Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-06-19

is frndabity to any assIFnsbGe per esnags sad whit
tie f. down TO tbs saan end Of nothing-a Tsaaeti9 %
Tbs fsithisss freak OF finance Che crstary ol The
Treasury ztiernps 90 justify on two sr5 l-2s. VIZ:
1st lie financial necessity OF The case.
ID By susiogy % the statute Of baiitati0H ems.
T. We utterly ds1y the necessity Of the czss Our re-
sources and the resources Of the Coufed-rts Govern
msnt are ample and all sufficient 20 save Us t~ tie
shame and dishonsr OF reru iatiou. in the rsvo-a'
tiou ef l76 there partial rspudiatioa OF gFeat
deureciated currency St2te d Fedora, under clrcn
fastiia rlat czn7s should b. the the mazin ami ac
! iieaI policy Of States B3th good ul1rals and good
faith.
We havs said however that our rsvaIutonary fathars
had some shadow sf excuse fsr their departure from
good faith Is was found ia teir want Of es'urss aa
ia ha absence Of he power o. tsza0ni IN he oeneroi
Governments or Federal bead, Of that day aty Wers
almost destitute Of a5ricultarsi wealth. ano tle con
grcss could not he citizen, but could only make re-
1afition sn the Stsjss for money aud those requst
Tons were OF en- more honorsd 10 the hreasb than in
tbs Observance Tbs case aud tie cfeuutz ere
arely different, Oar young Cqnisderlcy aaoun g
in agricultural wealth and rss7urcss-aoti0u tobaco7
and ANGIE security for TIE redemption cf any dehs
however large the Consderecy Eay contract IN order
TO win tbs gorious boon Of Independence. The Con
gress TOO, has f1l power to tEN the citzsl u ed n
subiscts aud aneunt Away then with The himsy pre-
text Of State financial necsssityt is ismeut o.
the fancy. and ought % be staasse from all weight Ia
the financial argument or issue
. The ststu,e Of Hmsa Ions f-nst es ana'01y st.
all That sta-usa Is no part Of ths lzc cJulrarlt hs
loags env he isr t0r rs dsulE lh= AID o rts and
he agency Of law SUR. % aH-3es ale dsmanIs Its
purpssa 3 potsct the honest debtor who nay Aavs
lest his rscsipt or acquittanes fuHl paying the ss
dehs isc0Hd time u never was designed 20 protect
one from psyag a inst debt, however stale anti
qua:ed. When applied, it IS gross pervs sion and
abuse OF law To plead tla salu Or lnitstons, IN
bar Of a Just debt, Is, onrs ne great jag
l57y say, TO place tlg gP51 record Ile staE1te,
therefore neither dis yss 5turbs the oh igadsn
to tto contract hat leaves t binding u honor and Ess7
couaeiencs, ard even ia law his ats1t that orou
lie TO pay debt barred by the statute. ID g5co Legal
HH@ rH q r--
be hzs at law
As the uuwiss policy we are csodsmuiar has a.
suH3ed re ssape ef law, might have remsi1ed silent
On the subject had We not leaned that still Ga
grant vo. alton Of good faith Is c0uteup sted IN high
and inueut a. quarerEns less than reduction Of tha
interest Confederate eight and seven per ceHs 10 E
per cent per annum It is time then 10 speak in ad-
vance, a1d in mincinE terms Of tia contemplated
Jraua II Woua have '.ber nor Justification
We have already sao7u. either is lack Of resources
aE m T5aai OF ths taxing power we heard one lofty
IL intellect pure In morsl', aud high in staten under
sraggs haucaaFion, recently Justify such repudiaon
and asgaeetul poAey On the ground ta2t il Woud be
necessary to prevent Conisderats bankruptcy. TA-
fltility Of sEch uotsa we have demoHstrafsd and
spoiAer DISTINGUISHED citizen and statesman iHsy
piled to and refatsd it, b saTiug grra per cent viii
never bankrupt nstsH. ~ eight psr cent or seven
cent viii bankrupt tE Cafsderasv six per cent
reduction cf enc, tive per eeat win Of
she cstsztropEs strasg minded citizen, Of practical
good ssuss also rsp,tsd-Soel-r than r-psdase asd
resses SIS aud Us % 6s st the Confsdsracy sorTsw af
ten per CENT and thus h her cosrs and secure her in
dcpesdssce-tzx the citizens the full extent Asces
sary, promptly and July to pay ths Interest Of the
public debtand by thus sustaining her credit - the
eld Of ths E It's auspicious Gloss with iudspsn-
dsnre Won and fsh uztaruishsa she would Be able %
sorraW Eoaty IN Europe 81 SO p8r esat, AID ipe eff
witk ease Aer entire war ind-btsdn4ss
We are strongly Of opinion toe that AL rauu5istfng
l17s OF the Coatederacy are urCongtitu.iozaL A.
tasEs ths Confederate C1asttu5u contairs 10 clause
fsrbiddng Congress to violate t5e litigation Of con
tracts it does contain clause prohibiting ths several
ana sovereign States from passing suv srch lava an b
may wei be assumed that Whata late iu her u1enar
savo eighty cannot csustiutaHay do the ers rsncY
ot the Confederate States destitute Of particle
of sovereignty, is wholly incompetent 20 secomuik-
the pswsr Of he agent be subordinate % that Of
the sovereign principal We uay here add that 0aa Of
our citizens 1ss i In contea alton 70 test ts question
q constitut 7nsity, o1 1aaEl71ls, before judge
Migrate, requiring the assistant treasurer 20 dsliv-r
eight per cent bends on tender Of eight per cent
fu1dsbles
BE the constitutional q1esiou however as it may e
is clear 70 our mind tha. St should be the pride aud
rory of young C'ufedsr8cy, seeking In sson int
he family Of uaa0us 70 enter into ihe gHE1st sssoeis
Ton vi n bright escuteacon sn1 untsrnished faith
To reduce sght and seven per cents par caafs
may add, in conclusion wogiG prsvs uE7guai as
wen fshieza oppression 70 these who sst =f1c5
Downright spoil alton md robbery. Ias number Of 1
those vkl have invested their fulds in these ss-a
ties z few, compared with The Eresr mass cf esisns
and FarEu rLa iltarst ot t-,r il-ss TrdtE
on those who deserve t least The starrsmau or pe {
rcan7 who shall be uuwss enough 20 s-stB.u such !
ss1Eest aud ish'uorug policy. alike false ir sasras
ana false IA eca1oHy should be aur ed ou ta1 higa
places of the Coasdaracy aad iEusd 60 gnozl5e-
ions security I b. false in morals, because nstisns
sc raTlh 1ogad ind viiu ls 20 keep fl.s vi 4
tend e. demo alZs the people Tt b. false in economy
because # the Government breaks faith f1aucally g. I
mr. ns-rs srr lose credit 10 The market 1f the ws1a {
and the DISASTROUS resut would be tla os or mi-1nF
So she ssls ~ bends in the dishonest ptuI and
abort effss TO save few thousands in tie diniau-
-oa Of interest on cd orsE ,-,-.5.-rr (