Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1863-04-01

anteeG that you would do no" -.-.-- : -, 81. =
Gov. Browns NJ ssase..S State Endorse.
nent Of Confederate Debt.-Direct
Taxation-.aud N Cotton Caroilnry.
Tho late message of Gov. Brown, Of Georgia,
Is an elaborate and ingenious State paper. There
arc portions Of it to which. public attention ought
to BIZ drawn in every part Of the Cehfsderacy.
Ono Of these is bis argaununt against State en-
dorsement Of the Confederate debt; A single
branch of this argument We herewith copy entire.
1t is original aud %forcible; End NE ask. tho reader
to consider il closely. Says tho Governor (:
At prosent almost every capitalist in the. eonn-
try 10 tn, creditor Of the Con fedora, Government,
aud is directly interested In maintaining its e1is-
toncs, and sustaining IT'S credit. i speak not OF
individuals, but capital 10 generally selfish, and
controlled more by Inherent than patriotism. When
va have aseortainsd what will DO tho interest Of
capitalists we may generally have but little diff
! Guilty in determining whit will be their action.
Suppose the whole debt of tho Confoderacy to
have reached one billion Of dollars, as it probably
1iIl have dune by tho time the States have all
| xetod upon .ais proposition. Itis not probable
| that capitalists, ns o matter Of choice, would. Pre-
| fer to credit our Government with \ larger debt
than this hanging over it. But having already
! invested this enormous BUM, il the" tsoi that their
only hope Of payment rests upon The success and
parmunont establishment Of the Confederaoy, aud
!. becomes necessary TO- invest another billion to
establish tho Government and. avoid the loss of
the sum already invested, interest viii prompt
them TO stand by the Government, sustain, It's
credit, and. make furth or advances it they have
means. But suppose at this period, all the States
indorsc tho who'll dobt, or zach iuderses Its pro-
- r. "a -L.k oEa,% It'll thta hova Yinnp tho
| mind of tho capitnlistl If prior to the act be
looked only to tho confsderacy for payment; aud
having now obtained tho legal, ~ we'll as moral
obligation Of tho individual States to pay, ho il
satisfied that this secures tho debt, his interest In
the SUCCESS If the Contederacy ooascs,
/ and he looka in future to tho States fer payment.
If after this tho old Union should be reconstruct
cd, and the Suites Of our Confedora0y should re-
turn, and become members of it, tho capitalist is
not left to luck to . Cor.fedoracy no longer in az
~istcnce, for payment, nor to rely on tho moral OBJ.
legation Of tho States, 10 assume and pay tho debt,
bat no rests upon tho solemn loyal endorsement OF
the individual States, which would be as binding
upon them, in one. Confederncy as.,in another.
Tho capitalists having thus obtained the solemn
Endorsement Of the States, fora tum as large a.
| they could reasonably DO expected to pay, would
naturally desire to prevent All increases ' liability,
on tho part Of their debtors, the States, which
would weaken their ability to pay, and might in
future, cause tho people to throw Of the whole
burden, on account Of its accumulated weight
| Knowing, in other words, that it is possible to in
crex,e debt to AL amount 30 onerDus as to drive y
| people to reputation, they might prefer To take
their chances Of payment OF one billion of dollars
Of state debt, in the old Confoderacy, rather than
of two billions in the new. Hence it would be
their %iu,eres. to oppose the appropriation Of the
the establishment Of tho G0niedeTacy, and to al.
vocate q reconstruction for tho purpose Of securing
no carly peace, and of stopping further eipendi-
ture that they may save what is already ewing to
them.
But the bare thought Of any such reconatruc-
ton is abhorrsnf to the Governors sentiments
and he proceeds to say:
The rivers Of blood which have aeon drawn
from tho veins of our fathers, brothers, husbands,
SONS and other relatives by the hand of our cruoI
enemies, form an impaSsable golf between Us aud
our wicked invaders. How can NO asnin shnk-
hands with them over the slain bodies of our
loved ones, and sgsia embrace then in ~fraterasl
relations2 Were Geo:SiRus to 10 this, tho blood
Of their brethren, who'havs fallnn martyrs to our
glorious cause, would cry to tksA from the ground,
and rebuke tho dsstardIy deed. Sooner than re-
unite with those now seeking to snslaye us, aud
under the panc Of Union With them, become, With
our p~ossority, heHers Of wood and drawers Of ia,
tor for them, lot US submit, with more than Roman
frmness. to the devastation oil our fields, and, if.
naed DO, the determination Of eur raco. But let
us DO nc, actha.sily, which, however patriotic the
motive, Gay tend to array n powerful GLASS in our
midst against the Confederate Government
There is certainly = good deal Of hard sOnse In
this plain, practical expoiition Of tho probable
effect of State endorsement,-apd ws confess that
begin to doubt the wisdom VI that measure.
II passed our own Legislature AZ q matter of
course. 1t appeared. right and patriotic On it,
face, and wa. accepted without that close scrutiny
II should have received. It ma" be, for
aught we know, an arrangement eonsOcted in tho
several Statos By the very Capitalists of whom
Gov. BRowx speaks. II is we'll, at any rate, to-
consider the question in the new aspect presented
~ that distinguished patriot eudatatesmsu: Tho
Georgia Legislature will; NO trust, r~e-cxamine.
ho matter thoroughly, Other Legislatures have
rot canrassed the subject in al IT'D bearings. It
= reserved for tho practical men Of Georges to
orroct tho error in policy II ruch # be, and their
ciion in tho promises will DO auIioS1ly awaited.
But let rs go on to consider GOV. BRows's sub
for State ondorsen, ent.--and, again NC
uote from the message:
Ny opinion il, that so long as the war is carried
in its present. magnitude. requiring the amount
T daily expenditure now snade, and:tLe demand
,r all the ,necsssaries of life exceeds the supply !
far as it now does, there is no complete remedy \
" tho present Csiis, of high prices and .rsdund- 4
at paper currency. There ia one remedy, mud =
ply one, which can mitigate The evil, inspire cum =
lsncs ia the stability Of the debt, and induce 3
70 investment Of tho surplus capital Of people ut y
her GoYernnents. as, vell as our own, in Con-
derate bonls. That remedy is taxation by Con
e.s, sufficient to pay the inierest upon tho whole
bit, in gold or its equivalent, and TO create an
iuual sinking fund, sufficient to extinsuish the x
bit within soma reasonable time. Convince cnpi. b
everywhere that ibis ia tho settled po!ty Of >.
Q Gorernnsnt, and that our people are' ready IL y
bmit TO II, and mako all the saeyifces I~ecebsary %
carry it ont, and Confederate securities will be SC
light aftor 10 the market, and most OF our ex-
,s Of calculation fundsd,; without The question -
once asksdc whether State indorssments
We bsen. written upon the bonds.
In place Of the indorsenent Of tbs bends Of the )
nfsderacy by tho States, t. therefore, recon- co
nd ~ our response to DO mndo to the prnposi- .
ns Of our sister States, and rs the Georgia pol 20
in which their cooperation is respectfully tn
,ud tho passage Of = jpint resolution by tho az
moral Assembly, urging the Congress- OF tho r 1