Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-26

when half our territory is In the hands Of the enemy
With all due rSspec TO the bankers of South Oaroina
uustbe rmitted 10 hink-though % crurSo'
would net say so-t1e thing is absurd on Us face
But If it were even possibs, would it be just, &,
make o. half the people bear ths whole burthen, ana
the her half escape The expenses of the war are
incurred il the common cause-vhy should one-nSn
the community pay all, d the other nau noaet
Moreover .hat ia the use of this round about pro-
ceedinR! If l am 10 buy Government bond, ana
fuEnh TIE Government exactly enough money 10 Ply
to myself tie interest what is the ue OF all the 'ed
ous and expensive process of collecting and paying
overY Why rot fquare OIL at once, giving up 'ne
bor a and the Government the iaXg
Bat let-ul examine this scheme little further One
thousand millions ia very nearly 0ne-Curth OF the az
greg ,te property Of the C1hfede;Ge ates-uaklng
fair allowance for those parts OF he states which are
within the enemys lines lin which, OF course, no sab
scriDtiors 10 the loan could be had) It IL more than
one-Eourth The result therefore, would pa that un-
der this Bi8kers plan, every man would be Obliged TO
subscribe and pay for amount of bonds equal Ger
tainv to oae-fourh and probably TO ooe third OF the
value of his whole estateh This plan may sut BANKERS
Aud brokers' and other whose property is all in
money but how would IL affect the planters aud far
mers and mechanics? Do eKaggerae when say 1t
would ruin theml II would force every man into
bank to get the meaps Of buying the bonds, or into the
hands of brokers AZ AhaTers TO purchase Coin or cou
mons At ruinous premium, TO pay his taIes.
Let me inquire too, what is 10 become OF the pres-
ent aud per cent bonds? The best classes OF our
peop have invested largely IN these bonds They did
80 for doable purpose-lst, to aid the government
3D. TO secur the means OF paying their taxes win tue
coupons Yet, tas convention oil bankers nave hsae
no provision for these securities except to deny 70 the
commons the Capacity to be received for taxes Tnty
carefully protect tue holders OF per cent treasury
no. ca but ignore Ihs per mt. bonds, (which have
been bought with similar notes! cannot qdeton LOT
momeni, the integrity or patriotism OF the SCUM
-, 10 rvaln In m m
nav be warped u the habit of looking for series OF
Was 70 one particular nteres, 10 the exclusion Oh
o hers As the tSoneT thinks that everything shoud
give way to lIR:her the bankers thlnk thSt every
other interest yield to that OF moneyed corpora
tions The safes OF the banks are, doubtless fu OF
per cent notes. and faithful Cuitodians, h'y ieit
bonnd TO look TO their ultimate security, leaving the
holders of lheS per cent bond' with whom they nave
no concern, TO shit for themselves.
But there is another aspect OF this bankers plan,
which l wish to hold up TO the public view; had
amot said reprobaton. Under it nothing Is to be re-
ceiyabe ia payment of the 60 million tax except colo,
mr. the coupons Of the 600 million loan. Now have
before me- as wrte several Treasury notes, on all OF
these notes is inscribed the following pledge by tie
cover ment: Receivable in payment OF ali Dues eI-
cent export duties o. the faith OF this PLEDGE the
peopls have received these notes l. this pledge
more than anything else, that gave them cnrreney'-
But under the bankers' plan, what becomes oil the
pledge of the faith and honor Of the government!-
lt is be ed-Vlolateo-repulAVeu' 40 'u'
right or lust or hoaest The government in order TO
get credit said the people, take these notes, and We
wi receive hom in payment oil all dues, e1ctp export
duties but the bankers say they shall not
m plymept OF the 60 million tax. Nothing will do for
that but coin or coupons Of the 900 million loan p
What were the bankers thigkng Of WEen they VentuIed
TO shock the moral sentiment the country, by such
proposuon 49,
Again what is to be the effect on .ncy, if tie
COVE nment refuses receive t2 II the government
sets to work deliberately to dscredit and rePudiate us
oWn Ase who will pat faith in Them, or receive them
If are 10 lose thing else, let W, AZ LEASH pre-
serve Gu, public honOr
Cover ment credit il delicate thing. lronght to
be Ssed cautously Our authorities ought TO give no
pledge which they rave not good reason TO suppose
they in redeem. Aud when pledge IS once given
n ugh il may have been unwi,ey and inconsioeratey
eiyen-let it be redeemed all hazards Bearing this
proposition in mind, our Government honesty ana
conecicntiously pledge ief TO pay 90 millions oil dol
lars Der annum 10 coInl Has IL ne required amolntot
coin IN It's possession haS any reasonable assurance
of getting ny Would any upright gentleman give such
ledge slender prospec' OF being a9le TO inin
tY And if gven would aay body haye faith il 1t -
As John Randolph said, any man caa draE sisnt
draft on ST. Peter, but who will guarantee 81 Peters
acceptance? Il is easy TO make promises, The per-
formal ce is the difficulty.
Suppose the Bankers scheme adop.ed, and the one
thousand million loan taken by the taxpayers, e most
aions Of sairs clu.ed oy death, bankruptcy removal
aud other causes many OF these bonds pass las they
inevitably us into Ihs hands OF bankers, broker,
shAVers AMI other capitalists how is the Government to
get coin ply them tier interest on tie excess over
vita; ID nece slry 10 pay their tGxesg
In common lite, the very fact that man will give
promise which be has no: very good reason to bslieye
he can perform throws shade OF dlsrust overall his
Engagements Have any reason TO believe that The
Government can escape similar discredits The people
are shreWd aud sagacious in matters affecting their pr-
vate pecuniary interests Tney will be slow TO accept
the vernment draft on S. Peter Tney VII require
Substantial scceptor.
But how could the South CAROLINA Bankers expect
any TO put faith in the promise to pay interest in
u the of the algrant reputation which they
recommend, Of that other promise Of the Government
receive Treasury notes in paymsat Of all dne', e1-
cept export duties Is there any CRATER security
that the premise to pay coin will not be repudiated,
than there that TIE pledge inscribed on the Tea
sury notes would not bey
Bat, forbear from further criticism Of this unorp-
nate plan. IL must have been hastily adopted AID in
considerably recommended Tns il the only apology
thai c3n be made fo- it,
respectfully submit. these views OF the Bankers plan
for public consideration. Msy.I in conclusion, req est
the Editor Of the Sentinel VIII to have been par
tp that psn to repubsh ais srce that his rea1ers
may see see both sides. "A FARMER.
81