Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-01-20
Government Finances.

eye which has been overlooked somewhat in the
whirl of more exciting matters. 1t can no longer
be doubted that the financial policy of the govern
ment has hitherto been lame and laundering. Our
officials in the government starting with the fall
lacious idea that secession would bring on no war,
or if one very short one they proposed an incon-
siderable loan to the exgencies of the country,
and as bait to money holders, offered high rate
| of interest Is per cent? This exorbitant premium
left margin for the exercise of the patriotism of
the monied men, and fixed stand point which if
adhered to, must have engulphed the government in
recoverable bankruptcy.
No government on earth, even in times of peace,
with debt of any magnitude, could long maintain
its credit at ruinouS rate of interest but to at
tempt to bear such burden, on large and con-
staDty accumulatng debt in our circumstances, was
no less than blindness. Yet the history of our
government loans shows that the war had so sharp
ened therapeutics of money obbers for large profits,
that even per cent was for long time bid too
low, to excite their patriotism.
The country at the period of the birth OF the
Confederacy, abounded in wealth. If the precious
metals were scarce their representatives the pro-
ducts of the country, were abundant Sufficient
warning was given for the expectation of large
portion of them, which would have supplied the
country with the "sinews Of wal" but the govern
ment was timid, would assume no risks, and the
people lulled by the false assurances of peace
peace, dilly dallied until the blockade cut of all
prospect of relief
Without money or the chance of securing it by
the expectation of our products, the country was
forced into a sangunary and exhausting war. To
meet the necessary and large demands upon the
Treasury loans wereat high interest failing sup
ply them when both the Confederate and State gov
ernments embarked largely in the issue ofTreasury
notes. based upon the tickle and doubtful alternative
of redeeHing them promptly at the terminus of the
war. Had the paper issues of the country been
limited to its demands, over and above what the
banks could supply, astute fnancers might have
reached bottom, but when the food-gates were
uFlifted, and the country deluged, lead and line
were needed to fathom its depth.
1t so happened, that in the very incipiency Of
this large issue, the State and Confederate govern
ments became large buyers of the products of the
country. Their agents, often inexperienced men,
filed the land bidding against each other and offer
ing the highest prices for every article. Thus the
country was surleited with Treasury notes. and the
spirit of extorti0n and speculation, bred and nur-
tured by the government overran the land High
prices drew more largely upon the Treasury, and
its issues became excessive Investments in Con-
federate stock, even at per cent, no tempta-
ton to holders Of Treasury notes. when speculation
in the necessares of life, promised to treble and
Quadruple the amount already in their hands.
The difficulty of ettectng loans led to an attempt
at taxation which, however, was eyaded by the as
sumption of the tax by the State goYeruments.-
Thus have we progressed, until in less tran two
years. the public debt exceeds S5OO,OOO,U0O, with
the that if the continues year long
er, it must exceed 81, ZOO, 600, 900! We have not
yet the report of the Secretary of the Treasury,
but telegraphic synopsis announces that our pub
lie debt the lst inst amounted $685. 900, 600,
and that Congress must provide, in some way, for
the raising Of $780, 900 more by the 1st Of July
next
Now let it be remembered that This entireindebt-
edness is due to our citzens-that its enormous
amount is mainly the result of extortion upon the
government and the low estimate placed upon Con-
fedcrate Treasury notes by class Of persons who
claim 20 be running over with patriotic zeal for the
Corfederacy. Every inducement has been offered
the holders of these Confederate Treasury notes to
invest them in the stocks of the government at
high rate Of interest," but these very jealous friends
of the government stand off with their pockets filled
with these notes, every So 81 Of which only cost
them 81. Up to the present time only eighty eight
millions of the large government debt is bonded,
with prospect ofits increase ffty-six millions more,
~, h,ld
prefer investing their Treasury notes in lands or
other stable property, rather than in the bonds of
the government.
The last financial scheme proposed, in order to
force the extortoners and spectators to invest in
Confederate bonds, is that the several States shall
guarantee their payment in proportion to their rep
resentatlon in Congress. We regret to see that
President Davis lends his name to measure so un-
Just to the great body of the people, and runous
in its operation upon the future prosperity of the
country. Ardent, patriotic men everywhere, look
ing only upon the surface of things favor this nefa
rous project-a scheme, doubtless, concocted by
the spectators, and which must end in the estab-
lishment of monied aristocracy in the country, re-
ducing the great masses of the laborng white pop
ulation to state of vassaage for centuries to come
unknown and unteit perhaps, in any country. These
money -holders-these patriotic lovers of the Con-
federacy, have made their millions of Confederate
notes out of the necessities o: the government and
the people, and then turn around and declare them
worthless, unless the State governments will guar
antee their payment! We trust the Legislature of
North Carolina will be true to itself and to their
constituents by repelling with scorn and indignation
such proposition.
Political gamesters, who are looking for the re-
vva of the ultra free trade notions which have been
held in the South, after the war is over, will of
course lend their influence to this scheme. 1t will
he an entering wedge at some future day to be
forced in, when their ends can be gained
Under the old government, opposed the as