Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-06-30

co. and rice furnish an ample basis for sound cur
rency and ample security for the redemption OF any
debt, however large, the Confederacy may contrac,
in order to win the glorious boon OF lndepenuen0e'
The Confederate Congress, too, has full power 70
tax the citizen, unlimited in subjects anu ahoun'.
Away, then, with the iimsy pretexts ~ o. $50
financial necessity-it is Pigment Oh tne IahGy,
and ought to be shan1ed from all Weignt III 'n'
financial argument or issue.
ogy at all That statute is no part OF the ter COZ"
tractus-it belongs only to the Ie1 Jor1. II GENES
the aid of Courts and the agency of law suits 10
enforce stale demands Its purpose is to protect
the honest debtor who may have lost his receipt OF
acuuittance from paying the same debt secono
time. 1t never was designed to protect one rom
paying just debt, however stale or antiquated'-
When so applied it is gross perversion and aouSe
oflaw To plead the Statute of Limitations, in bar
of Just debt is, as we once heard great jury
lawyer say to place lie upon record. The STATUTE
therefore neither dssolveS nor disturbs the obllga-
ton of the contract but leaves it binding IN honor
and good conscience and even in law, to TINS extent
that promise to pay debt, barred by the Statute
is good legal consideration, on which recovery
of the old debt may be had at law.
As the unwise policy we are condemnlng has as.
sumed the shape of law, we might have reDalneo
silent on the subject had we not learned that still
more fragrant violation of good faith IS contenPla-
tel, in high and influential quarters-no less than
seven per cents to six per cent per annum IL Is
time then to speak in advance and in no mlnclng
terms, of the contemplated fraud. 1t would nave
neither excuse nor justification, as we have aiready
shown either in lack Of resources or IN want OF the
taxing power We heard one, lofty in intellect
pure in morals and high IN station, under strange
hallucinaton recently justify such reputation ana
dsgraceful policy, on the ground that It would De
necessary to prevent Confederate bankruptcy. The
futiity of such notion we have demonstrated; and
another distinguished citizen and statesman Justly
replied to and refuted it by saying" Two per
cent will never bankrupt nation. Ii eight per
cent or sever per cent. Will bankrupt the Conied-
eracy, six per cent, or reduction of one, or two
per cent, will not stave off the catastrophe.
strong minded citizen of practical good sense, also
replied-"Sooner than repudate and reduce SIS and
rs to 6's, let the Confederacy borrow at ten per
cent, and thus fill ner Golfers and secure her lnde
pendence-tax the citizen to the full extent neceS
sary, promptly and fully to pay the interest of the
public debt-and by thus sustaining her credit to
the end OF the war; at its suspicious close, with in
dependence won and faith untarniShed, she would
be able TO borrow money in Europe, at 81 per cent,
and wipe off with ease her entire war indebted
ness"
We are strongly of opinion too, that all repudi-
ating laws of the Confederacy unconstitutional.
Although the Confederate Constitution contains
clause forbdding Congress to violate the obligation
of contracts, it does contain clause, prohibiting
the several and sovereign States from passing any
such laws, and it may well be assumed that what
State, in her plenary sovereignty cannot constitu-
tionally do, the mere agency of the Confederate
States destitute of even particle of sovereignty,
is wholly incompetent toSccomplish-the power of
the agent must DC subordinate to that of the Sove-
reign principal. We may here add that one of our
citizens has it in contemplation to test this question
OF conStitutiOnalty, on a MGRddmuS before judge
Magrath, requiring the Assistant Treasurer to de-
Ver eight per cent bonds, on tender Of eight per
cent funda6leS.
Be the constitutional question, however, as it
may, 1t is clear to mind that it should be the
pride and glory of young Contederacy, seeking
admission into the family of nations to enter into
the august association with bright escutcheon dnd
untarnished faith
To reduce eight and seven per cents to six per
cents We may add, in conclusion, would prove an
unequal as we'll fathless oppression to those who
have sustained the COnfederacy in its hour of need
and would be downrig ht spolation and robbery
The number of those who have invested their funds
in these securities is few, compared with the great
mass of citizens, and to cut down the interest of
their investments would be a most unequal tax, n
grevous oppression, visited on those who deserve
1t least The statesmen or politicians who shall be
unwise enough to sustain such a dishonest and
diShonorng policy, alike false in morals, and false
in economy, should be hurded from the high places
of the Confederacy and consigned to ignOminious
obScurity. 1t is false in morals because nations are
as much bound as individuals to keep faith with
their debtors and immortality in the Government
tends to demoraize the people 1t is false in
omy, because if the Government breaks faith f.
nancay, must necessarily lose credit in the mark
ct of the world and the disastrous result would be
the loss of millions in the sale of new bonds, in the
dishonest pitiful and abortive effort to save few
thousands in the dlmnution of interest on old ones.