The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-01-22

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cotton planters, as class who were to
exchange the proceeds Of such portions
Of their crops as they might choose to
loan, Tor Confederate bonds; when they
should find a market despite the blockade
of Southern ports. The demand 70, cot
ton within the Southern States, is so in
considerable, that this cotton loan man.
ifestly depends on foreign trade and to
the extent that that is closed by the war,
is the inutilty of the planters loan, how
ever patriotic and ample, may have been
their subscription. The raw cotton is of
no value 10 tho Government, unless it
can be sold for money, or that with which
the Government may purchase the labour
Of soldiers, and their provisions, the mu.
Di,ions Of war, and the means Of trans.
portatiou. Yet it should not be forgot,
! ten that the Government has the lust
right to take even for destruction, every
article OF property in the prosecution Of
the war. 1t may be assumed that it was
the intention of the several Confederate
States, to cothe the Confederate Govern.
ment with every sovereign power, necesr
was confiJed TO that Government. Hence
it may be inferred that the power to con
| trp1 ha In nf la nd
to appropriate its productions with a
reasonable and wise consideration for the
ordinary necessities Of the people, for the
defence of the States, would no, be with.
held by the Sovereign States rom their
common agent.
The States also, each within their own
sphere, are engaged in the prosecution
of the war with an understanding that
the expenses thus incurred, will hereafter
be estimated and proportiona,e.y borne
by all. TIE State Of South Carolina.
like its confederates, has military es
tablishment; and has contracted loans
by issuing bonds, as the Confederate
Government has done aud those bonds
are exchanged for what is money, or its
substitute, in the purchase Of labour and
its productions. Every where these
bonds are subject to the charge of aunu.
al interest, and depreciation subject the
calculations Of persons. holding by An an
omalous, intermediate position between
the Government and The people.
This system Of raising money, or its
substitute, has this remarkable character.
is,ic, that it makes the sove. eign au,hori.
ty Of a State dependent on something
beside itself whereas the very nature of
sovereignty is to be supreme and abso-
In,ely self dependant. 1t may be consis-
tent with monsrohical institutions, where
the sovereignty OF State is permanent.
ly invested in one person or family or
with aristocracies, where the supreme
power is in class and it serves MS a
check to tyranny and usurpaton but it
mpairs the vigour Of a republic especi.
ally when the exigcncies Of war Of in
| dependence exact all the united enc rgies
OF the whole people. In republics the
sovereignty is IN the people, as body
! polite; and is exerted hy their represen-
tatves, chosen for some specia! emergen.
cy, or for certain period OF time. during
which the exercise of the supreme power
Of the State is deemed necessary for its
security. On such occasions the people
are sufficiently aroused by the necessities
Of their situation to that degree Of vigi.
lance, which will prevent their freedom
being destroyed by the representative DO
| dy and will sustain it in the most am.
pie manner for the public good. Hence
the sovereignty Of republic is, of all
others, the most absolute and ut.l;nled.
when it is called into activity. In our
State the Government is invested with
many sovereign powers, which are to be
exercise! according to the fundamental
laws or Constitution and the sovereign,
ty resides in the people. The distinction
is clearly understood by all between the
sovereignty OF the people, and the Gov.
eminent, which is its agent, and is limi,
ted by the terms Of its power Of attor:
ney to use n familiar expression.
CAMILLUS.
Lancasterville, Dec. 3Oth, 1861.
Ern,.h uo..oy q; Tnxo - Al.