True Democrat., 1863-01-21
Confederate Currency.
MIR. GeGGIN's LETTER.

"thst l (yon) can use the reply in giving conf "dence to the holders of these notes.'
 l am somewhat surprised at your statement and 1 can but think that the man who refused to take the notes of our Government, under eX isting circum stances, is an enemy to the caus which that Government is seeking to uphold that he is just as much engaged in giving al, and comfort to the enemy--in fact is aiding and assisting Ucm and weakening us, just a. the most open and defiant traitor possibly could do.
 Our success must depend upon united, con stant, and earnest efforts to become free pco pie. To achieve our independence sacrifice: must be made losses must be expected anC iuconveniencies must bs submitted to. If oul fathers arHid the pers of '76, had not beet willing to suffer affliction, persecution, and even death for the great cause of human liberty, we should have been without history, and, to- day. might have been the vassals of crowned heads, the gnobe sons of nameless fathers and the degraded victims of passive obedience tc despots and tyrants. And if we could now g back to the progress of our Revolutionary strus gle with the mother country and find the man who had refused to take the old Continental money we should see him with all the other marks of subject of George the Third, and with the name of Tory written even on his very forehead.
 General Washington, in letter to his broth CT John Augustine Washington, dated PhiIa' dephia June 20th, l775 (more than twelve months before the Declaration of Inde.pend- ence,) announcing his appointment as Com mandcr-in-Chef of the Continental Armies, says:i"I am at liberty to inform you that the Congress, in Committee, have consented to a Continental Currency, and have ordered two millions of dollars to be struck for the pay- f.lo nd "have voted l5000 men as a Continenta; Ar> "my." With unfaltering trust in the jus tice of our cause, and coniding in the blessings of God, he and his compatriQtS in arms went forth to meet the enemy, then in our midst, nev- CT presumng to question the wisdom ot Cons gress or their own ability to meet the high eX> pectations of those who propose to pay them Tn the currency of mere embryo nation, which, as yet has not even declared itself free and in dependent of the mother country. God, how ever, did press them, after seven years war, and Mese Colonies becamc free, sorereign and independeat Stdtes. But now, after the lapse of more than three-iourths of a century, an effort Is again made to enslave us. Shall our ene~ mics be more successful, when we have come to be great and mighty nation, when we are prepared to make good our claims to indep@ud ence, though other nations have not, as yet
 
 France may stand aoof 1ce can defy all our ene'es abroad ir ace shall but be hae to ourselres ct home.
 Our ancestors supported the war of the Rev, olution almost entirely by artificial credit. Up 10 l779 they had issued 200, 100000 of papor dollars; had borrowed ,009 on loan-Utiice certificates at home, and all they could in Eu- rope, besides the monthly supplies received from the States, founded on paper issues also, amounting to l5,000 900 more All this was done when Congress was but an assemblage of State Commissioners, without any form of Gov ernment powers, except such as were derived from their discordant commissions. In l7S0, however, the taxes and loans proposed failed, and the old emissions ceasing, Congress vas under the necessity of sealing the old debt, to sink it, and beginning anew, OF OF GIVING UP THE CAUSE. Ii was wisely determined, howey- CT. to choose the former, and Congress was sus- tained by the very people who held the money, and who were to be losers by its depreciation. But if the Old Congress, of Continental creation, in the midst of a distressing war, without even the semblance of regular Government WITH NOTHING TO TAX, and therefore without resour- Ces, violated ito fAitL, oo.- -rO Lv j>~t;c 1 =: r- suing such a course now, or hereafter? We have an established Government, created by the will of the people of the several States a Government with permanent Constitution, and having power "to lay and collect taxes, duties imposts aud excises for revenue neces- sarv TO PAY THE DEBTS, provide for the com mon defence and carry on the Government of the Confederate States and with power, also, " 10 boJroio money" on their credit.
 The only question then to be considered is, have we subjects of taxation sufficient to enable us to raise a revenue for the payment of debts tod hx, tha issued by the Confederate government contains on its face promise to pay, and IS Justas much the bond of the government as your bond or mine Is the individual obligation to pay what ever purports to be the amount for which 1t was given In the one case, the holders of your bond or mine has right to look to our effects, to our houses, lands, and other estate for pay ment. But the holder of the government bond looks to tte estatc of ere,y mum in the comnu- nity as furnishing security for the redemption of the pledge of his government Ii we are to remain as we now are, separate from the rest of the world, and with no balances of trade to adjust with foreign nations, We may make our own money, in whatever form we may issue it., the standard of value which IS to regulate ex- changes between man and man. When our recognition by others nation shall be duly publlshed and we take rank among the nations of the earth, then the standard of value as regu> lated by all civilized people, in the form of the precious metals, must induce us to look at home and abroad also for the development ol our na- tional resources, so as to cause this standard of the world to operate for own benefit a nation also. In other words, if we then sell more than we buy from abroad, gold and silver will have opened for them channel through which they may flow freely into the country, and our promises to pay may be soon redeem ed. The obligations of the government will be quietly and silently discharged from the ability of the people to meet their respective portions of the national abilities. Within six months af- ter the ratification of treaty of peace with the United States government, our own govern> ment will be found to redeem its promises to pay. But this must necessarily be as 1t was and has been with the old government, by the issu- ing for the time of other notes, or by funding its floating debt by certificates of stock, bearing an interest of eight per cent; to pay which, all the resources of the government may be pledged until every dollar is paid off and discharged.
 Now as to our resources. The two great staples of the South, tobacco and cotton alone, will furnish the most ample basis and give us, at All times, balance of trade in our favor, ii we but practice economy and make at home in our families, as we may do, much of what we are accustomed to go abroad for; and this, too acithout protection, by the imposition of duties on imports, to any great extent. Tobacco and cotton are necessary to the support of European governmental revenues, and to the employment and cIothino of Euronpan snh;ect, Tbov ora