Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-01-21
Government Finances.

The present financial condition Of the Confederacy
is beginning to assume an importance in the public
eye, which has been overlooked somewhat, in the
whirl Of more exciting matters. 1t can no longer
be doubted that the financial policy of the govern
ment, has hitherto been lame and laundering Our |
officials in the government starting with the fall
lacious idea that secession would bring no war,
or if one, very short one they proposed an incon-
siderable loan to meet the exgencies Of the country
and as bait to money holders offered high rate
of interest, e per cent? This exorbitant premium
left no margin for the exercise of the patriotism OF
the monied men, and fixed stand point, which if
adhered to, must have engulphed the government in
irrecoverable bankruptcy.
No government on earth, even in times of peace,
with debt of any magnitude, could long maintain
its credit at so runous rate of interest but to at
tempt to bear such burden, on a large and con-
stantly accumusting debt in our circumstances, was
no less than blindness. Yet the history OF our
government loans shows, that the war had so sharp
ened the appetites of money obbers for large profits
that even 8 per cent. was for long time Did TOO
low, to excite their patriotism.
Lie COuIIIy az tuo peiiou VI Wv Va ~A~- S'-~
Confederacy, abounded in wealth. If the precious
metals were scarce, their representatives, the pro-
ducts of the country, were abundant. Suhcient
warning was given for the expectation OF large
portion of them, which would have supplied the
country with the "snews of war" but the govern
ment was timjd, would assume no risks and the
people ued to estby the false assurances OF peace
peace, dy dallied, until the blockade cut of all
prospect Of relief
Without money or the chance of securing it by
the expectation of our products, the country was
forced into a sanguinary and exhaustinS war. 10
meet the necessary and large demands upon the
Treasury, loans were at high interest, failing to sup
ply them, when both the Confederate and State gov
ernments embarked largely in the issue ofTreasury
notes, based upon the tickle and doubtful alternative
of redeeming them promptly at the terminus of the
war; Had the paper issues of the country been
limited to its demands, over and above what the
banks could supply, astute 6nanciers might have
| reached bottom. but when the aood-gates were
u, lifted, and the country deluged lead and line
were needed to fathom its depth.
1t so happened, that in the very incipency of
this large ISSUE the State and Confederate govern
ments became large buyers of the products of the
country. Their agents, often inexperienced men,
filled the land bidding against each other, and offer
ing the highest prices for every article Thus the
country was surfeited with Treasury notes, and the
spirit of extortion and speculation, bred and nur-
tured by the government overran the land. High
prices drew more largely upon the Treasury, and
its issues became excessive. Investments in Con-
federate stock, at per cent, were no tempta-
ton to holders Of Treasury notes, when speculation
in the necessaries Of life, promised to treble and
quadruple the amount already in their hands.
The difficulty of effecting loans led to an attempt
at taxation, which, however, was evaded by the as,
sumption of the tax by the State governments
Thus have We progressed, until in less than two
years, the public debt exceeds $500 DOC, 900, with
the assurance that if the war continues year long
er, it must exceed 81 900, 900, 600! We have not
yet the report of the Secretary of the Treasury
but Geographic synopsis announces that our pub
lie debt the LIST inst, amounted to $685. OO0 000
and that Congress must provide, in some way, for
the raising Of $780, 00e, 900 by the LIST Of July
next
Now let it be remembered that this entire indebt-
Is que 10 our OWL CltlZeUS-tlidt enormous
amount is mainly the result of extortion upon the
government and the low estimate placed upon Con.
fedcrate Treasury notes by class of persons who
claim to be running over with patriotic zeal for the
Corfederacy. Every inducement has been offered
the holders of these Confederate Treasury notes to
| invest them in the stocks of the government at a
high rate Of interest but these very jealous friends
CITE off air ad
with these notes, every So 81 of which only cost
them 81. Upto the present time only eighty eight
millions Of the large government debt is bonded
with prospect pitts increase fifty six millions more
now in deposte certificates. These money holders
prefer investing their Treasury notes in lands OF
other stable property, rather than in the bonds Of
the government.
The last financial scheme proposed, in order to
force the extortoners and spectators to invest in
Confederate bonds, is that the several States shall
guarantee their payment in proportion to their rep
resentalcn in Congress. We regret to see that
President Davis lends his name to a measure so un.
Just to the great body of the people, and ru;nous
in its operation upon the future prosperity of the
country. Ardent, patriotic men everywhere, look
ing only upon the surface of things, favor this nefa
rious project scheme, doubtless, concocted by
the spectators, and which must end in the estab-
lshment of monied aristocracy in the country, re-
ducing the great masses of the laboring white pop
uation to state of vassalage for centuries to come
unknown and unfelt perhaps, in any country. These
money holders-these patriotic lovers of the Con.
federacy, have made their millions of Confederate
notes out of the necessities oe the government and
the people, and then turn around and declare them
worthless, unless the State governments will guar
an,ee their payment! We trust the Legislature Of
North Carolina will be true to itself and to their
constituents, by repeuing with scorn and indignation
such proposition.
Political gamesters, who are looking for the re-