The Abingdon Virginian. [volume] (Abingdon [Va.]) 1849-1883, 1863-11-06


sed at advertising rates, also tributes of respec
and $500 for announcing candidates.
FROM the Augusta Chronicle and Sentinel.
Letter from Hon. II. Clayton
our Financial Condition.
The following able letter from Hon. P
Clayton upon the financial condition of on
country, was written to gentleman in thi
city, who kindly furnished it to US for publ
.eatlon: E,
GRrrsssono', Ga, Sept. 90, 1868. I
Dear Sir:-Haying a leisure minute, anf
considering the meeting of eur Legislature ar
appropriate occasion, have taken up my per
ITO redeem the promise made you to give my
views upon the condition Of the Confederate
finances, and what | conceive the proper
remedy f,r the evil which nsw stares every
,.one in the face. This shall do without any
effort to indulge in an appeal to the patriot
ism of the country, or to excite them to their
duty. trust every one sees and feels the
necessity of doing something to relieve the
4conatry from its present embarrassment, as
wellas to avoid the still greater distress which
awaitsnsin the future. In applying a RENE
dy for the evils which now atAict the country
Z IL
will be well to understand the nature of the
disease.
Perhaps there is no division of opinion up-
on the fact that want Of confidence in the
ability of the Confederate Government is the
true cause for the ruinous depression Of our
currency, ard the future necessities of the go
yernment'in increases the distrust in an unpre-
cedented ratio. Our people have failed to
sustain cur credit. by persistent refusal to
invest in Confederate securities, as is mani
tested intthe accommodating increase of cur
rency and the continual and steady apprecia-
ton of all kinds Of property. What can be
done and what ought to he done are ques-
tions which burthcn the statesman and weigh
heavily upon the patriot. 1t is useless to at
tempt an appeal to the individual patriotism
of the country. or point out the absolute ne
cessity involved in the question. Both have
partially failed. and we are drifting to some
unknown catastrophe pregnant with every
thing but safety.
return ITO the payment of the interest
upon the pH5lic debt in gold, blockaded as
we are In every port is impracticabe, aud
the control Of the cotton is now beyond osr
reach and power. We must then look to the
credit of the Individual States to sustain the
cupies proud position, not only in the mag
nitude Of her wealth and importance, but es-
peclally in the almost unl,ounded credit she
enjoys. It will therefore be we'll aud wise
for her to lead, and thereby invite CO opera
tion from her sister States Our Legislature,
at its next meeting, Should authorize the issue
of fifty millions of seven per cent bonds,
payable in sums of ten millions in twenty.
pfvfi !,
and direct the Governor to place them in the
market. The proceeds arising from their
sale should be invested in six per cent, Con-
federate boads to an amount sufficient to pay
the interest on the fifty millions, and the
balance loaned to the Confederate Govern
ment for an indefinite period without interest.
The plan withdraws from circulation Il very
large amount of Confederate currency, and |
own superior credit At a reasonable calcu
seven per cent bonds would realize one hum
dred millions in Confederate currency, nearly |
sixty millions of which would be required to
raise sufficient interest to meet the interest
upon the fifty millions of State bonds, and |
the other forty millions could be loaned to the I
Confederate Government without interest
-Ass0oy IouucrlHS All eSscuuai duFdti1dSSe W
the Confederate credit, without impairing I
confidence in the States ability or imposing
any additional burthen upon the people.
Two questions present themselves at the
threshold of the proposition. First-The adj
ditlonal burthens upon the people of Georgia
IN the event the Confederate Government is.
unable to meet their liability. Secondly-the
means of the Confederate Government to re-
spond to their obligation. Ia regard to the
first. have seen it stated that the estimated
value of taxable property in the State Of
Georgia is about nine hundred and fifty mil.
lions. But supposing this to be inflated by.
the deprecated condition Of the Confederate
currency. 1 propose to put it at seven hun
dred millions. This sum would REQUIRE an
tax Of fifty cents insthe hundred
dollars to meet the iaterest on the fiftv mil.
lions. When we take into consideration the
magnitude of the issue involved in our snc.
cess--life, liberty, property. and the pursuit
of happiness under our own Government. ibe-
rated from a people without principle and f
aid of the common feelings of humanity,
4 .silnct from nation, whose past history is