Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1864-10-21

in time of war such as we have been accus-
toned to in times of peace. May we not
with reason, confidence and hope, appeal
to each individual, and to all classos Of the
community, to unite in accomplishing this
most desirable result
AS part Of this address, we append let
ter from the Secretary of the Treasury, ad-
dressed to the Commissioners, giving the
most concise view Of the condition Of the
Government, and the e position of the rea-
sons which Influenced the action ofthe Con-
vention.
TREASURY DEPARTMENT, G. s. A.,
Richmond, Sept 3, 1864.
To the Commissioners Of Prices for the
Several States. Assembled IN Contention,
at Montgomery, Alabama:
The Secretary Of War having re
quested a general convention of the Com
missionrrs of the several States, to consid
or the practicability and expediency Of uni
form schedules of prices, avail myself of
the occasion to offer you with great respect
and Difference, some remarks upon the inn
portant subject that is to engage your at
tention.
The condition of the currency, and the
embarrassment resulting from its derange-
ment, are we'll known to all. When gold
sells at twenty for one, as compared with
treasury notes, everybody understands that
the currency is deprecated; and when it is
said that the Government supplies are pur
chased with this deprecated currency, we
all understand as well that the expehdi-
lures must necessarily be heavy. But
these evils should not be allowed to 60
further. The ability Of the Government to
conduct the war to successful issue, and
the happiness and welfare of our people af
ter the war shall have terminated, are too
deeply involved. Aud in the funct on
conferred upon you by Congress seems to
reside, under existing laws, the only pow
er capable Of interposig check to the pro-
gress of depreciation.
Looking then to the dignity of your
Office and the momentous results depending
upon your action, have thought it my du-
ty to communicate to you every informa-
ton possessed by this department. that may
aid your judgment in the discharge Of your
important duties.
One active cause of the depreciation is
distrust Of the Government securities and
[ will endeavor to show that this distrust
is without reasonable foundation.
The entire public debt, fund,
ed and unfunded. was on
the lst of July last, about 81 $50. 100000
The expenses from 1st July to
31st December are estima-
ted at about 925 ,0n0, 600
Making an aggregate of $1,575, 100000
In this amount is included $3.50, 900,
900, of four per cent, bonds, to be issued
in place of like amount of old currency,
funded under the act of 18th February,
1864 but considerable portion Of this
Sum will be returned into the Treasury I'M
der the tax actor in other words, the
whole sum produced by the taxation of the
present year will be applicable to the re-
duction of this aggregate of $l.575, 900,
600. Let liberal allowance, however,
be made for opposite contingencies, and
let the debt on the LIST of January, 1865,
be sat ddeeTfi ii round numbers at $l,50O,-
900, OOU. Let tue war be supposed rscs !. 10 con-
tinue, and its progress to add $500 900,
600 more to the natlonal debt making an
aggregate finally of $4,000, 900, 600.
This would entail upon US an annual inter-
est of $40, 900, 900.
Why should our ability to bear this
burden be doubted? Before this war, it
was alleged (and in my opinion with great
TRUTH that sum fully as great as this was
annually paid in Tribute to the Northern
States. Why should it not be paid with
equal ease to our own Government, by
whom it will be returned to us in the pay
ment of interest?
It nav be supposed by some that the
magnitude of the debt. in proportion to
our property may lead to general insol-
vency and bankruptcy. Let us examine
the grounds of this possible apprehension.
If a planter whose property before the war
was worth 800, 600, sell during its prog
ress, wheat, corn, ETC., to the value Of 500
900, and take Government bonds for the
amount, how does it incur the risk Of be-
ing ruined? And what is true Of one cit
tizen in this respect. or of one class, equal
ly true of the whole community.
The alarm must arise from inattention
to the important considerations chat we are
selling to the Government year by year,
only the surplus Of our annual productions
There is one way, however, in which
the debt may be made oppressive, as the
following transactions will show. The
Government paid on one occasion $3o00.-
600 for certain supplies; and the party
who received this sum bought with it, from
foreigner. $15, 600 in gold, delivered in
England. With the $500, 900 thus OBJ
tanned, the foreigner then bought an equal
amount Of Government bonds, bearing I
per cent per annum interest
It follows that at the end ofthe war, for
SIS, 900 thus acquired by the citizen, the
Government will owe debt Of $500, 600.
The citizen willre annually Sl,050
interest, the Cover nment will pay annually
S21, 600. Had he. on the contrary,
bought the bonds himself, the $21, 000
annually paid by the Government would
have been received by one of its own citti
zens, and the country, as whole, would
have been neither richer Dor poorer.
would earnestly impress upon your consid
eratiops, that when traced through all thu