Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-10-28

orrepcy VAS certainly TO be retired during the second
wear would tend az once to re-esabiIn commence ~
it But when il Is recollt that the vsiuAnon y,
under the census of 1850 was made according
10 the specie standard while the payment OF the par
cent is 10 be made in currency deprecated 10 less
tban onedh of It's nominal vaus, it will be seen that
the burden is by no means nsoleraoie.
g. The pledge Of an export DUTY Tor tne payment u
tb interest AMI ultimate redemption OF toe principal
regard az an indispensable feature of any etclent
Seue L. is the safest aud most fruitful source OF our
national credit and it is the which can DO made
available with the least burden TO our people.
This war has developed the fact, beyond al eOnuS
that the world Is mainly dependent on the South
m oufedsracy for its cotton tobacco and naval stores
Partial supplies may be obtained from other quarters
bat the quality of the articles is inferior and the quahu
deficient
Notwithstanding al the persistent efforts OF England
to stimulate the production oil COTTON IN lnaiA anu
Eeyot experience has proved that she is obliged to buy
our cotton at 60 or 10 cents per pound In consequence
of oyerproduction and runous competition among our
own nsope we have been furnishing cotton 10 the world
at or u cents per pound. IL Is to be hoPed, ths
hereafter We will profit by the knowledge we nave &C
CURED and make Europe and lankeeuou pay aia price
for the products of labor. Assuming II cents or
even 20 cents to be the least rumuoeFave price TO the
nlsntsr we have the wide margin, between those sums
and the co or 70 cents at which our cotton will force it's
way into foreign markets, for an export duty.
The cotton crop of the Confederacy may safely be
duetou of onefourth for diminished production IN con-
of the abstraction OF slave labor there still re-
man three millions Counting each bale to weigh oOO
hounds and the export duty TO be only nVe Genus per
mound we have revenue from the single article oil cot
TON of seyenty-fve millions OF dollars-f we assume
the tar 20 be 10 cents per pound of hundred and
Bftv millions What basis Of credit would this afford
In time of peace il would be sufficient to pay the cur
rent expenses OF the government economically admins
tered and tho interest," debt OF TWO thousand MIL
lions!
And who would bear the burthenY forbear to touch
nm the much controvered questions arising nndeT the
tariff laws of the old Union because they gave rise 10
much diversity of opinion The southern argument
then was that the consumer paid the import duty'-
Under certain circumstances this was true, though, US
general prouosition could not be successfully main
aiued But il it we're in regard to the import duty
nv MARTY of reasoning it ought TO be assumed as equal
J true in regard TO export duty But, be that US IL
NAV it can hardly be questioned that when the Conied
crate States has comparative monopoly OF three OF tue
great staples which the world IS oohged 10 nave, sho
cannot get elsewhere they can so regua their export
duties as to compel the foreign consumers to pay them
IL we had active competition, by other producers, IN
the general markets of the world, might De com
PEELED 10 bear a portion OF the burthen. nut haVllg
almost monopoly in regard 70 mddhDg cotton, ana
oomplete monopoly in regard to the finer varieties 1t
must be obvious that with ordinary sagacity anu States
mapship, We can so frame our revenue system Is TO
throw the burthen Of the export duty OF the foreign
consumers.
Iu giving this pledge, however, care should be taken
70 reserve the right discriminate, to the extent OF
6ty per cent OF the duty in favor OF such nations as
may recognize national existence "iInn SIX months
from the passage OF the law.
The two important elements of national credit are,
confidence first in the ability, and second in the will
lingness OF the debtor nation TO pay. The exhibit
which the census OF 1860 furnishes Of the value OF
the property of the South aud the fact that she
annually produce three four millions oil bales OF COT
ION worth many hundred millions OF dollars, TO say
nothing of he: toUacoo rice, naval stores and bread
stu must every doubt in regard to her ability
To nav We should then shape our legislation rs 10
inspire confidence in our WiikiHgneSS TO pay.
In every day life observe that man Of good
character and estate readily raise money his SIM
nile note which constitutes general pledge OF his cred
Il for the payment Of the debt But when he becomes
embarrassed by large Indebtedness he is compelled, if
he asks further credit to give IL specific lien on his
property or collateral security. The same rule holds
good i'm regard to nations with individuals. At the
commencement of the war, we could borrow money on
general pledge of the faith Of the Government. But
that security will longer avail as plainly TO be
in tue depreciation of our Treasury notes. We must,
therefore resort TO specific pledge of branch OF
revenue The United States on more than one occasion
gave a specific pledge of the income from the public
lands for the payment OF particular loans would re-
serve the from imports and direct taxes for the
ordinary expenses of the Government and devote the
e1 port duty to the payment OF the war debt
But tho Inquiry may be made, will this security be
sufficient to inspire con6denoeG What better security
will this special pledge give over general one
In answer to these queries would call attention TO
the fact that while in morals there is difference in
the obligation of general and SPECIFIC contract,
there is a very essential difference in law. The Law,
both municipal and national, delights in certainty.
pledge OF specific security sucn as the revenue from
export duty mprcsses on the transaction the char
agtpr and binding force of contract which cannot
rghtfaly be impaired, and which foreign nations have
right to enforce for the benefit OF their citizens who
may be holders Of the debt When such pledge shall
be given by of Congress, capitalists could safely n-
vest 10 the bonds Of the Government. Reputation
would be impossible because the act giving The pledge
would from its very nature, be irrepessble. Bonds
thus secured whether issued for the compulsory loan of
ten Fer cent for other necessary expenses Of the
Government would, unquestionably, command high
price 10 the markets OF the world.
Resides the direct benefits resulting from the ten per
cent oan and the security afforded by the pledge of
the export duty, there incidental advantages which
should not be overlooked.
Among these are the following:
l. Fhe compulsory loan of ten per cent will diffuse
the debt of the Government rateGbly among thu whole
people and thus create an interest n all classes in favor
of the faithful payment OF tor If may suppose
that the of the people would prove faith
less TO all the obligations Of honor and patriotism and
repudae the debt the loss would fall rateably on ALL
2. The existence OF this debt would exert cohesive
inuence among the States OF the COnfedeTaoy tending
to prevent separations in the future for insufficient
reasons.
s. The export duty, besides furnishing an invaluable
basis of credit ard constituting important element
in the scheme for refining the redundant currency and
transferring large part of the burhens of taxation
from our own people foreign consumers would tend
to promote our material independence by aording en-
couragement 10 the growth of the cotton manufacture
amonst us 1t will be seen at a glance, that if we lay
au export duty Of or 10 cents pound on cotton,
it would operate bounty to that extent to the do
nestle manufacturer. With such bounty no one can
doubt that extraordinary impulse would be given to
manufacturing indust y and il would be long before
could successfully compete with the Northern States
and European natious in the markets of the world
A. An unfortunate error was committed by the Con
federae Congress not imposing heavy aTes at the
commencement of the The delay. produced an
accumulation of debt which has not only caused de-
rangemsnt Of the currency he debt being created by
A. Of \ hut haa IN