Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-06-30
from the Charleston Courier
Astounding ReveIation--.Repudi

1t is with pain and modification that we record
the dishonorng fact, that the escutcheOn Of our
young Co1federacy, struggling through a Of
unparalleled magnitude and erocity, for admission
into the family of nations, is already stained with
breach Of faith and partial reputation. In order
to obtain the means and sinews Of war; the Confed-
crate Government issued a currency, by law, and
on its face, fundabIe in eight per cent stocks or
bonds o. the Confederate States at the option of the
holder, without limitation of time. In faith of this
fundability these notes obtained wide circulation
In fragrant breach of the public faith the Secretary
of the Treasury recommends, the Confederate Con-
gress enacts and the President of the Confederacy
approves, law, limiting the fundability of these
notes, in Confederate eight per cents, to the 22d
April last and even limiting their fundability in
Confederate seven per cents, to the 1st August
next. This is plain breach of plighted faith,
violation of the sacred obligation of the contract
and downright Reputation, to a limited extent
Again. the Confederate Governmentissuesa another
currency fundable by law and on its face in stocks
and bonds Of the Confederate States at time when
there were none but Confederate eight per cent
stocks and bonds in existence In faith of its fun
liability in such stocks and bonds, that currency
also obtained a wide circulation supplying largely
the Golfers of the Confederacy. But the Confed-
crate Government in violation ofplighted faith and
unmindful of the obligation of the contract refused
to receive this currency for Confederate eight per
cents. That they were bound to do so, in both
uOnOT EOOu IdlIn, is pam palpaDle Ii the
Government has right to deny the fundabty of
this class of notes in eight per cents it may reduce
its fundability to any assignable per centage and
white it down to the small end of nothng-a re-
ductio adj absurdum.
This fathess freak of finance the Secretary of the
Treasury attempted to justify two grounds, viz
1st The financial necessity of the case.
I'd. By analogy to the Statute of Limitations.
l. We utterly deny the necessity of the case.
Our resources and the resources of the Confederate
Government are ample and all sufficient to save US
from the shame and dishonor of reputation. In
the Revolution of l776, there was partial repuda-
ton OF greatly deprecated Continental currency,
State and Federal, under circumstances of some
excuse, but far FROM justification. Fiat juStitia,
ruat cBtum, should be the maxim and practical
| policy of States Both good morals and economy
demand the jealous preservation of the public faith.
We have said, however that our revolutionary
fathers had some shadow of for thsir depar-
tnre IRON good faith. 1t was found in their want
OF resources and in the absence of the power Of
tqXaton IN the General Government or Federal head
OF that day They were almost destitute of agri-
cultural wealth. and the Congress could not tax the
CITIZEN, but could only make acquisitions on the
states Tor money, and those acquisitions were ofte
more honored in the breach than in the obsorv-
ance." The case and the circumstances are now
entirely different. Our young Confederacy abounds
IN agricultural wealth and resources-cotton, tobac.