Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-02-04
PRY
gY REOUEsT. |

laltn Dy ny WORKS
BY REoUEsr.l
From the Raleigh Confederate.
Mr.. Bounts Letter Mr.. M-mming.r.
JANUARY, 1864
SIR Il address you because your position as Secre-
tary of the Treasury should make you wish to know all
mems thoughts about finances and because it should
give you infuaRce with the National Legislature upon
this subject at least
We have accumulated great debt. 1t continues to
grow. Congress fnds therein grave matter for DELHI
GRAFTON and action Every citizen is formally and deep.
Iy interested in all legislation touching This matter.
The currency question " is the question Allow q
few plain fundamental truths Credit strength Debt
is burden. A weak man carry little, strong
man much When the strength and the burdaD are
rroportonae, there is no reason for anxiety. Dimin
ish the strength increase the load, and GU make
cause of apprehension. There only two ways of
lief. L. You must diminish the load 2. You must
increase the strength.
Perhaps the load must be carried.
Here is where Coz gress is supposed to have made
great mistake. They sc. themselves to destroy the
burden in other words, to annihate the debt. Why
should The debt be annihilated? 1t may be we'll to
have 1t. Dos England's huge National debt crush
her? She has credit. What 1ce need is not no debt
but proportloaote credit We are honest so long as
our prob bic shall be equal to the debt
tract Does any one believe that we have gone beyond
this point Ii compelled to pay noV, are not our
whole assets equal to cur whole liabilities
For whom is this debt contracted? Partly for our
selves, mainly for posterty. In due time let pay
part, let posterity pay its part in due time But
now, prodigious struggle for life, why torment
selves about the debts of another party That party
posterity does not demand this of us. l. Posterity
will derive intellectually more from the struggle than
2 Posterity will be rich and better able to pay
| its own debt.
We are not to pay the debt. We not to repu-
diae the debt. We must sec,sre tie creditors 1t were
unWise to pay the debt, had ample means. 1t
ceimnal to repudlate the debt had the unprinci-
pied audacity. 1t is wise and right to secure it,
How shall we make it secure7 By increasing our
credit. There is no other way. Let US say TO the
world that shall not pay this debt Let Us see that
creditors do not lose II We have courage to say
the former and to achieve the latter all will be
we'll Ii we have neither, then all cur conceits and
plans and projects phosophiealy unsound and
morally rotten. Sampson was strong and Solomon
was wise and Absalom was beautiful but tell yea,
Mr. MemmiDger, not of those distinguished parties
was able to pay his debts without money Neither
can we. Reputation in any shape is not payment
Robbery is not payment. Any legislation which pro-
vides for the non-fuIflment of anything which is
promised upon the Treasury notes is reputation Any
tax upon currency what is it shall lay aside
poteness and tell tie bare truth and call trO6be1 y!
Fall on your knees, dear sir, if need be, and mpore
Congress to pass bill which shall provide for the un-
ding of all Treasury notes according to the term OF
theft face. There is before me $40 bill, G4ted Sept
3D. 1861 bearing thg statement "Fundd6ie Confed-
crate States Stock bearing 8 per cent" A law pre-
vents you from funding it for That law was
Reputation. Its passage sent thrill of dstrut through
thousands of patriotic hearts From tbot moment our
credit deserved to tumble and began to tumble. [!
Congress chose to repudiae that it might also repudi.
the whole note by modifying the phrase sl< months
after the ratification of peace" into six months after
the destruction of the world &c. But you say it was
runous to go on at that rate of interest 1t not
prudent perhaps to promise it, but when God paints
tie portrait OF an honest man. He inserts this ineamen
"He that sweareth to his own hurt chaDgeth not" The
passage of the act limiting the funding is what God
calls "iniqUty." Ialleyrand would say cit is more
than q crime; it is blunder" God Furnishing for
| it.
Then indeed, Congress to egslate for the funding Of
ali the Treasury issues not now fundabe reasoCa-
BILE rates of interest. Eight per cent. perhaps is
sonabe, but when pledged it must be met. Four pei
| cent. might be reasonable.
" But the people would not fund tie money" Lei
US see Arrange that all the taxes be paid in specie,
coupons any of our coupons or certain classes of pro
visions at certain fixed prices. Release derat.
bonds from all taxatidn FAX dividends all Other
stocks banks factories, railways, steamboats,, DC, &c
Tax products. Tax profits. Would not the money
then be funded with exhieratiug rapidly? Ii it be
not the interest of the people to buy bonds they will
mot buy Make it their interest. That is the only gov
ernmental foancering that is decent aud honest
While we perpetuay legislae to depreciate our OWL
/ credit, shall punish any one Tor not being foe
| enough to trust usI
I. Mark the problem to BE solved is hoW to build up
our credit, 1t what has just been suggested
red out every would fad it his interest to become
creditor of the government and therefore and there
l after to maintain the government And, the broader
! the base the higher may be your structure. Would i
pos manifesty be vastly better for IT, government tt
owe million of men $1,000 each, than to owe $1,000
men million of dollars each The debt is of the sam
height in both cases. but OF really different breadth il
the base
Let Congress repeal every law which discriminate
! against our currency. If you ask me whether
am willing TO take Confederate money for certain indi
vidual bonds in my possession, and, for any reason,
f say no. and you reply that you must pay tel
times as much tax if you would, do you not sa
that ten Confederate dollars is equal to dollar ??
Whoever mty choose to declare Confederate currepc
at ninety per cent discount, it is absolutely indecen
2 and dishonest IN Congress to say that thing.
Some Jealous legislators may propose to tax the
rency making each pay say 10 or 20 per cent.
all the Treasury notes he may have ip band any PAL
ticular date. That were outrage. What becaus
+ love my country and wish to uphold her government
sell my property freely, and freely take her currency
am to be treated thus II taxes be necessary, Gel
tainy there must be honest way to obtain rev
nue. If you declare there is no honest way her taxs
are unnecessary. If necessary, certainly suficer
revenue be collected without committing the GRIN
% of Reputation tor which God Ia cursiDg u.s. Il
crime of robbery for which if committed God AM ma
?. will unite in cursing Us.
q No, Mr.. Memninger what is morally wrong, ca
never be politically right. No acts of Congress ca
suBvert Gods everlasting distinctions between rgt
and wrong. For little while let your debt take Cal