Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-01-10
THE PuBtfC DEBT-How SHALL IT BE MAN.
AGED!

40 re hdieor Of tD wing - 60
The evils that the country is suffering from the enor-
issue of paper money have become SO apparent to
the most casual observer that cures without num-
Der have been brought before the public to restore the
| currency to healthy condition .Is-, ~ 1884
The proposal to make contingent promise to pay
legal tender although an offence to common and
common honesty, is urged by many7as the panacea for
all the ills that reckless 6nancjerng has brought upon
us while many ingenious devices have served to en-
tertan and sometimes deceive the minds of men, who
would otherwise TO the conclusion that the only
true way regain our lost credit is BY paying our debts
The last and most specious plan to engage the in
divduAl credit of the States to sustain the failing credit
of those same States in joint partnership the assmp
ton that the partners are already liable for the acts
of their agents This assumption, houghoseeming.
an absurdy issrengthened by the fact
sury notes Of the State of Virginia hemost heavily in.'
stafssI although not. fundabe nan.infs,est-bea5ng
stock arests premium over hotes, Of the. oOnfee.
rate States fqidahle ileghtp cent bonds: Thesame
iytras Otths notes of;msi OF the sates.- Thh being
thecase said let the States guarantee debtf.
the ConfederScyi and thereby make that .debts stand
equal with thez own VIM the guarantee haye that EFF,
fecig whit NOT. rather epdlo weaken the: eredito
tie States without strengthening dat Ofhe CoHedera..
Iey?. Besides the debt has irsady:beel cOntyacted1
Why offer additional security 70 that which Was accepted
when the notes were taken from the General Govern.
ment? But five are, determined, to pursue the mad
policy Of Issuing paper until like the Illinois
cord Of money 1Vr cord ot.Teodis considered an.
"IeTen trade."Mlch may be done by calling ID Ge
States to supply money foSthe future e&.
peRses of the Government WHEN; If they think we
are not yet deep. enough il the slough Of
paper money, they can issue their own treasury notes,
which viii have at dSantageOf borrowing tho
money at lower rate of interest than the Conedcracy
Is paying But many fhem have better fnancers to-
manage their money matters than the confedGFacy has
been blessed with and they would collect the necessary
funds from their people, and to sOme extent save ms
from the curse Of paper neqey. The debt of the co,n.
Try at this'tiHg Is yeFyfeaY! hut it is due only To
ourselves and might all be paid once without iuipoy.
eshihg any one. Not only sobut with positive advau
tagc to everyone to the property owner substantial and
Immediate to the poor man more Important, because
OrenScessary, and to the soldier an advantage worth
ntore.than doubling his pay. -
Let us what tax would be necessary to cancel tho
debt az one sweep When the first war tax was lmpos.
the property in the Confedeacy was valued at three
Thousand. and odd Millions Since then, real estate,
slGYes andeGvlies Of I'll kinds have advanced oyer
hundred per eeitIn value; asorts of merchandise,
including machinery in operation fully thousand
per cent So that valuation the present time, on
the basis of Confederate CURRENCY would show property
worth at least eight thousand millions From this must
be deducted property in the enemys lines and slaves
end other property destroyed say thousand millions
leaving thousand miliilns Of taxable property,
which, at the rate Of five per cent, would pro-
| duce three hundred and fifty millions, a sum
sufficient 90 withdraw from circulation every doar
of Confederate currency nov in the. country. How
would this affect the property owner? The who s
worth hundred thousand dollars if he has fears
of the Confederate and would put his money in
bank notes must pay premium of twenty per cent
make the exchange leaving him eighty thousand dollars
whereas he paid five thousand dollars in taIson,
the Confederate notes being thereby Withdrawn, the
bank notes of necessity take their place, and his
ninety five thousand is not only in bank notes but
| in the notes Of banks not themselves involved
with the notes Of the Confederscy and consequently able
redeem their circulation with specie while the moneyed
is fifteen thousand dollars richer. The benefits to
m, moor man and soldier however would be more i'm
portant, for the nonry plethora being removed all the
rocu.tor. aud extortioneFs In tho C9nfederacy could
not keep the price of any lG 9s our oTn production up
TO high figure Indeed it might then w "SS0'e'eu
it viii never be while blinded By the passion
of be hour that what is called speculation and ertor
ton but the natural Oprngs of inflated currency
| and artificial dearth.
In opposition TO tax suicentfor the emergency
By asserting that heavy tax viii make the warunpopu
lar. Unpopular People who have seen their homes
burned their heads their wives aud little out
lawed, their property eonfscaed their taken of
under the alefnbracng conscrpt law and ths without
even nomont Of regret that the rendered the
sacrifice needfu those people told that the govern
is afraid ask them for the necessary ptance
pay for feeding soldiers lest they might decry the
as unpopular A more PLAUSIBLE objection is urged
whenit said that those who have thus suffered have
been taxed enough Be So but do not let those who
nothing evade their share of the public debt and thus
leave still dome from those who have lost and those
who have gained in most unjust equality In TRUTH how
ever the questions of taxation and remuneration for
losses altogether different and should not interfere
with each other But in Whatever Is arrived
at let have the debt cleared of by sweeping tar
that will out of the peoples pockets and not tax
that States may pay by going further IN debt. S.
SENATOR.
TO the Editor of the Wig:
"A Democrat and an Eastern man, I ask q single line