Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-11-10

three thousand five hundred millions Rnt -
proper, on the other hand, to add say one tho,
and millions for Government bonds and treas
no'es hrid Dy our citizens, and you restor I
aggregate taxable property of the Confedera
to iour thousand five hundred miltlens Tw4I
per cent. of this sum amounts TO five hrndr
and iorty millions.
The amount of currency which will be in ci
culatIon on lst January next will be probably )
hun.red ana fifty millions. The coun ry g,
Oear ABOUT Two hundred millions. 1t is thereto
proper to reduce the volume OF circulation abo,
tour hundred and fifty millions, so as to leay
two hundred millions to effect the exchanges
the country.
Now, If 1T should be provided by law that e,
cry citizen should pay IL per cent on the aggr,
gate value OF his property in Treasury notes. yo
will be able to effect this reduction and leo ,
a surplus Of ninety millions to be applied 10 IN
payment of interest, &c.
IN raising thls IL per cent. on the taxshi
Ipr"perty OF the Confsderacy, it should be .ror
Ided that tw % per cent, should be reg rded a.
tax. and the remaining 10 per cent as a loan
Tor which the party paying should rec eive G ~
ernment bond bearing per cent interest. se
cured by pledge of an export duty on rb, pro
doctions OF our isi.is and forests These bond
sfould also b5 exempt from taxation of al
kinds.
AT first view. it may be supposed that th
payment OF II per cent. would be very onerou.
= | Dn.lL
De provided t.iat it should be tayabe in fws
eqnai annual instilments. The obligations OF tns
people for Inc second icstalmeDt would be ba
sis of credit TO the Government almost equal t.
the actuai payment, and The knowledge that The
currency Was Certainly to be retired during the
Secon1 year would tend at once to RI establish
cofhieuee III 1t. But when it is recoected that
he valuation OF property under the census of l8
oU was made according TO the specie standard
whi e the payment OF the IL per cent. is to be
made In a currency deprecated to less than one
nsh CT Its nominal value it will be seen that lle
burden is by no means intolerabe.
/ 3. Tne pledge OF an ex ort duty for the pay
inont of the interest and ultimate redemption of
The principal regard as Indispensable feat
uFe OF any efficient scheme. 1t IS the safest aud
most fruitful source OF our nationaI credit, and
| 1t is the one which can De made available with
the least burden t. our people.
| This war la developed the fact eyond all
controversy, thai the world is ma My depende mt
| on the Southern Contederacy for lis cstto,i, TO-
baccO and naval stores Partial supplies may
be obtained from other quprters, but the quality
Vl the articles Is inferior and the quanglty def
cient.
Notwithstanding all the persistent efforts of
England TO stimulate the production OF cotton
~ India and Egypt, experience has proved that
she is obliged TO buy our cotton at so or 10
cents per pound. In consequence of over pro-
0uctlon ana rulnuus competition among our own
people, we have been furnishing cotton to the |
world at lO or IL cents per pouno. It is to be
h"ped, that, hereafter we viii profit by the |
AnoWiedge We have acquired, aud MAKE Europe |
ala fankeedom ply iair price for the products
of our 4bor. Assuming II or even 20 cents TO
oe the least renunerativc price to the planter, |
We have the wide margin, between those sums, |
anu the SIXTY Or seventy cents at which our cot
ton will force It's way into foreign markets. for an
Export duty.
The cotton crop of tine confederacy may safe y |
b. estimated at fonr 10 i,lions of bales But, al
lowing deduction of one fourth tor diminished |
production, IN consequence of the abstraction |
OF slave labor there still rem in three millions
Counting each bale to weig 500 pounds, and the
ex ort duty to be only i've cents per pound, we
have revenue from the single article OF cotton
OF seventy five millions of dollars if we assume
the tax to be 10 cents per pound, of one hundred
and htty millions of dollars. What basis OF
credit would this aft rd In time of peace it
would be sufficient to pay the current expenses |
ot the government If economically adminlstered |
ana the interest on debt OF two thousand mil t
lions!
AID who would bear the hurthen? I forbear |
TO touch on the much cOntrOye, ted Questions |
arising under the tariff laws of the Old U Iou, |
because they gave rise to much diversity OF
opinion. The Southern argument then was |
that the consumer paid the import duty Under |
certain circumstances this true though as
general rOposltiOr, II could DC succ, ssfu |
~ maintained. But II ii Were true in regar; t.,
the import duty, by parity pf reasoning it ought |
I" De assumed as equally true in regard to ex |
port duty. But, be that as it may. IT c hardly |
Oe>qnestoned. that when the Confederate States |
his comparative munorOy vf three OF the rear |
8 apies wLich the world is obliged to have, and |
cannot get e-awnere, they can so regulate I
their export duties as to compel foreign consn |
mers to pay them. Ii we had active competition |
oy other producers the general markets of the
world. ~ q led fn b.ar q ofI
The burthen. Bat having almost monopoly in /
regard to fctdiIDg Gotten, and a complete mUnop-
oily III regard TO the finer varieties it must be |
ooVlous, tnit with Ordinary ssgacity aud states
manshipi We can SD frame our revt nue. system
as To throw ine burthen of the export duty on
the foreign consumers
In giving this pledge, however. care should |
be taken TO re erve the right to discriminate to
the extent OF nifty per cent. of the duty in IA
vor OF such nations as may recognize our nation
al existence within SIX msnths from the passage |
Of tie law.
Tue two important elements Of national cred
IL are, cOnf,ence, first the ability and seco nd
n the Willingness OF the debtor to pay. The ex-
hibit which, the Census OF 1876 furnishes OF the |
properly OF the South, ami The fact that she can |
annually pro iuce three four M, Ions OF bales
OF cotton, wot In as many millions Of ollars TO
To >ay notnlng "f her topacco, rec, n.ea. s;eres
ani bread stuhs must remove every doub, in |
ner ability to pay. We should then so shape |
cur legislation as to inspire confidence in our
Willingness to pay.
In every day life we observe that "a man of
gcod Character aud estate readily raise mon |
ey on ms simple note which constitutes gener- |
al pledge OF his crdit for the payment of the
debt But when be becomes embarrassed by |
large Indebtedness, he compelled, il he asks |
further credit, To give specific hen on his prop
cry, or collateral! security. The same rule
holds good In regard to Nations as with indiv.d, |
uais. At the commencement of the war, we
tonhi Gutto" money u general pt-dge Of the
Govefnineut- But that security Will no longer
avail Is piasu y to be the depreciation ,
of ouf Treasury notes. We must, therefore re-
sort to specih pledge OF one branch OF revenue.
The United States ON more than occasion
gave d specific pledge of the income from the |
pubic lands for the payment of particu lar
loans. would reserve IN revenue from mpO Is |
ana direct lakes tor tue ordinary expenses of the
Guycrnueni, and devote the export duty to the |
) ment vi The war debt
But the INQUIRY may pe made, will this security |
bc salcienJ TO pre- confidence What b tier |
security viii his special pledge give G, n |
Que
In answer to these queries / would call atten- |
ton 10 the fact that, while morals there is no
IN renee in the obligation OF general aud a
SPECIFIC contract, there is very essential dif,r
enoe IN law. The law, both mum, pa and ndtl IA
Al, denghts in certainty. A pledge of spec ic
security, such as the revenue fir IA an exp..r dn.
ty.inpresses on The transaction the charac or and
bindlng force OF a contract, which C mot right
fully be impaired, and which oreis Ii natious have
ar tDhI to- anPnr fOrf fh. 81