Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-08-07
The War Debt


The War Debt
Pubic confidence ia the ultimate discharge Of every
dollar Of deb Incurred for the prosecution Of this war,
would be materially strengthened by the passage of
Joint resolution by Congress, pedgug the country TO
The payment Of every peeunary obligation attaching to
Il This may be deemed a work Of superercgaton,
since the government securities now ia the HANDS Of
creditors eubOiy all the conditions Of obligation that
COVER ment can exeeuts to It's debtors. NOtWthsand
ING this powerful moral influence woud be e1eFted
By an assurance Of this sort particularly at time when
our eur-encyis reduced low ebb through the infs
nous operations Of brokers, blockade runners. and
other causes Any one Who observed the salutay in
ausnos which produced BY the declaration OF Con
Rre never to abandon the war long the Yankees
rossesed foot of Southern territory cannot fail to real
izs the advantages which WOuli resuG from declara
ton of this character l. would buoy up the cou6deOee
Of the people and would have somewhat the Effect that
the tender Of additional security 10 debtor would
prOduSe.
An able statistical paper, showing the resources of
the Uonfe5ersey and its perfect ability to discharge
TIE 5ebt which n shall have incurred tor the pros,cu
ton Of this var would tend in no small degree
vve confidence 10 our currency emanating it would
from the peo;es representatives, whose positions af
ford them the best opportunities for correct niorma
tiOu Unfortunately, TIE finance committees of both
houses Of Congress are composed Of who lack the
genius of original COZ cspion in matters Of finance;
ADJ are Wantug in experiences in this department OF
le.iAation vhe4 would iuplIt renewed confidence to
our people and arrest the depreeAng tendency Of
currency The school in which those of our public
men, who dir. c. ard manage financial operations,
ID ktsfe adv
needed bot Lile financial skill regulate the financial
Gars Of the late United States government the prn'
cpl need there being not the conception OF measures
% raise money, bat o. means TO get rid Of the
hted sulpuses in The treasury which formed strong
temptation professional lobby agents to engage in
schemes " corruption and seek fat contracts. There
Was not Il the world government whose financial ope
rations needed so little skin in Their management.
There were no eOmplieaicn5 embsrrassments that
called for The exercise Of sgy superior faculty and the
oonssaneac IS that We are numbered with fnSnciers
who are so welded TO tbe Washington elementary
routine a, to be well high incapable Of cOnceivng any
Original scheme
such as they are, they might probably rise to the
height Of pAin presentation of the nancial condition
Of the Conisde acy and Of its ability to meet all rs
pecuuiary obligations Suth dcelmeut accompanied
with declrasOu by Congress of the character to witch
We have referred would materially benefit credit and
give addiO a stability securities already issued.
Il would be well 10 this connection to bring to the
attention Of the s. erely o. the Treasury the neces iy OF
Recommending Congress the adoption Of stringent
mea.ures for the removal Of those which tend
70 deprecate currency 10 It's present standard The
respective States could do much in this direction ifthey
would co operate with the General Government By in
ArnR the plr.otc example Of South Carolina, Alaba-
ma aud Georgia believe, and pledging themselves for
their RESPECTIVE proportions Of the pubic debt they
would materially enhance the value OF currency and
strengthen the public credit Some restraint should be
put upon the practice Of bringing bank lO,es into CON-
petition With COUf .derste money. Blockade runners
buy our bank notesa. an enormous premium for Pur
poses Of contraband ra; Hith the North, where these
notes circulate s discount OF 40 or so per cent Next
% gold and "greenbacks," they AFFORD the best media
for trade operations with the Yankees.
Ano;her evil requiring remedy is she practice Of
making State, county and corporation notes redsema
Die AZ short dates 10 Confederate money This, of
course neeessatss the issue Of large additional num-
Der of Treasury notes and materially promotes that ex
ca, Of circulation which terds so strongly depreeia
ton The osltts cOulu AcCVmptA7u MWSA " uAAu6
dates of redemption some comparatively remote pc
rod-say six or twelve months after the ratification Of
the resy Of peace between the Confederate Safes and
the enemy. By that time an equipote in the relative
yslue of bank aad Confederate notes would be sstab
R,bed which would make redemption in either equally
acceptable.
The amount Of Virginia bank notes carried 10 the
North BY blockade runners and lying there since all
legitimate trade with ttas country has ceased may be
sst down AZ very nearly, If not quite, million OF dol
lars They ara subjects Of trai, there, iuss as Ter
bonds are ana the fact Of their being current there
even a. a heavy discount, stimulates traffic in them
here, aud thus entails in degree the dis dVantages
which result TO cur currency from the traffic in gold
The State has large interest in most OF these Virginia
banks and should be the duty Of the next Legislature
50 look 70 this matter as we'll TO the fifteen or
twenty millions Of Ter bonds IN Northern hands.
These and many other measures which an efficient
Congress and wise Legislature might devise would a.
ford considerable advantages in relieving our currency
from The depreciAting influences which weigh so heayi
y upon lt.