Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-10-12

whsa lsaSsd skgsuEh all their various sa@iaoatsas.
this s at last the uniform result OF every In which
supplies sold 60 the government, and property OF
any description IL bought With the money, TO the ex-
cuson Of government securities.
i should be borne In mind that We have now 10
commerca class in this country that the banks have
limited capital of about $50 100000, and beyond this
sum have no power TO purchase government bonds
Toe great of our cit Zens, then, OF every class,
must combine, and take government securities, ana
nothing else in exchs &c for treasury notes, or the
public debt must infalhply 60 abroad. There Is no
gle class of our cit who nave the power to
pufchase an hold 81 500 900 600 Of bonds Tho qnet.
on then, is between the public oeb being AIKEN oy our
entire population OF all classes by foregnere 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
sepdipR them abroad Shall they be allowed 10 60
abrosoY There eau be no escape from the ultimate pay
ment OF the deb if held by foreigners We could not
evsds it if we would If held by our oEn people, We
would not 1t We coul5 and under no circumstances,
tru.t would suggestion dishon orSble, be grAvsy
entertained.
In the consideration of this question: therefore, such
an apprehension as this SHOULD Do allowed no weight
whatever Every man must take home 10 himself the
conviction that in propoI TO his property, ne is the
debtor for his share OF the national debit ana the
ton for him to determine is whether he will hod that
share of the debt HIMSELF CT, with clear perception OF
the consequences he will permit TO be token and he'd
BY foreigners.
II 1t be true that the public debt mus. inialiby be
paid that every mans prOpertyis bound for Its pro-
portonae share and that all must pay taxes according
10 their wealth. 10 deray the annual interest," then It
follows that ali equally Interested in limiting tho
expenditures to the smallest possible sum and IN pui
chasing and holding the bonds that thus constitute
charge upon their estates.
TIE expenditures depend in great degree upon shs
prices you shR 1; TO you alone have Congress COLI
6dad M control over tbs
q ltsion. And through you, may those engaged IN
furnishing supplies TO the Government and for the pay
ment 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 expen'
pendiurls coLfles within more prudent limits tae
morris gage upon yoir Is.ae5; and with how much great
er ssiey they may hsmselVes become the purchasers
Of these cages than permit them 10 pass into the
hau DIS OF ioreg lers.
the whole question: complicated as 1t may at frat sp
pear il perfectly simple, ana lies in nutshell. Coz
gttss has ordered the following expenditures to Do
m-ds, w:
For pay Of the amy .......,.'.....,. $40 UuOO OU
Fer c.Otbing, shoes, material, transporsa. ..
ton, &s...........,....,.,.. .lZo,OVVUVO
For Provisions tOr lte army. 100 900 OOO
$500 600 0O6
They have directed there expenditures paid tVr
in treasury noes, and in cert fcates OF indebtedness
bearing peElcent. interest and free rom taxation
and Ter the security and ultimate redemption VI TIC
Treasury notes. they provided elk per
cant. bonds VII eh tsey direct to sell fer Treasury
notes
You have now bafore you the whole scheme If the
currency and OF the Government finances That these
supplies should cost more than Ihs sum provided,
depends course, upon the prce; aud the prices are
10 regulated b. you.
have endeavorsd 10 show that the best interest OF
every citizen CONSISTS ia the establishments OF moderate
puces; bus no argument stems TO ma as forclbe as
clear statement Ct the simpl facts Of the This
| have now eLdeaVOred 10 make.
If We suppose the purchase to have been made, and
the community 10 DO in possos,ion OF $3.50 100000 o
Treasury noies, the next question is, viii Lney past
hsm about ire hand to hS III exchange Tor prop rJ
Of ex rIvsgsn. prices until they gradually fall into the
lands OF foreigners, aud exchanged by them fol-
Confederate bOnde viii every ci,z tskl the Gov
eminent bonds himself l have endeaTored s. prove
that con-is.s in folio wing the later
c.uue.
Hoping that you mSy concur in these views, and tina
your deliberations may result in promoting the welfare
OF cur suffering cornIy,
remaio,
Your most obedient servant,
G. A. TRENHOLM,
Secretary OF Treasury