The daily clarion. [volume] (Meridian, Miss.) 1863-1866, 1864-10-28

49, :, -. -. M. OI.
citizens, then, Of every class, must com
bine, and take government securities, and
nothing elss. 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 pur-
chase and hold $1,000, ,000,6O of bonds.
The question, then, is between the pub
lie debt being taken by our entire popu-
lation Of all classes, or by foreigners, in
the manner and on the terms already in
dicated. Judging from present indiea-
tions, thefew will be no difficulty in finding
| purchasers for our bonds among those
who are sending them abroad. Shall they
be allowed to go broad? There can be
no escape from the ultimate payment of
the debts ifheld by foreigners, we could
not evade it if we would ;Fif he'd by ou.
own people, we would not il we could
and under no circumstances, trust.
would q suggestion, SO dishonorable, be
| gravcly entcrfain cd .sss= j .....e
In the consideration Of this quest u =
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
property, he is the debtor for his share OF
the national debt and the question for
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 taken and held by
foreigners.
TT be true that the public debt must
infallibly be paid that every mans prop.
erty is bound for its proportionate share,
and that all must pay taxes according to
their wealth, to defray the annual inter-
eat thenit follows that all are equally in
terested In limiting the expenditures to
the smallest possible sum and in pur-
chasing and holding tho bonds that thus
constitute charge upon their estate.
The expenditures depends in great
degrce, upon the prices you shall Ak to
you alone have Congress contidsd the
power Of exercising anycontrol over this
question. And, through you, may those
engaged in Furnishing supplies 20 the
and for the payment Of
whom the public debt Is created, most
easily and naturally learn how pauoh
better they are served when your modsr.
alton, in restraining the public oxpsrdi-
lures, confines within more prudent linn
its the mortgage upon your estates; and
with how much greater safety they may
themselves become the purchasers of
these mortgages, than permit them 10
pass into the hands of foreigners.
The whole question complicated as il
may at first appear. is perfectly simple.
and lies in nut shell. Congress has Or
lered the following expenditures TO be
made, viz:
For pay OF the army, $75,000,000
For clothing, shoes, material,
transportation, &c. 25,000, 600
fssnssisi0as ~, tiiV army, 1UU,U00,UU0
$a00,000,0O0
They have directed these expenditures
o be paid for il Treasury notes, and in
certificates Of indebtedness, bearing six
percent. interest and free from taxation;
nd for the security and ultimate re-
lemption Of the Treasury notes, they
AVE provided non-taxable six per cent.
'onds, which they direct me to sell for
treasury notes.
You have now before you the whole
chem or tho currency, aud OF the gov
rnment finances. That these supplies
hould cost no more than the sum provi.
led, depends, of course, upon the price;
nd tns prices are to bsregnlated by you.
/ have endeayored to show that the
est interest Of every citizen consists in
he establishment OF moderate prices
ut no argument seems to me as sorcible
. q clear statement Of the simple facts Of
he case. This have now endeavored TO
iake.
II We suppose the purchase to havO
een made, and the community 80 be in
Of sS00,000,000 of Treasury
otes, the next question is, will they pass
hem about from hand to hand, in ex-
hange for property, at cxtravagant prices,
ntil they gradually fall into the handA
{ foreigners, and are exchanged by them
,r Confederate bondsY or will every citi-
IN take the Government bonds himseltt
have endeavorsd to prove that our own
lterest ecrsists in following the latter
purse.
Hoping that you may concur in those
Jews, and that your deliberations may
,sult in promoting .he welfare of our suf.
ring country,
l remain your most obedient servant,
G.. A. TRENHOLM,
Secretary Of Treasury.