Washington telegraph., 1863-01-14


others. In this, as in all other matters of
science depending on fixed and immutable
laws, the clearest perception of truth, requires
the purest and serenest atmosphere, Invested
of all the clouds of passion and prejudice-un :
disturbed by those powerful currents of fears
and hopes which are almost sure to drift the
judgment from its course. II requires cour-
age also. He who shrnks dismayed from the
deductions of his own logic. is worse reason
er, and poorer because more dishonesty
guide of men, than he who, misled by sanguine
wishes, rushes, self-deluded, to the conclu-
sions he ardently desires. 'sTruth. like beau
ty, is to be won only by the bold"
The sacred glow of patriotism itself has no
fit place in this discussion. is Godlike quail
tiles are called into action, to inspire men to
| glorious deeds, and heroic sacrifices 1t is
the noblest incentive, and the most strength.
inspirin of all human sentiments. From
its very power its weight must be kept out of
the scale, in all questions of commercial sci
| ence.
1t will do no good to waste our indignation
upon NhOeS VIM ulstIusl lut PAL Ndlue oil our
| Confederate securities We will do harm if
we 90 further and devise and seek to execute
measur es to co mpeL them to receive them by
any coercive measures. Such thin gs have
been often attempted in other ages and coun-
| tries, always with the most di sastrous effects.
Loss of comm cree, the prostration of industr try.
the concealment of property, the transfer of
it to other countries by all ste althy methods
ultimate poverty, and general stagnation of
all enterprise are the inevitable results.
| Our foretathers knew that, ard made it a
grand fundamental prin ciple of their govern
ment, that no State within its limits should
ever commit the error of making any thing
else but gold ana silver legal tender, whilst
at the same time they withheld the grant of
that power to Congress. They were fresher
from the evils of this policy in the old world
than we are. We have forgotten those evils
through several generations, and now speak
| lightly and rashly of the expedient. But the
statesmen and patriots Of the eighteenth CEN
fury were deeply in earnest in this. 50 much
so, indeed, that in the most depressed condi-
ton of financial affairs; when public credit
was dead; our armies impoverished, and our
people bankrupt; Congress never thought OF
making her money a legal tender BY far
other and wiser means did Hamilton, in the
eloquent language of Webster, .'smte the rock
OF our national resources and the waters gushed
fOrth-touch the dead corpse of our national
credit and it sprang to its feet"
Moreover, the action of no set of men can
permanently affect the value of any securities
in the commercial world 1t is only in the
confined circles of city brokers that the Bulls
and Bears can play their little games of hazard.
But even there the effect is but momentary.
The value of really solvent stocks can be
| kept down longer than is necessary for false
rumor to subside, nor can 'fancies be sustained
longer than toys thrown in the air They
each find their level. No combinations OF
Rothschilds or Barring Brothers, not to take
gold coin, could affect its value, nor could any
laws, mob or otherwise, forcing wooden chips
upon all creditors or tradesmen give them any
value in the world of commerce
Keeping in sight of these. general principles,
we set out with the fact that the
true value of Confederate securities is THEN
actual worth in the comm .rcial world, based
upon pure calculations, of their amount and
our means of payment; in which calculations
the future stability of our government, and the
wisdom of our rulers, form d large element
Whether the result he TO US mortiiying OF
gratifying, these calculations will in spite Of
US fix the value Of Confederate money. Ii we
fail in this war, our securities become worth
less of course, Ii we succeed, their value
viii depend, as above stated, on their amount
aud our disposition and means of payment.
Our success is no longer doubtful. Even
if it were, We would lay that branch of the
question aside and take it for granted. We
do not care to address any one willing TO save
a cent of private fortune out of the degrade
ton of his country. Considering the Southern
Confederacy fixed fact, we consider her Sc
curites safe investment, which will not be
apt to fall materially below par. and in con-
sequence we think her notes sound circu-
lating medium, which may be safely received
! III eACHdhee LOT property, anu kept ON mana
until leisure time may be had for reinvestment.
To this opinion we have been led by deliberate
reflection. 1t is topic which might easily
have avoided, and in which we have no motive
to deceive. We hope no one will entertain SO
exaggerated an idea of our patriotism as to
suppose it would tempt US to duplcity. We
think as We do for the following reasons. 1t
Is no longer necessary to adduce arguments to
convince intelligent men that bare ability to
pay interest promptly, and disposition to do
so, is all that is required to keep the national
credit high, and her securities near par
England has owed enormous debt which
has been rapidly increasing for two hundred
years 1t has reached an amount at least four
times as large the Confederate States will
owe at the end of the war, even with the widest
margin OF allowance for the future. At the
close OF the wars with Napoleon, England owed
eight hundred millions of pounds That is
jour thousand millions of dollars. Our debt has
never yet been estimated over fire hundred mil
lions, We have yet to double our debt before
II reaches one-fourth the English debt at the
time OF peace in Europe, almost half n century
ago.
Yet the shares in the English debt. being