Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-10-09
FRIDAY MORNING, OCTOBER 9, 1859.
COTTON BONDS AND MAIIHtM

lne OiECUl11 u &lc SCIiCVotJ "a
sury 10 the Treasurer and Assistant Treasu-
: rer, presents the various schemes for tundins
Treasury notes, and the bonds in which they
are 70 be funded. Il is a matter OF impossi-
bility to accurately estimate the influence OF
the currency IN enhancing prices, but that
prices are very materially enhanced by the
n-esent condition of the currency, no man ques-
t;ons. In order to reduce prices, tits proposed
in the Legislature TO compel all persons 70
buv and sci! q, a certain Fixed price. Is 1t
mt inst 90 legitimate and more wise to COM
'pel every citizen Of the Commonwealth TO buy
q certain proportion. Of Mr. Memmingers cot
ton bonds? In other words, it the Legisla-
ture can force by lew the purchase OF provl-
sions at q fixed price, can it not also force the
purchase Of bonds? There is no difference IN
principle, while the latter would be far wiser
,s n scheme of financial relief. The taxes
paid By q citizen bear a certain prop9rt''h to
his property-why not compel all persons pay
ing taxes 10 purchase Q certain amount OF cot
ton bonds? If it is competent to force men
u sell at certain prices, and thus indirectly
relieve the State from the effects Of q redur-
dant currency, is it equally competent to effect
the same object by the direct means Of q
forced loan? In point Of policy, the latter
has many recommendations over the former;
by compelling the purchase OF cotton bonds,
no, only is the currency reduced, but the pur.
chaser is benefited by a good, sound invest
80. -.I,ob ~,-- q ro-..;, crH hiul intprpgf
AMI which may be sold and realise q profit
.honld his necessities demand it, while, By
the maximum scheme, the currency is not re-
lieyed in the least, but many citizens are
robbed of a portion Of their property, n9' for
the common good, but. as all experience teach
es, for the common ell.
Public meetings Of patriotic citizens hare
pledged the people 70 buy these bonds-but
no public meeting that VS. have seen has ever
authorized the robbery Of ell for ;he qucs>
tionable benefit Of the few. These public
meetings have acknowledged the duty of the
people to take care Of and provide Cor the poor,
and who will dare i~nsinuate that this is an
empty and unmeaning pledge that will no: be
fully performed?
Albemarle, Montgomery and other counties
have pledged their people to provide for the
poor. They recognize charity as a duty, but
did not ask the Legislature for any laws
to enforce that which "coyereth a multitude
of sins" These county meetings pledge their
people to invest their surplus funds in Con-
federate bonds; and if the Legislature de-
sires any popular commission to enact a forced
loan it has it in the public pledge. of these.
meetings. Popular sanction has been given
to any and every effort 'to sustain the credit
of the government''-but where is the popu-
lar sanction for this improvident scheme Of
mQrimumF
If the Legislature will have a marimum, we
hope it will be made 80 full and complete that
everything that enters into the support of life
shall have its maximum pr;ee-the food to
eat, the beveridges to drink, the houses to live
in, the fuel to warm, the clothes to wear-all,
everything; and then require every man
to purchase q maximum Of cotton bonds.
We present today a short, but most striking
account Of what Virginia has done in this
war. But however much we may feel proud
Of the glorious record, we shall not make 1t
the subject of unbccoming exultation. We
allude to it to ask Of her people shall this
glorious record be sullied by the base arti-
fees Of c~xtortion and speculation? Will not
a people that has thus gloriously ILLUSTRATED
two centuries in history" see that her record
shall not be furnished by h~eartless, ~soulless
cxtortion The action that puts dow extor-
ton and speculation must be spontaneous,
and carry with it Il sanction more terrible
than violated law-the anger Of an injured
and outraged people. Violated law Furnishes
the offender when apprehended and convict
ed but tho people must 80 condemn the
offence that no man, honest or dishonest, will
dare hazard 80 disgracelul a trade. Public
meetings, large societies and private vigi-
lance should oil be ezerted to unit out and
expose to public obloquy all men engaged in
such nefarious business. IF public sentiment
cannot reach an evil, no law will correct it.
When public sentiment fails law has no sane,
ton. But high prices are not necessarily e1'
t~ortion, nor ore they due exclusively to specu'
lation.. They have their legitimate causes,
which cannot be prevented, nor remedied.-
But public sentiment may restrain unprinci.
pled men from taking advantage of the le
gimate causes Of high prices to run them ur
still higher; and for this purpose we agree
with the "Whig," that tho occasion soon tc
he presented by the speech Of MIR. Russell
should be taken advantage Of to inaugurate
action similar to that already taken by AL
bemarlc and other counties. The " Wing "
says:
"R1cuxoSp CrTY.-Mr. Russell, of the House
of Representatives, has been invited, ny some
Of the members Of the General Assembly, to
deliver o. public address in the city OF Rich:
mond, and has consented to do so Mt an early
day. Mr.. Russell is 9 fine speaker, and will
have a large audience. We hope an effort
will be made to turn the occasion to practical
account by the adoption Of resolutions in the
snirit of the Albemarle platform. In the dis.
position now manifested By the people Of Viz,
a;nia and other States, to reduce prices to q
mat and fair level, inl especially. to bring the
nacessaries of life within the reach of those of
moderate means, it is proper that the capital
of the State and of the Confederacy SHOULD
srb;bit its sympathy and concurrence. II
tbe farmer is willing to limit himself to rea-
sonable prices, SO should be the merchant,
mechnnic. manufacturer, professional man,
bonse-renter, hotel and clearinghouse keeper,
ii Ill others of whatever occupation. or by