Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-12-01
TAUNTON SPECTATOR DGRNERAL ADVERTISER.

It would force every man into bank to get the
means of buying the bonds, or into the hands of
brokers and shavers to purchase coin or coupons,
at a ruinous premium, to pay his taxes.
Let me inquire, too, what is to become of the
present and per cent. bonds The best clas-
ses Of our people have invested largely in these
bonds. They did so for double purpose-lst
to aid the Government-2d, to secure the means
of paying their taxes with the coupons. Yet,
the convention of bankers have made no provi-
sion for these securities, except to deny to the
coupons the capacity to be received for taxes.
They carefully protect the holders of the per
cent. Treasury notes, but ignore the per cent.
bonds, which haye been bought with similar
notes | cannot question, for o moment, the
integrity or patriotism of the South Carolina
bankers, but il is marvellous how mems minds
may be warped by the habit of looking for se-
ries of years to one particular interest, to the
exclusion of others. AS the tanner thinks that
everything should give way to leather, so the
bankers think that every other interest must
yield to that of moneyed corporations. The safes
of the banks are, doubtless, full Of per cent.
notes, and as faithful cnstodians, they felt bound
to look to their sulimate security, leaving the
holders of the 8 per cent. bonds, with whom
they have no concern, to shift for themselves.
But, there is another aspect of this bankers
plan, (which wish to hold up to the public view
had almost said Reproduction. Under it nothing is
To Dc TeC6lVdUl0 III pay mcut VI the
except coin, or the coupons of the 200 million
loan Now have before me, as I write, sever-
al Treasury notes, oil of these notes is inscrb
ed the following pledge by the government
Receivable in payment of all dues, except ex-
port duties" On the faith of this pledge. the
people have received these notes. 1t was this
pledge, more than aDything else, that gave them
currency. But under the bankers plan, what
becomes of the pledge of the faith and honor of
the government? 1t is to be dsregarded-vio-
lated -repudiated Is this right, or just or
honest? The government, In order to get cred
it, said to the people, take these notes, and we
will receive them in payment of all Dues ex-
cept export duties; but the bankers say, they
shall not be receivable in payment If the so mil
lion tax. Nothing will do for that but coin or
coupons, of the 900 million loan? What were
the bankers thinking of, when they ventured
to shock the moral sentiment of the country, bv
such proposition
Again, whs' is to be the effect on our curren-
cy, If the government refnses TO receive it2 Ill
the government sets to work deliberately to
discredit and repudate its own issues. who will
put faith IL them, or receive them?
II We are TO lose everything else, let us. at
least, preserve our public honor!
Government credit is a delicate thing. It |
ought to be used cautiously. Our authorities
ought to give no pledge which they have not
good reason to suppose they can redeem. And
when pledge is once given, the ugh it may have
been unwisely and inconsider ltely eiven-let it 1
be redeeif ed at all hazards. Bearing this props
ositioH in mind, can our Government honest. |
y and consclentiously pledge itself to pay 60
millions OF dollars per anuum ia coin? has il |
the required amount of coin in its possession. or
has it any reasonable assurance of getting 1t 2
Would any upright gentleman give such q |
i ledge On 80 slender prospect of being able
to fulfil It! And. if given, would anybod have
faith in lts As John Randolph said any man
can draw sight draft on ST. Peter hut who
will guarantee ST. Peters acceptance 1t i
easy to make promises The periorn,.-s.
the difficulty .nce Is
oupposs sne BANKERS Scheme adopted and the
$500 =. ...on loan taken by the tax
nsa, .uost improbable supposition. lt is ev
-ent thaf, IN the mutations of affairs. caused by
death, bankruptcy, removal and other causes
many OF these bonds pass (as they inevitably
must Into the hands of bankers, brokers, shavers
aha o.her capitalists, how is the Government to
get coin to pay them their interes, On the excess
over what is necessary pay their taxes2
Ii cornmon life, the very fact that a ma n
VIII give promise, which he Las not veIy good
reason 20 oeiltVe he can perform, throws shade
OF eissrast over al bis engagements Have We
ANY reason TO believe that the Government cap
escape similar dlscredt? The people ere slrew,l
and saga ,ious III matters affecting their private,
pecuplary interests They will be slow to &C
cept the Government draft on st. Peter They
will require substantial acceptor.
But how could the South Carolina Bankers
expect any one to put faith in the promise to
pay interest in coin in the lace of the fragrant
reputation which they recommend, of thar
Other promise OF the Government, to receive
treasury notes in payment of all d1es, except
export dutless Is there any greater security
that the promise TO pay coin will not be re-
pudated, than there was that the pledge IL
scrlbed on the Treasury notes would not be.
But, forbear from further criticism OF this
unfortunate plan. 1t must have been hastily
dopted, and inconsiderately recommended. This
Is the oniy apology that can be made for it.
respectfully submit these views of the Bank
ers' plan for public consideration May |, 10
conclusion, request the Editor CT the s'Sentinel'
who seems to have been partial to that plan.
to repubish this article, that his readers may
see both Sides A FARMER.
Every married man should let his wife have
the management ofthe home department. and
give her, as secretary, the control of different
bureaus, Don't LET her have anvthino 70 do IN; III