maker, who holds the scrip, at the enhan-
ced rates Of re'es.ablished peace, enjoys
the fruits.
A State, of which the people were not
previously accustomed to bank paper
currency, would scarcely have recourse to
such an expensive and useless contrivance.
1t is manifest that the scarcity Of money,
occasloned BY the war, would reduce the
price Of all commodities and if the con.
diton Of the country were so periIous,
that the money holders would not risk
their means, but seek security elsew here
the government would be compelled to
find some other mode Of combining the
physical and material force Of the people,
for the common veal. 1t would ap
propriate what was needed; and, that
the contributions Of those, whose labour
and property were appropriated, should
be equitable, each one would receive a
certificate Of the value Of his contribu.
ton, for future adjustment; between him,
as an individual, and the Government, Ms
the representative Of the whole. To ac.
complish this, some nominal value, or
price, would be set upon every subject Of
such contributions at which it would be
appropriated by the government for the
public use, and Of which the owner would
receive a certificate. These prices would
be low from the scarcity of money and
be justly estimated, as they were, at the
time, that the public necessity required
such an erPsdient: for as long as there
was piece OF money in the country, its
value to its owner could never be create,
than the credit of the State under
whose protection, alone, all property is
held. II he valued it higher. let him fly,
with bis pelf, as no patriot, but an idola
Ter Of gold who would blindIy confide
his life and family and independence to a
government, to whom he would Lot trust
bis money.
"Wha will be n trnitor knave.
"Wha can fill coward's grave,
"Wha sac base, as be slave,
Let him turn, and fee"
In short, he Sovereignty of the State,
not being able to con6ne the precious
metals. which seek peace every where,
would be unable to supply coin, for the
internal commerce Of the people. sad to
carry on the government. IL wouId ;s.