Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1864-10-27

Shall they be allowed to go abroad There
a n be no escape from the ultimate pay
ment OF the debt; if held by foreigners,
we would not evade it if We would it
held by our own people, We would not if
We could and under no circumstances I
trust, would suggestion, so dishonorable
be gravely entertained.
In the consideration Of this question,
therefore, such an apprehension as this
should be allowed no weight whatever
Every man must take home to himself the
conviction that in proportion to his prop
erty, he is the debtor for his share of the
national debt and the auestion tor him
to determine is, whether he will hold that
share OF the debt himself Or with clear
perception of the consequences, he will
permit it to be takeh and held by foreign
| ers.
If it be true that the public debt must
linfallibly be paid, that every mans prop
perty is bound for it's proportionate share,
and that all must pay in taxes according
to their wealth, to defray the annual in
terests, then follows that all are equally
interested in limiting the expenditures t.
the smallest possible sum and in pur-
chasing and holding the bonds that thus
constitute charge upon their States.
The expenditures depend in great de-
gree upon the price you shall fix; to you
alone have Congress confided the power
of exercising any control over the ques-
gagged in furnishing supplies to the Gov
ernment, and for the payment of whom
the public debt increased, most easily and
naturally learn, how much better they are
served, when your moderation, in restrain
ing the public expenditures, confines with
in more prudent limits the mortgage upon
your estates and with how much great
er safety they themselves become the pur-
chaser 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 nutshell. Congress has or
dered the following expenditures to be
made, viz: ~" = aaa l.'s
For pay OF the army, el $75.ooo.ooo
For clothing, shoes, material,
transportation, &C., 125.ooo. 900
For provisions for the army .1oo.ooo.ooo
$500. 900 900
They have directed these expenditures
to be paid for in treasury notes and in cer-
tificates OF Indebtedness bearing six per
cent. interest and free from taxation and
for the security aud ultimate redemption
of the treasury notes, they have provided
non taxable six per cent. bonds, which
they direct me to sell for treasury notes.
You have now before you the whole
scheme of the currency, and of the
government finances. That these supplies
should cost no more than the sum
provided depends of course. upon the
prices; and the prices are to be, regulated
by you. I have endeavored to show that
the best interest OF every citizen consist i'll
the establishment of moderate, prices but
no argument seems to me as forcible as a
clear statement of the simple facts of tho
case. This / have now endeavored to
make. ee71 -at #ta ~3tt77~
Ii we suppose the purchase to have
been made, and the community to be in
possession Of the $500. 900 Of treasury
notes, the next question is, will hey pass
them about from hand to hand, in ex-
change for property at e1travagant prices,
until they gradually tall into the hands of
Foreigners, and are exchanged r by them
for Confederate bon dsse Or will every citi-
zen take the government bonds himself2
I have endeavored to. prove that our true
interest consists in following the latter
course. - h+est as x'I7s aNsS Y
Hoping that you may concer m these
views, and that your deliberations may