Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-10-20
DIR FINANCES.

themselves to the minds of those who interes
themselves upon the subject, the idea of a repu
diation of the public debt at the conclusion o.
the war has not yet, that we are aware, met witt
an advocate willing to defend publicly such q
doctrine. We cannot conceive anything thai
would derogate more from the character of the
Southern people, as one moved by all the sent
ments of honor and justice, than the adoption OF
such policy. When an individual violates an
express contract without the most strenuous ef-
forts beforehand to fulfil it, he guilty of vol
untary falsehood, and deserves the execration Of
all honest men. But for nation struggling into
existence in defence of the great principles OF
Freedom and Justice, appealing to the God OF
Truth for aid in defence of the right, and calling
upon the most patriotic and seif-sacrificing por-
ton of its citizens to give it confidence and sup
port in implicitly trusting to its plghted faith,
to pursue such course, would be to violate ev-
cry principle of Justice, and to commit in it's
very first act, one that would disgrace its annals
for years to come. Those who have given no
confidence to the Government in investing in its
bonds, but who have deprecated its currency
both by their expressions of opinion and their
example in investing everything they possessed
in real estate, would be those to profit by such
legislation, whilst the friends, the aiders and a.
bettors of the Government in its time of need
and sore distress would be the losers. But il is
sometimes urged, that for the soldiers >
who have made so man ~ Tue nelu,
who have rna- y sacrifices in the war,
~rgone fatigue, and hunger, and
exposure to all kinds Of hardships, for so MANY
years, ana who have nobly sacrificed ease. com
fort, and all the ties of affection binding them to
the family altar, to be subjected to an ouerous
tax at the conclusion Of all their labors woDld
OF all things be the most unjust. Be it so. then
let every private in tie army Of the Confederacy
VINO chooses to avail himself of the privilege. be
wholly exempt from taxation for any specified
time that may be adjudged proper. When we
consider the number of very young men that are
IN the army, the number of substitutes who own
little or no property, and the number of men OF
small means, this exemptionfrom taxation would
not affect the revenue of the country to such an
extent as might at first be imagined. and the
measures though by no means afording an equiv
aient, would be some compensation for the sac
rlhces OF the men in the ranks Of the army. and
an honoroble testimonial of their country,s an
probation of their services. Let this be rather
than reputation, and let not our heroic soldiers
be made the scape goats for justifying disgrace
ful act innring to the benefit of the real enemies
of the Government in our own midst. who.
whilst they lend nothing to its aid, act in sucb
manner as to impair the confidence of others.
1t is again argued that the only proper means
ha al
which we aro surrounded, would be found in
system OF taxation. Assuming as a principle
that any correction of the evils attendant unon
the system of high prices, in the hardships which
large portion Of the people are made to endure
and In the accumulation of an immense debt on
the part OF the government, must be based upon
reduction in the volume of the currency. we
shall be able more fully to appreciate the effects
of any proposed measure.
II the tax IN KIND should be in amount sniff
cient to support the armies of the Confaderacv
and supply all the material of war-which il can,
not dot is true there would be no further me-
cessity for the issue of Treasury notes. and all
fluctuations in the prices of commodities would
be due TO other causes than an increase of the
circulating medium. But would this relieve us
from the banetul effects OF the redundancy of the
currency which already exists?
And If we assume for an instant that in a time
OF war, when large portions of our territory can
suits are materially crippled, the current exnen.
ses of the Government could be met by tax in
kind or in any form, would it not be an absurditv
at the conclusion of the war with our resources
much enlarged, to talk about the incapacity of
the country to pay its war debt. But If the tax
be insufficient to meet the expenses of the Gov
eminent does not necessity arise for a further
increase OF its treasury notes, ten ling still to in
hate prices anG augment the evils now existing
The same view may be taken Of any kind of
taxation. 1t the taZes paid in Treasury notes
should even be entirely sufficient to meet the
current expenses of the Government they would
still be thrown into circulation and the volume
OF the currency remaining the same, prices would
remain undated /; but if insufficient prices wopld
advance in proportion to the necessity for new
issues OF these notes. In neither case will the
question OF the present redundancy of our curren
ey De touched, and to enable the Government to
destroy any of its issues, the tax Would bave to
become extremely burdensome.
1t is not 10 be presumed that we offer any Oh
lection to a neavy system of taxation when taken
in connection with other proper measures. bnt we
only design to illustrate the inefficiency of taya
ton alone in enabling rs to recover lost posi-.
ton.
Ii system OF heavy taxation alone, could re-
iieye the people of the high prices which affect
so injuriously large portion of them it is true
great benefit wonld accrue to the Government
IL putting az Gnu 10 sHt rapid accumulation OF
its debt, but for our people to be burdened not
only with a heavy tax, but also with high prices
would be almost insupportable, and would tend
to create still greater discomfort than at present
exists from the one cause alone. If possible,
some measure should be devised therefore, not
only to prevent the accumulation the Govern
ment debt, but also to relieve the people from
present hardships due to the imitation of prices
10 reduce the goLume of the currency is the great
OBJECT 10 be attained, and this can be done oniy
by laws which will make it plainly to the interest
OF the people to invest their money in Govern
ment bonds. To effect this, the means suggest
ed by Mr.. Toombs POSSIBLE ought to be accom-
plished, OF making both the interest anC princi-
pal OF a new issue of bonds payable as they fail
due In coin, TO be secured by a mortgage upon
specific portion OF the revenue, with provision
that the taxes thus accruing shall be paid in spe-
Gle, or the coupons of the bonds themselves and
be irrepealable until the mortgages are paid
would place the bonds on as good footing per-
haps as any otner means that could be devised
An nducement would thus be offered which
would make it more TO the interest of the people
to accept the proposed Investment than any 9th
er WHICH has heretofore been proffered to them
If superadded to this any measures could be
adopted that would render the Treasury notes in
circulation less available for use, or which would
cause them to lie idle in the hands of the people
if not invested in bonds, without any violation
of contract ON the part of the Government. the
two Influences combined might possibly accom-
plish the desired object. Can this object be at.
tanned by any legislative enactments by which
prices shall be reduced to some maximum stand
ard On this subject we shall simply offer few
suggestions for the consideration OF Others fully
experimenting the almost ultramontane difficult
ties with which the scheme must be attended
nk.o II, 90 do do in b.,