Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-01-30
- puRnTC pRRT.

FFEE PUBLIC DEBT.
we have rsee.ved BY mail q pamphlet copy Of q letter
con the currency and public debt Of the Confederate
s.s..ss nv esAY A. CHANDLER, ESQ., discussing a
scheme for regulating the nitonal debt OF the Confea.
e-ev created ri consequence Of the existing wsr, and
nro5.spa 4 plan to give stabiity to oar curreneYi
which. a. the subject discussed is now one Of importance
to the whole people. and intimately associated with the
future welIbaing Of she Confsderaey, we have read
with no little de gree Of interest.
Recognising SIN importans fsot which has been ignored
By some who have presented their financial views to the
country, viz that under our present Consultation Con-
ersss has no authority 20 make treasury notes 8 legal
tender. the a-iale before us first advocates that Con
Eress adopt sn amendment 70 the Constitution, giving to
f5lths Congressl the power TO make the bonds and
treasury notes. f The Confederate Ssstes a legal tender
during war. and for Eve years after the ratification Of
peaes. or when hostiHes shall cease This TO be fol-
lowed By a lau imperaavely enaetfng that I" the treas.
ury notes alresdy issued be funded in four per cent
bonds, having t.n, twenty ana thirty years to run, and
TO cary Interest until SIX months after the ratification
Of peace notice to be ysn " for the treasury notes TO
be funded, with such forfeiture as Congress may decide"
The preliminary Of amending the organic law would
necessarily be d primary step, bat ia addition to reqaiE-
ing time for fs accomplishment ia the prescribed forms,
which would osase a continuance Of the financial diff
culies we are Iaborng under longer than would be
prudent. III liable to other objections, which, by the
way, are suggested but not answered. Those who
claim The right Of peseeable secession" would object
Such would 40 Sc. IS a mattsr- of ennrse, bsoause the
pesceabls seosas on Of one, two, or a half dozen States
after the exairation Of the war and during the limitation,
weuld iaave ts other member Of the Cenfsderaey TO
Hquidate the debt Of its treasury. This objection might
be obvsfssd by making the bonds ana notes q legal
tender during the war only, but should not be done
by repeating tile constitutional right Of pesceabls seoes-
sion. For that we are now waglng the war that makes
the issuance Of these notes necessary, and the principle
should not be abandoned before we have succeeded in
establishing it. It is not necessary that We should
abandon It.
The next proposition advanced is the " purchase Of
the whole cotton crop oftbe Confederate States, for the
Rext six ysars, BY the government, and in order to
control the whole CROP On other words forcs the
plsnters TO sell 1t 70 the governmsnt4 LAY an export
duty Of fifteen cents per pound on al cotton shipped or
sent ont of the Confederate States, except that belong
ing to the government" The figures presented show
that, allowing the assumption made to be realized, with
the usual peace crops Of six years the Confederacy could
pay Of a debt Of six hundred millions, have hfty millions
10 exbend for navy at once, and nearly one hundred
millions left provided il secured the monopoly Of the
trade. The government, 1t is stated, controlling the
whole crop, can ger its own price" Its profits are 10
Geerns by buying Of the planter say at twelve cents ard
selling at tveniyf5ur. The first to be compelled by the
imposition q an export duty, the second by having the
monopoly.
Thst such a scheme viii ever be perfected we do rot
believe. Our legislator viii never so far depart from
correct principles as TO impose Che whole burden Of our
public debt upon q single branch Of our agricultural in
dusry. TIE debt is the C-bt Of the whole people; the
industry ard property Of the whole is in justice held for
its redemption, and eve y impulse fright demands that
the whole should contribute to its liquidation. As the
blessings Of government ere shared by ell, 50 should
the burdens be borne equally by all The sugar pro-
ducts Of Lousians and the rice crops Of the Atlantic
States should be placed under the same restrictions as
the cotton crops Of The other States and the Interest &C
cumulatiug cssh capital and the profits Of the mauufac-
turers should al contribute.
What Is needed to remedy present and prospective
financial troubles, Is some action that viii absorb the
surplus Of circulating medium To do this credit must
attach to our securities, and to secure 50 desirable an
end we must expect 10 make sacrifices. At present the
only assurance presented to capitalists IS q promise not
= single step has been taken to insure a payment Of our
debt. Il, however, tax upon the wealth Of Che coun.
try, without distinction, were levied, and the proceeds
pledged to tie payment Of the interest," and the aeeumu-
lstion Of a fuad for the ultimate liquidation Of the prin-
clpal, Of our debt woald not the funding Of the surplus
circulation rapidly take place Would not our bonds
be sought after Al present beyond our pighted faith,
which we have no doubt viii he r~ehgiously observed, no
promise has been made. Hence the hesitation Of capit-
alists, who are always cautious. Bullet the whole PEG.
pie commence the work Of providing for the future-let
such be The ~incipient policy Of our infant Confederaey,
and we sbaI 70 demonstrate to the world our own faith
IN the stability Of our government IS will secure for It's
obligations the full credit our wealth snd natural re-
sources entitle them TO in al commercial circles. To do
this We need general instead Of distinctive Legislation.