Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1864-10-21

eY, to the exclusion OF Governments Securi
ties.
It should be borne in mind that we have
now no commercial class in this country
that the banks have but limited capital
Of about 100000, 900, and beyond this
sum have no power to purchase Govern
,nent bonds The great mass of our citti-
zens then, of every class must combine,
and take Government securities, and moth.
ing else in exchange for treasury notes, or
the public debt must infallibly 60 abroad.
There is no single class Of our own citizens
who have the power to purchase and hold
81, 500, 900 of bonds The question then
is between public debt being taken by our
entire population of all classes or by for
eigners, in the manner and on the terms
already indicated. Judging from present
Indications, there will be no difficulty in
finding purchasers for our bonds among
those who are sending them abroad. There
can be no escape from the ultimate pay
ment Of the debt; if held by foreigners, we
could not eyade it if we would, if held by
our own people, we would not, if we could
and under no circumstances, trust, would
suggestion SO dishonorable be gravely
entertained.
In the consideration Of this question,
therefore, such an apprehension as this
sbold be allowed no weight whatever.
Every man must take home to himself, the
conviction that in proportion to his proper
ty, he is the debtor for his share Of the ma
tional debt and the question for him to de-
termine is wether he will hold that share
Of the debt himself, or with clear percep-
ton Of the consequences, he will permit it
to be taken and held by foreigners.
is it is true that the public debt must in
fallibly be paid !; that every mans property
is bound for its proportionate share, that
all must pay taxes according to their wealth
to defray the annual interest, then it fol-
lows that all are equally interested in lin
ting the expenditures to the smallest pos
sibe sum and in purchasing and holding
the bonds that thus continue charge up
on their estates.
The expenditures depend in great de-
gree upon the prices you shall fix; to you
alone have Congress confided the power of
exercising any control over this question.
And through you, may those engaged in
furnishing supplies to the Government,
and for the payment of whom the public
debt is created, most easily and naturally
learn, how much better they are served,
when your moderation in restraining the
public expenditures, confines within more
prudent limits the mortgage upon their es-
tates and with how much greater safety
they may themselves became the purchas-
ers Of these mortgages, than permit them
to pass into the hands Of foreigners.
The whole question, complicated as it
may at first appear, is perfectly simple and
lies in nut shell. Congress has ordered
the following expenditures to be made de,
VIZ:
For pay of the army $4,000, 900
For clothing, shoes, material,
transportation, &c 125. 900, 900
For provisions for the army 100. 600, 600
$500, 900, 600
They have directed these expenditures
to be paid for in Treasury notes, and in
certificates of indebtedness, bearing six per
cent. interest and free from taxation and
for the security and ultimate redemption Of
the Treasury notes they have provided nom
taxable six per cent. bonds, which they d.
rect me to sell for Treasury notes.
You have now before you the whole
scheme Of the currency and Of the Govern
ncnt finances That these supplies should
cost no more than the sum provided, de.
ponds of course upon the prices and the
prices are to be regulated by you.
have endeavored to show that the bes,
interest Of every Citizen consists in the es.
Enlistment Of moderate prices but no ar.
gument seems to me as forcible as a clear
statement Of the simple facts Of the case
This have now endeayored to make:
If we suppose the purchase to have been
made, and the community to be in possess
ion Of the $500, 900, 900 Of Treasury notes,
the next question is. will they pass them
about from hand to hand, in exchange fo1
property at extravagart prices, until they
gradually fall into the hands of foreigners,
and are exchanged by them for Govern
ment bonds, or will every citizen take the
Government bonds himself? I have en-.
deavored TO prove that our true interes
consists in following the latter course
Hoping that you may concur in these
views, and that your deliberations may re-
suit In promoting the welfare Of our suffer
ing country.
remain your most ob't serv't,
e. A. TRENHOLM,
Secretary of the Treasury.
g: To the foregoing letter Of the Secretary
of the Treasury we can add nothing to the
call upon the interest aud patriotism of The
people to come to the support of the Gov
eminent in measure Of reform which WI
are attempting to inaugurate, and the sue
cess of which is SO essential, if not indis
pensable, to the life of the Confederacy.
JOHN j. Moray.
WILEY W. Mason, Committe
u. B. WILKINSON,
Montgomery, Sept. II, 1864.
The Alexandra.
English papers recently received in thi
country, state that the iron clad Alex