Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-02-17
For tbs Enquirer.
THR STATE Of TIE CoUHTaY.

tiem--fhe Currency QHesfton---Iae '""y
and Futility Of tie Legal Tender Kennedy
True Principles IN Guide as q! dW tt"""-
cial DIFFICULTIES.
In discussing these sutjscts we snail con
siter more OF less fully-lst tne principe
en- which public credit is based. "a. onr
resources, present and future. Sd. Our lis
! h;Nsias. prossnt and prospective. 4th. Ocr
character es people, and what foundation il
sifo-da for confidence. 5th. The errors OF
mast legislation, and tho principles Of futuio
legislation ON the currency question. 9th.
The moral eff eta upon the country Of public
| credit lost or sustained.
The foundation Of public credit is conf
,lence TINT the public debt will be paid. For
40 il:ustrious example Of the mode Of OBJ
tanning and preserving public credit we have
only to look at the history Of Great Britain.
In payment obBtnste, reeoiute, determined
! payment-lios the whole secret. Her obllsa"
tions are met punctnslly on her part, with
ont pains or anxiety on the part of her cro'l-
.tprs. She puts herself out 20 meet iGt@--
sssu;noa the whole burden--calls not Oil her
creditors for effort-endures anythins-ave-
.yihing-but pays her debts in good and evil,
| in peace and war, regularly M the heavenly
or5s as though payment were the result OF
fixed natural laws. The consequence is
crcdt--lustrous, untarnished credit molly
| Illustrated by the court paid to her by tho
caoitsl of the world. Upon each billion OF
collars of her debt she pays s50, 100000 OF
! i..Yrest-lh:ee per cent. We should have 20
,av eight per ceDt.-$S0,0 100000. The diff
! ieranoe-- 100000 per annum-iss tribute
! 20 confidence in her good fsith-to conf
dence. W. soy, overy dollar Of ito conf
dence, foT we are as able, relatively, to pay
our dsb;s rs she. Here We see the spectacle
| uf S50,O00000 per annum laid chearfully at
| the feet OF conhdence-nay, az bsr d6bt ex-
cesds Si,000;000000, the snnusl tribute il
| $2O0OO0,OO0. Whist Queen is Confidence
| How can we, toe, conclisye COZ, Join hands
With her, end make hoe our own
Capital msy lend to the Government from
three inatiyes-l. Mere patriotism; 2. Mere
investment, or 3, to sustain tho Government
am, save pr eyious Investment. The ID motive,
nero Investment ID the one Government
should ain to effect; for it is the lnsin spring
| In looking ont for Investment capital regards
1. The roaourcss of the peap!e-ald their
liabilitiss-in order to ascertain their ability
TO pay. .. Thei: character, and that Of their
REPRESENTATIVES, to ascertain their willingness.
II the result Of this investigation is fayora-
Bile, capital ia willing to lend. Bot The ID
quiry ia sharp and honest. The sbility to
pay must not Only be present, bntprospectiVe.
fhia is evidenecd, not By present resources
/ Only, but By lhe ec"nom, Skill ami Judg-
mant ev:ncai 10 their management. For
| abundant present resources may be wasted,
and creditors look, therefore. at management.
Ags:n, liabilities may he iEcressing-and 10
The creditor look at economy rs vol. Search
iog is the scrutiny.
! In private loans partis. security may t'e
bad against tho uawillingnsss Ct :hs debtor
to pay. Ye! svon in these, Integrity on tho
part Of the debtor in lsrso element. In
loans 10 tho ruhi;1, integrity is tho solo ioun-
dston On which payment must rect. The
| teat ii this Hiss in ta1a!ion. II is beat shown
BY bearing hardahip and practising economy.
Tie specific test IF national iattgrity is ta=
!aWng on the yurt Of the representatives, and
tar paying orr the part IF ths citizsns. Ready
! submission 10 texstion party hatred Of repu-
| diatioD. These things plssee capital seeking
investment. IL Is ready to deal with poo
| pls who meet trouble as it comes, and do not
wait iur it to accumulate upon them.
In regard to our resources, it may be re-
markcG ths! They arc ample--if We use then
| d:.creytiY; " have tho 7esnurcea, in men and
nissns, li:at, OF occurring our independence,
and then at p,ying oar dnbt. We can (though
with solns d;flicuity) feed ard cloibo cur
population, civil ant military. O., We csn
cary on war, uDdsr closc blockade, aud still
have the necsssdriss II life. These ore tho
conditions, wisely used, Of maintaining in
depcndonco-aod no have them within our
selves.
The beat lnea.urc Of the extent Of our re-
sources ia to DO found in the gigantic efforts
made BY our enomiss to overcome u.s. Their
fixture up 20 this time aho Ts, that high ss our
ene.n;ss estimate those resources, they have
still been moderated. Few powers Oh Earth
| could lava met tbs INVASION We Lave held ct
| Bay. Let us not waste, or deal weakly md
absurdiY with theGs IeSources. This euc-
cespful reAstar. 80 leon in our infancy
and under every Yantsge. All our ill.,
dustry has be- stotore % en- adapted to peace
Let W. with God 8 blssiang grow and develope,
and we may hope for powers OF sefdsfence
ample for all tho future. We have indeed a
goodly heritage, if we are worthy of it
Having the needluI resources within our
selves, in spite f ksrlss. Are we senbi-
Bile, .osolute An; - enough to u.e
them!
Tho following 81 tas peculiaritios
Of our position. ~ credit, currency,
&c. Our dob. is - purely Domestic
The blockade III: lGf in great measure
from 'ntercouts, foreign natious and
prevents impot and exportation.--
Again; Our Grs,Fary Is not only without
check feom con!sc! with foreign nations, tut
withou, the ch' ca al gold and silver redenp-
ton. There il nothing to limit, chsck snd
guide it, unless wiss legislation eau be in'da
to do so. What we uSe in the waT, al Sub
stsnlialy) comes from within oursslycs.-
Tia relsslons Of currency to value are o.,
| intornal. Tho standard of price might vary
indefinitely, and &c long ns our present iso-
late position remained, tho ,hangba would
no. Ls very material. Bat the great, p:tg-
snE salient difficulty rraets us just here. The
very point Of all drr troubla il this-that
Cur dsLt is incurred on an inflated paper 6a-
ais, and must be n'.t on specie oasis.
This Is tho point OF points in our financial
difficulties. 4 fup rni.rndapt currency in
iIates prices jn9i at lime " hen government
is huge purcu aer-and tho debt so incur
rcd is to DO pail when all values have esttled
down TO the npece standard.
10 meet This difficulty every effort of the
government should be made to keep down
this initiation. Tho standard to be aimed at
is ca follows:
Tie circulaion Of Treasury notes should
MOI ercesd Ike sum needed for the exchanges
of Ike country. The issus Of Treasury notes
may exceed this sim SO lar Cd it may DO sh.
sorhcd ty iiiading, !. E, by investment in
Cnntrdmate bonds snd taxation.
This ig tho health y ,ulo Tor circulating, just
80 far ,.7 it cla no nlEiutsinad, just SO far will
enyarnlneat contracts be made and paid On
the Same b=ss. Every measure promotiye
Of hi. cnd helps cur government: in more
Why's than. one II red.css its debt and in
creases It's credit.
The issue Of Treasury notes is necessarily
larca. Taxatinn is tho sponge which must