The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1863-04-29
ENDORSEMENT OF CONFEDERATE
BONDS.


ENDORSEMENT OF CONFEDERATE
BONDS.
The Augusta Constitutionalisf makes the follow
ing observations in relation TO the important question
then before the Legislature of Georgia. the endorse
ment Of the Confederate bonds The bill passed the
House, we beeve hut was indefinitely postponed il
the Senate. ~
This is comparatively new subject for
discussion, but one which requires calm,
dispas.ionate reflection. before 6nal action
is taken on it by the State Of Georgia.
We doubt If a tenth part of the members Of
the Legislature have ever seriously con-
sidered il, until within the last few days.
There has been little said about it by the
press o( the State, the people have thought
little Of IT, and it may be said TO be an is
sue suddenly sprung upon the General As
sembly. But it is a question Of vital i'm
portauce. not to be entered upon with
zeal without knowledge" nor hastily de-
cided; for the step once taken cannot be
recalled. We trust the Legislature will
take The amplest time FOR consideration Of
SO impurtanta matter, and not allow itself
to be hurried into sndp judgment.
The policy of State endorsement was
adopted first by the Alabama Legislature
last winter, and has since been adopted by
two or three other States; all, however,
differing as TO the form OF endorsement. II
originated in the best Of motives, and at a
\ time when circumstances forced all think
ing men to the conclusion that something
musl be done to stay the depreciation ol
Confederate currency and give confidence
10 Confederate credit. But the times have
changed and fever the policy was neces-
sars, for il could never be wise one, it is
not so now.
The Confederate government has lately
undertaken 10 stay the depreciation of Us
notes and restore its credit; the policy in
sugurated promises to be salutary in its eff.
fects, and should at least have fair and
thorough trial. before resorting to the last
most desperate expedient Of State endorse.
ment. The Congress has passed funding
bill which vii! absorb large part OF the
circulation, and thus remedy great evil
under which the country is laboring. Il
has also passed wholesome tax bill. which
will raise, perhaps. sixty or eighty millions
--enough TO pay the interest on the Con.
federate debt. and leave a considerable
surplus. 10 be devoted either 20 redeeming
the principal or 10 paying current expenses
which will also help TO reduce circulation
and, still mure imponsnt. impart conf
denre 10 the governments credit. At thu
time. then, Il cannot reasonably be plead
ed that State endorsement is necessity o
the times.
i. II is unnecessary at this time 70 do NOR,
than succinc,l, rpiteratr lie objections 4
the policy heretofore set forth IN this pa
| per, and which have been 50 much NOR
, lorcibly and fully urged hy Gov. Brown i
his late message. and which are held b.
, the profoundest thinkersin Gentgia. Thes
objections are SIMPLY, that the propose,
, endorsement is not necessary as an aid I
the Conltdescy; that il would not improv
! the Confederate credit, but depreciate tha
Of the States and reduce all Of them to
!, cummnn level in that particular, whic
/ would be highly injurious 70 such a Stat
{ as Georgia, and unjust to her bund.holders
that il would separate The debt.making an
debt.paying responsibility that IL woul
/. thus encourage the most reckless expendi
/. ture by the Congress. and that il would b
Z garing and too great temptation to sellis
r capital to grow cold in is first love fC
], the Confederacy, and TO favor reconstruC
t tion. We hope the members of the Legi:
i laturc will maturely consider all the;
things, and at least postpone action Ii
next winter, aud in the meantime. let III
Il people study the question, and make Y
Il their minds or IL,