Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-01-28
The New Fsi.ancial pro,ect..

NO NOW Vtu00CA0A kIUJoCs0 Il.
Taxation, to reasonable limit justly aad equal.
y imposed, upon the prodsctios wealth Of the peo-
pie Of the Coniederase States is the only Safe and
sure method Of maintaining the credit 1t the gov.
erpnent during the Rr. This, Of itself, would at !
once render unnecessary he excessive issue IT Con.
federate Treasury notes. would lead to The bending
Of the Confederate debt ut safe rate Of interest
and give ample iuaemnifcatiou to its creditrs-
This wholesome method has been studiouay ig.
nored by the present Congress, more perhaps from
the fear that such step would lead to the punish
ment of their numerous shortcomings and SINS, by
a constituency usually slow in administering it.
than from any conviction that the people could not
or would not bear it. To prevent the imnediate
necessity of taxation, rs we'll to put off the evil
day. and give encouragement Co extortion and spec
ulation, it is proposed that the State govern
ments shall guarantee the payment Of the present
and future debt of the Confederate States incurred
on account of the war. The intmation that the
States Eust in effect assume the debt, is denied,
simply because they only in form guarantee it
But surety in law is'always regarded as uuch the
debtor the principal, and when from 'sny cause
the security is made to pay the debt.
By the Constitution, the Confederate government
has the sole right make and conducta against
foreign powers, and to levy taxes for maintaining
it or paying the debt incurred by it. The States
have no such rights having surrendered them in the
formation Of the compact For the States, there
fore, to guarantee the payment Of the war debt, is
to assume an obligation which they have no means
of discharging. The guaranty would in fact be
wholly inadequate, and hence no guaranty at all.
For instance, supposing that the war should end
year hepce-and few can even hope that it will end
sooner-the proportion Of North Carolina, according
to the Alabama proposition would be $3.50, 100000
Can any one tell US BY what process this State
could even pay the interest on such debit But
add her own debt to this, and it would make about
sl75,OOo,Ooo! What could Isl do with such
debit Does any one suppose lat North Carolina
would ever submit to direct tax to meet her pro-
portionp The idea is preposterous But it will be
said, that North Carolina will never be called upon
to pay any part of it-that there is no possibility Of
such result If not, why shorid she guarantee
| it? If So would the guaranty be worth any
| thing?
But avery wild idea prevails Ia some well.meaning
minds that If the Gonfederacy fails, which we will
not admit to be possible that the States must fail
| also-thatif Confederate money or bonds become
worthless, State money and State bonds will become
worthless also This by ne means follows. 1t is
mere clap-trap. The Confederacy is q creature of
.circumstances-the States made it, and the States
or circumstances may unmake it But the States
powers of SOW
ereignty, and therefore may be perpetual. The
'Confederacy may or may not exist ten or one hun
hundred years hence but tie States will doubtless
exist if they are true to themselves, many eentu.
ries, though the compacts into which they may
enter may be broken ad3nfnitum
But to the point The proposition of Alabama is
monstrous She proposes to guarantee her proper.
ton of the debt according to her Congressional
representation. Who would have expected SO un.
just proposition from a wealthy and magnanmous
State? She has scarcely felt the tread of the iron
hoof Of war; Virginia, Tennessee, Louisiana, Ar
kansas and North Carolina have been nearly ruined
Kentucky and Missouri which are represented in
the Confederate Congress- are not likely to assume
any part of the burden. Can the other States be
80 blind as to accede to any such proposition! The
productive wealth Of Alabama is, perhaps, three
times As great as that of North Carolina, and YET
she is willing to guarantee only her proportion
according to representation!
South Carolina, more chnry, is willing to assume
her proportion Of only s2oooooooo, "a drop in the
bucket) and then her citizens must have pro,
claim to purchase her bondsl This is guaranty
with witness. Florida comes into line promptly
and agrees to bear her share according to represe7
tation, and well she may, when her productive
wealth. in few years. will rival most Of the States
The scheme, if adopted will prove perplexing and
injurious and must intimately fail to compass its
object Georgia. the Empire State of the South
adjourned her Legislature without touching it
North Carolina will do we'll to initiate her example