The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1863-12-16

tioa Of the debt impossible. and destroying
its whole value in the hands 81 the holder.
IL, ON the contrary. a funded debt. with in-
terest secured by adequate taxation, can he
substituted for the outstanding currency,
ito entire amount will be made available TO
the holder, and the government will be ~
condition, enabling il. beyond the reach
of any probable contingency, to prosecute
the war TO successful issue. Ii is. there
Tore, demanded, a. we'll by the interest ,oi
the creditor as sf the country at large, that
the evidences Of the public debt now out
standing in tine shape Of Treasury notes be
converted into bonds, bearing adequate IN
terest, with a provision for taxation sum
cient tn ensure punctual payment and hna'
redemption Of the whole debt.
The report &c the Secretary of the Trea-
sury presents the outlines OF a system
which. in corjancron with existing legis-
lation, is intended TO secure the several
objects Of a reduction of the circulation
within fixed, reasonable limits OF prosid-
ing for the future wants Of the government;
OF furnishing security for the punctusl pay
ment Of interest and final extinction OF the
principal OF the public debt; and Of plae-
Ing The whole business OF the country on
Is basis as near q specie standard as IS pos
.slble during the continuance o. the war.
/ earnestly recommend il 10 your consite.
ration, and that no delay be permitted TO
intervene before wear action on this vital
subject. trust tina, it will be suffered TO
engross yonr attention until you shall have
disposed Of il IN the manner best adapted
to attain the important results which your
country anticipates from your Legislation.
., may be added that. IN considering this
subject, the people ought steadily TO keep
in view that the government. in contract
ing debt. IS but their agent; that We debt
is their debt. As the currency j. held ex-
clusiyely BY ourselves, Il Is obvinus that il
each person held Treasury notes in exact
proportion 10 the value Of his whole means.
each would. IN fact, owe himself the amount
If the nstes held by him, and. were u pos
sihle 10 distribute the currency among the
people IN ths exact proportion, tax levied
on TIE currency alone, 10 an amount sufh.
cient to reduce il to proper limits. would
saDrd the best Of all Lremedies. Under
such circumstances, the notes remaining IN
the hands OF each holder. after the payment
Of his tar, would be worth quite a. mach
as The whole sun previously held, Ter II
would purchase at least an equal amoun,
Of commodities. This result cannot be
perfectly attained BY any device Of legis-
iation, bat il can be approximate.. BY iara-
ton. tax on all values has for is effect,
not onlv TO impose doe share VI the bur.
then on the note holder, bnt to fprcr iho-e
who have few or none of ,he notes 10 part
with share u their possessions 70 those
who hold the mites in excess, 10 order 10
obtsin the means oi satisfying the demand,
81 the tax-gatberer. This Is the only nndr
BY which u is practicable 70 make al con
tribute. as equally as possible. IN the bur
then which all are bound TO share. ahd Il
is for his rea.oa that taxation sdrqUaie 10
the public exigencies. cHder our present
teircans;snces, must be the basis 81 any
funding system Or other remedy iSr &C.
storing stability 10 our finances.
INK AMY.
10 the report Of the Secretary II War
you are referred for details relain. u III
.csnd tim Of the army. AMI The measures ..
legislation required for mala'sint. tel.
ficiency. recruiting IL. numbers. .ni fur.
ini.hing the supple. necessary forlt. SOP.
p0rt.
Though wekaye lost many u ihs bet "
four sOliiers snd most patriotic ui CIR citi-
zens. 1.-THE sad bit unavoidable resgl, Of the
battles snl tolls Of such 4 cAmpa,.p q. that
winch will render the year 1865 ever NE.
inorable in our annals the army J, bellies,
ri T. b. 10 al respects 10 better condition
than IL any previous period OF The var.
Dur gallant defenders. nov Yetetans. fam.
lar with danger. hardened by exposure.
con6dent 10 themselves and their officers,
endure prlvsiions with cheerful lorritude
and welcome battle with slacrtty. The sf.
icer, b. experience 10 field service. and
the action OF examining boards 10 relieving
the incompetent, are nov grestlv more Ell.
hcieni than at The commencement Of the
war. The assertion is believed 10 be fully