, 1864-11-10

tIIoh Lae Richmond Sentinel, NOT. IL
st,a,n We Iea .fed on yesterday to the grs.t
prices thereby piodaced. we ia iaslsssd s az also
upon the consequent nee sssits of fncludtog
MstsureB for the appre:t .tiun OF the public
credit In all our schemes Of haancs and rev.
enue.
The clement most affecting the credit aud
thereby the ysloe Of our governmtat Issues.
ts not the excees Of circulation, bus tbs dis.
trust OF ultimate payment. rnis dtstrust
groRs In part out OF the probahl. gnis1 te
! indispoeition Of the psople to submit to tue
requisite taxes. speculaEtng upon thsse two
tmsgtned contingenctes-the ina otltty or un-
wtAiDgness Of tne psopls to pay tue war
debt-some men pscmit themselves 10 assan
the public credit bg propnasy1ug repudia.
| tson. Persons In whcse hearts the places
ous to patriotism Is occupied b, sosaid
| lore Of the dollar, and others from whom re
| mfgut have reasonably expected better
things, unite thus 70 undermine confidence,
and to bring to pass the very condition OF
things which th:y predict, but y hieh needs
II The debt Of the confedcracy we're to be
repndisted it would be- a repna taton without
| excnee. Being debt due oy the people to
The people, In one seose 1t Il paid already.
jnstment Of balances among tn. ct:iz Ems.
| honorably with rs little Of pabl,e dlsteess ss
would Iesnlt tro a Reputation Of It t1at
would make rs hissing and reproach
among the nations. Nay, with less distress,
worthy c1:1z-ne, who have sto ID b. the Cor.
ernnent In Its need, While it so Id btnei1 3
class, pkrhaps Lo more uuuerDu5, and c.r-
tsln]y less dessrricg, who did nothing aud
tiEkGd nothing for tue cause.
TIE unlimited power Of taxation bT the
M Lt.f u t1 lxr Aut
lwpus ts to provide for the public dsot. Let
it Itt be said that the people Will not b. abba
to hear the tar. Owning this deot asnoa9
ourst1ves nc will be able Tue gorarnmsnt
will make uB sbie; for every do1la: coiiected
ten ths people On behalf # The public
year for interest au5s, and In redemption Of
the public paper. 30 tar rs the community
Is coLcernsd ks an aggregate. it is as II N az
were to pay cut dol2r with one hau1 and
receive il back with tbs other. He could nut
pretend that auy impossi2!e or rainous thing
was required Of him. II the puolic debt
we're held In equal propottiOLa by all tna
| people, then repudlat1on would not b3 ug.
| just The Th1ie d-bs might ba wiped ods
| 6no 70 citizen would lose ythaoz fur tbs
taxation from *hich b: wou11 be discharged
Wculd exactly equal the credit OF which ,
| would be deprived. But is ths public debt
| is not thus distributed, 1T is pecessury to
| make collection and payment Ia order to do
jnfhce among The citizens. This justice N y
be stcurtd, and the community. 81 an agsfe.
gate, NiQ be full as wealthy as il the debt had
been repudiated, and will ;pe infiattely more
respected. II We Tefuse or neglect to pay
Cur Liabilities, We wall have taken upon 0ur.
stlves gratuitous ha we'll as an unaying In
fanny.
Corerssa ought to adopt measures which
will show the people and the world thai
Government Is 10 ERNEST as to the payment
Of the public debt The very Idea Of repu IL.
alton ought to be met aud yeonsted at all
polpts. an that 10 neeted is little b'lddess
OF ]esislation.
One Of the chief reaeons for fearing re pu-
3iation party, will arise out OF tn7 u-ase OF
ipiuutice Of paying IN gold aud silver a debt
4-oertzzcIe1 in uepEectated cusrsncg. To.
plea Will be set up that these Was not value
Received. TLfs argument could not, in
morsls, 60 further than 10 demand scaling
Of tne aept, with reference to the depfecia
tiop at the time each particular liability wAs
contracted. But there ia 4 Tar better way oI
st. once securing justics To indtvitu+(s, pro
tettipg the pubic interest," and fortlfY1ng ht
public honor against cavil. It is q plan that
We have heretofore recommended In these
| columns, and Fh5ch was in substance first
presented By distinguished fuanc!er OF tn.
Soutb. Let the Government at once levy {
war debt tsx upon all the properly Of ths
or Eear'y.eo. u the tax be assessed st wentf
five per cent Il the peace yatuxt!oo, 1t vii
pro uca more than thousatd millions O
collars Do not require Imme diate pal ment
but leave 1t optional with tae property holdel
to take creolt, it hs wishes, the tax mean
willis sttachinG as lien upon the property
and following It through all Ills IN efships
Let the interest on the tax be annually re
quired, and q certain per cen.age OF the pria
cipal, -Four per cert&on the property woult
pay the Interest and liquidate the principa
In eight years. -.
Tie advantage OF this plan is that It wonl
enable the people to pay OFT the debt In th
deprecated currency. Every one who CT os
.cnnld hberate bis property frou ta1a.ton 70
Eharc In the present circulation. Those VII
might not have the money would ind
greatly 10 their advantage to sell portion c
their property at tie present advanced rate
in order to clear the rest Such as Nigh
neglect to avail themselves OF tho preseu
privilege, would be entitled to no pity !
! Iutpfe tinea,