Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-12-03
From the Columbia Son b Carolipian.

From the Columbia Son Carolinian
The Cur.se.y-sh< Letter of Chss. = Lovvrd: S, Esq
To Hon r. B Rheh:
Permit me to address few remarks to you in reply
to the objections made by Mr. @. s. Lowndes to the
plan of finance adopted at tie Convention in Augusta
The critical examination Of these plans is the only
method OF arriving at the true solution of our 6cnlties,
and am glad to the imputed faults OF this brought
| before the public
Mr. Lowndes objects that when tax payers shall have
had their attention called to the necessity OF providing
tb meves with bonds to enable them to pay their tax,
es only those citizcns having the means at command
will be able 70 take thm And al classes, unFro-
vded with means and unable to purchase the bonds:
will b. Left to mercy Of extortioners in the purchase
of coubyrs from Others 10 remedy this defect in the
scheme Mr.. Lowndes proposes l. That only sou OOO
00 should be raised for the reduction OF the currency
r. That each state should assume the proportion OF Its
Ictz2ns levy tax for the amount, and at the same
;na provide the money for those who not prepared
t. ray this tsv taking mortgage Of property On con-
| fession of ldg-.-nt as secrity.
By this arrangement it is proposed to SHE'D those who
unprovided with means to- bay the bonds from be-
coming tie prey Of monoPosts and extortioners And
assuming tie proportion Of South Carolina to be $50
O00000 it is supposed that $50 900 would be paid
by the citizens leaving $20000O00 70 be furnished by
! the St ate on mortgages and judgments To raise this
$40 OOO0OO the State will Issue its own bonds and it is
suggested that bonds thus secured would command 100
per ceat> prem mum; so that $l0O0O,OOO OF bonds
would produce 500 100000 in currency And the
t0r, could apply this in abatement Of its own tax
NOW, let examine these propositions carefully.
Ia the first place, you will observe that by this abridge
meaL Of the sum to be raised provision is be made
tbs expenditures Of the coming year. If they
to be met By issue of Treasury notes, there can
be dmEuion of the currency, for the requirement IS
Of the yea: will certainly not be So than 5000 100000
II By add Ona taxation then the classes referred to
will have raise $4,000 900 instead of $40 10000 J.
AID they will be left to The tender mercies of capitalists
to raise the last $50 100000 a SECOND lien upon
their property
But there is no incompatibilty between the two
schemes far the amount to be raised is concerned
II $500 900 600 will suffice ior the wants of the
try, Congress may easily reduce the proposed by
the Convention one-ha!f. The true issue between is,
as TIE mode Of raising it. Admitting the premise
assumed by Biz. Lowndes, that the proportion of
South Carolina shall be $5OO00O0O that OF this sum
$50 600 900 will be paid by the people out of their
means; a2d that 520,000,U00 will fall upon payers
unprovdeG with ready money the question to be solved
is this how shall this last class be relieved of their
difficulty! he Convention leaves every to borrow
il his way, and the best terms he can. Mr. Lswu-
DIES proposes tt they shall all borrow from TIE Stale
Let as compare the TWO propositions. According to
The fist if borrow tree of unrest, sell his
bond IS many contend, and Mr. Lowndcs himself seems
TO Imply at premium of 100 Per cent, tie advantage
vii! be al his own. And if the borrowers succeed in
obtaining heir premium, then the classes reeEed to-
and whose condition all agreed in desiring to
meIiorate would pay their $2000)O00 encumberng
their estate with only $lO,OOO,O0O OF debt and the
600 thus saved would remain precisely where
II should, IN tier Ot0n pockets
According to the otncr method, instead Of $40 900
coo, ihey would give the State mortgages and judy
menls 10 the amount of $20OOO,0OO. Aud the profit
which tie State would realized the faith OF these
CuIitlE8 she would distribute equally amongst all her
ctz rs drawing $4,000 900 of the pocket CT the
ms needy 10 reiuce the burdens OF the most opulent
think tbs D0bic will agree with ne, that it is better
TO leave Try man TO manage tor himself The exist
lag conoit!on OF things must change very rapidly, il
there should not be more competition among the lenders
OF II neJ than among the borrowers. Indeed the ad
mission all sides that securities of the character pro-
po>cd will command two per cent, premium or more
proves that there is but one opinion this point.
ask your indulgence Also in availing myself of this
Opportunity 10 offer few remarks upon the plan OF
1lr. hstlm OF Mobile, which appears in the same mum
Der OF the Mercury that contains Mr.. Lowndes letter
HIS scheme has certainly the merit of great direct
and simplicity. 1t is briefly this That, overlooking
all those citizens who have given the Government no
aid, who Lold neither its bonds its Treasury notes
we should summon all its best friends and supporters
like so many criminals to appear at appointed time
and place, and deliver up half the securities for which
the faith and honor OF the nation soemnly pledged
on pain OF being deprived of the whole OF course,
body in Il world will be found to say single word in
deteuce OF the morality of such measure. And
would ask with seat difference, whether any may
De said IN support of its expediency? Will it
be Beloved, tor moment, that to single out
Government bonds and Treasury notes as the
OHtY properly Hapie 10 cODnsCQtlOn would
really inspire the public with confidence in them?
That be who ho $40 900 of these securities, and is
deprived OF 5000 of them by such arbitrary and
unequal proc ire, would Immediately consider what IS
ie1t worth 100 per cent pgemum That he who sold
his plantation, yesterday for $4,000, and invested the
am u2t n Government bonds and today, deprived
o one half, upon Mr. EStlins plan, while the purchaser
Of lis pantatloa pays nothing, shall be SO bewiIdered
&c consider this procedure equitable? That he would
be so Infatuated not perceive that the perfection
such a financial scheme would be the taking of the
wnoe osead OF tie ha and that sIhappy Col
4 ton could only be question of time
Ii may be that such measure would cure the evils
Ct the currency but the would be death O1e:ha
tue public deOt being thus repudiatad the other half
ust aPpre tension Of similar and swift destruction
would sink at into the dishonorsd grave that was
gaping It's reception. The people would be left without
ANY currency, and the Government without any credit
anu would speedily realize the direst catastrophe
that Can b3ail nation
\ u. A. TRENHOLM.
COLUMBIA, November "a 1863
Great Generals.
ATLANTA, Nov. 10, 1868.
EDIroEs APPEAL The remarks in your editorial