Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-02-17
"rn.,. wa. . man, though .ou, al com. HIN mad.

ply this, re.luIe our fsvarigh condition and
/, ugt 10 cur ahsorbents for tho rect.
IL u,sy not loo cut e place 10 remark, sc
anolhsr Incidental eject, that tho nsceasiLy
OF paying taxes will living produce more
bundsntly into MAJ, kst, thus farther dinin-
ishine prices. Again--the tfect # inflated
prices il peculiarly DISASTROUS to salafied
nen. Now Ho hava hall million oC men
in the country living on salsriss. Essry SOL
der IL the srIny lives Oh salary. aud q
smsi one at that. The reduction ef p;ines
would he boon to tho whole ar'uy,
Political economy 10 sys;e,a O; t'u'sm;
yet how constantly men misapply 1t. Tie
foregoing principles soem obvious and self
evident, yet the past action Of OUT govern
ment has not been in perfect accordance with
them, and much ia proposed, not only out Of
harmony, hu! in direct conflict with thesc
principles.
Tho actiun Of tho Georgia Legislature
in as. inning ID. Confederate war tax. yot
not collecting it, but ;asninE, iaatssd
thereof new creiIta, waa in such con-
fc.-so their contemplated action 10
April naxt, accommodating debt in front Of ue:
irstesd OF lowing it behind the stay laws
in the various States, (lnless for soldiers &C.
tuslly in he fie!d, and so unable to provide
for dehts Rrs no longer necessary DOT wise,
provided creditors will not demand specie;
for property now brings its full yalua.
Tie failure of Congress al the last session
to pasa a tar lar. Was signa!iy in conflict
with all these principles fte country eX-
pec.sl it aad was prepared !or it. 1t was
looked for as matter Of couTae, and Tia fail
ure to pnaa it was an Unnecessary blow upon
our credit, which capital annoE fail 10 regard
with suspicion,
Tho proposition OF Stale endorsements Of
Confederate honds, contains every slemsut 81
a just ground of credit. 1t shows that the
peop:p III no capacity and in 40 right desire
to sairk thor jus. burdens. This PROPOSE:
tiol hes besn presented in the argument .,
Hon. Mr.. Boyce, In the House Of, Representa-
tivee of Soush Oaroiise: Aud by the same
gentleman through this psper.--zEsb ' Eaauf;
REK. Z
This action of tho State, and the fearless In
vestments Of fow large capitalists, will be
OF immense eervice. Confidence is contagious
and little fab follow the large. A thousand
small rills will swell the etream thus openrd
while high rate CT interest is attractive
vet our circumstances demand that bonds
bearing high. interest should bs rsdcernshla
e. the option Of thu Government, after Il
short term OF years. When The Govern
men! can command its rsgourcee, the bonds
Can ba Redeemed, or those al lower ratca aGb
stitutel. The idss, too, Of taxes levied, and
the value refunded in the form Of bonds IN
the tQr paytr, is wholly deluaiya. Tho ts1
is paid az reluctantly ss though no hohda
were siScl. in thu vast majority Of cases il
se.Yss 70 rasiroes whatever Of n5auags.asc,
Is tbs grief Of taxation, II hi!e 1t rapidly &C.
cunulstes ti=ht. No Thanks f5r your bonds
grumblGs the tax payer.
The principles. heretofore Announced have
in them mono Of tho charm Of qasakory.--
Thsy d., not pccpnae 70 Gchieys lafs, resnlla
without corresponding sacrifice :.ad difficult
ty. Tiny 10 not propose 10 crua.a ynlu.a
hut ainp!y to regulate til" medium, al cy'
change and incIgG9s confidence, so far AZ is
carf.ct management can hsvo thst effect. The
currency DIGESTION il tho rock Gil which wc
are III greatest danger Of splitting. Tit does
not iesue in cur subjugslion, it may 10 ON
hnancial rnin, AID the deep disgrace Of ropu,
dialior. We need no syilabub foundation
but a solid CORNERSTONE Of good manage
ment aud good faith for public credit
Yet it aeemI impossible thst ous gsners,
ton can learn from snat!:er. uharlatanisnI
in financial Questions cannot tn killed out
right, hut will shaH its face, hcwoscr it may
bs rebIkei by experience. npiicry is con
stsntly Repeating itself, AID folly, not wisdom
aecns TO be- hereditary. Forgetting thSt
economy, prudence, TIE endurance Of hard.
ship, gro tho tTus foundations of credit, every
denim cguo les his easy, patent method o
solving tha question without hurtias any
body.
Such a gooas-egg il tho legal tsndsr prapo,
sition. Itacif and sll ita kindred afe thri-r
exploded fsllies, even plausible now only to
ths short sic hted, the ignorant and tina doma-
gcgue. They cannot abide tho tests either o
common sense or history. So far, indsed
from being remedies. they incranse the evils
an hundred fold, and ensure individual ruin
aud tie complete Reorganization Of tho sccisl
airucturs, even il, i'll splts Of them, We schioye
national suoceas. A legal tender Law in very
prolific Of ether Legislation. We shall not
pEuse 20 refer 10 history, but remark that, OF
i!seir, it only steps interest; and to this the
creditor will submit. The law, TO effect It's
purpoge, must 60 slep farther, and compel
creditors to accept the money aud give sc-
quittsncs for tho debt. But even this is in
sufficient Such la1o erhausts itself upon the
past, bringing no benefit to the future. All
II " cootrscLa with individuals, or with Gov
e.umont, adjust themselves to the new scale
Of prices established iItstsnter by the legal
tender law.
The passage Of tho law is n public and
NOTORIOUS confession OF TIE failure Of that
nati.alal credit, which it is cue truo policy
" ely to msintain. It isa confession OF juds-
ut. l. is equivalent to government
Temp Of "cnndemned" upon every note
issued Tho effect would 10 magicsl Prices
would Mt once hecoms fabulous, or, if not
instantly, 20 soon NJ tho rapid work of inter
nal ruin shuuid hsvo tsrn completed. XII
confidence would fail The go7srnment,hT re-
sorting TO. force, would forfeit all claim -
those patriotic considerations which haVs
made men willing TO incur hazards to 9dstain
it. Tho currency would bo o 9usCmi e, and
tho only operation in it would bo by thosr
who vera YanturiDg To aes how. lcos il would
beaS weight.
Thoae who undsrstandasIy sdvocste legal
lonaer" now, will propose as their second
step, '1.padiation !" park it. II il the usual
and proper stopping stone. Whose bsgns to
tampsr with the gorlian knot Of the cnrreucy
by tho legal teuder method, will cut the knot
next ny N, decisive stroke Of repudistion.
This law aupsrsdds intsrnsl ruin 10 for
sign violence. 1t ruins tho country in all its
suhveriing tna foundations Of pri-
vate rs we'll az public wealth, Estionnl
it iusure; ss tho eni-by indiy =
dual ruin as the means. Giving no credit to
the government Mt homo or abroad enhsnc-
ing the price Of everything it bought 1t
would annul tho ohlisat:o g Of Gil paGl
private contracts hy compelling The reception
Of sut.titala iar money. It has lbs " orSi
fsaturcs Of retroactive legislation against ilen
without crime. Nothing could no more hide
ous than liz n1oTG'!y. except Its policy. 1t il
founded ~ fraud md is nnga:ofy, u!iiess
+ audutent.
Tho ctf.G. Vi s!l s:!ch lava class icei.la-
4 ;r,,, -{, % ;r:3