Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1863-10-14
From tie Charleston Courier =
Our Financial sitnatiel. :
LETTER OF William eREuf. :
GnASrrEvrLls. S. G., Sept. lsf5.
Hon. G. G. Memmingcr, Stsrstatao - Feas-

- URANtTEVIllk.-C.yC, o. 'Pl' -
Hon. C. G. Memminger, S>srstataet aFeds-
urp:
Ny Dp.R S1s:-Yaur f,.ror of the 81 il,-
st-.nt is t. 'nre me, reqnesting my yieHs ~ 10
a remedy Tor the financial ey,5asrassihe:'t @ OF
our G,.varnment. dt not think our case
hopeless one; but it will require .b'ht 'nnn
and bold measures t'rrcme7y ew'sthtt n,,qnt
have heen avoided by prompt action rt O"n,
prcss last fail, wLict, "a silrrhbaeilily. would
baye savol our country q yearot destructive
var, aid tic addition Of hanaretsof m'l',or's
to our national aeb:-
we have never, artilrcccat,y,f fhccn "lthont
strong PROSPECTS ofan early reace.l he ~ b'l'
country has acted OH silort-War views our
or. asest politicians, wi.est COMMERCIAL
and c. .p:tali.ts ot al cla,so., Indeed may s'y
.ycry household concern, have st'ef upoa
tilos,, v;.wa. Who is thsre thatis Hot n;%
embarrassed .ty the wauto! hundreds OF .In,tli
articles which might have been procur.d st
cbean rates. if the Parties had been able to
look fcw niintbs only into the future.
Many who now cla,nor and tote the lead IN
denouncinr What they deem the thort-siEbted
polcy OF TIC. Administration, were lorenoSfil II,
predicting that there would be no war, ana
ever no 10 the battle Uf Manassas thought The
Yankees would loi fight us, ard were reluc,
! fan: after that conflict to D Aeve that 1T WOULD
be more than o temporary struggle. :,
/ am fnllv perslsled that seventy-tlf mill
ions oe dollars would be ample for circulSt.
iup medium for the Confederate States, ami
that Government nught tnrednce the present
inflated currency 70 within one hundred mill
ions, as speedily. as possible. IT. would have
been better to stil or 8 per Cent. bohdS. q.
long az thsy could be disposed Of at rearona-
b.e rates. than to :tdop. aui pursue Tic pres
cut policy Of cor s.antly :t:lding to an intls
tion that has bec,.,:,e truly alarming. Wher
that measure shnnld .sil, the next: AID only
reliable means was afi,rced loan. This is nnsw
our only means OF absorbing the Currency .nd
preventing its further increase in providing
for The future wul.ts OF lie Government
Tie linanc,al achemu that would recon-
menu is tlli.: Frat continued money Tax
SHOULD DC !cyietl to pay the interest Of Our
debt; and second, rhe levy OF a tax or iorcrd
loan OF 25 per cert, or rs muchImoTe IS may
be needed, upon.tho property otthe country,
the tax PAYERS toreceive either Tor per cent
bond. for such forced loan. l,Fouldd sngg.st
that tho bonds hear not less rate ol interest
than per Cent this being less than The av'r
a,e rate OF interest in tho different States. This
Tx Should be distributed equally upon tho
wealth. orcyery individual in 1he Coni.deracy,
to he collected in sums sufficient first 10 ab-
sorh the present currency, aud next to pro-
vide fnr the future wants of Government: up
tn Gftecn hundrcd millions.
believe there are few men ofproperty who
could not raise the money to pay tux tex
having bonds TO hypothecale. But it would
not be necessary to require cash from lnil
yidua!s. A tax nu,c avuld be lak'n. This
tax nutc, having prior len over all other
. debts, and in addition having bond col!a;ensl Is
attached, would command money anywhere
and he at Il premium until our currency nc
came cqral TO geld and si' ,r. They sonld!
bs negoti; ''-re and every o.her country
Such all asst M; 49,. VI our national debt bl
the wealth of our country would silence Ahs
now rrder- current hints ut final rcprdiatin'
and raiae our bonds to tie highest Standard
in all Ep~.p>an markets. -.
Ii this tex OF. forced lcanbe levied equally
IN all the wealth of our country, its. necessity
: instice and proprietf will c;5,n+;nud it TO- e$e
rybody, for ail wouli see that it il better tf
give up cveu haifpf our estae tnan to becuEe
a conquered people and lose ell.
Tic capital thus fer invested in bonds r
the Confederate Sistes las bcen t'rawr pr'n
cipally from banks, from merchants who have
brcn driven out Of business, and from trus'
estates and charitable instltntions Such
sources have beer exhausted, aad it will ba
impossible to make further progress in bond
ing, by appeals to the Patriotism Of the people
We are peculiar people. unlike any o
the civilized nations that have engaged in ex-
tensye wars in raoern times. We have nc
great money capitalists. Our capital consists
mainly Ill lands and negroes. aI,il the hsbit1
ol our wealthy people for generations have
kept them i'll one channel That Of producine
cotton, tobacco and rice, the surplus products
to To invested in land and negroes. a'uch 0!
our spare mercantile capital, WHICH has moi
been transferred To other countries, has nsue
into the same channel. isTlirst after land
and p.2ro inycstnlents has absorbsd our sl;l-
lions OF income and kept US generally in debt
lis much as years income. We have no
millionaire bankers, merchants, msnuiactGr-
crs aud ulhcr muneyed capitalists that live in
splendur on incomes derived from Money al
intefeIt.
Onr planters possess the wealth and intel
lge - oi the country and rnlc it. destinv. In
daDtud as they. were at the commencement, oI
tue war, they were not iz q situation TO invest
in bonds. 1t is not reasonable 10 expect them
to volunteer to invest in bonds at The expense
of incurring lew debts Or tue necessity OF
selling properly. Many, very mdnY planters
who subscribed to tie Cotton Loan sold tho
bonds Immediately and invested the proceeds
in the payment Of debts or IN lands aad ne
grocs, aud are unwilling now TO seil--evcn to
aid The GovernmeDt-any of their ag:icul,u
raj products for less than The highest market
value frt currency. Many are not willing 10
sell for currency at any price. This is all
very natural. but it is rulnous To the Gov
ernncnt, and starvation 70 towns and villages
arl al that Glass Of pc,pc who live on fixed
incomes.
From 1912 TO 1877 thu price of cation
RAM d here at-4 aid cents per pound, corn
at So to 10 cents bushel tlour at S. l,.r-
rel, bacen at to,44 cents pound. Tlerc
beinr no foreign demand f.r cotton, it would