Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-03-23
rhe Einase,aI vsIue 81 Hsne..r.

From the Charleston MeEcury.I
All tho civilized governments in the world
use credit inssssd of e8sh to esrry on the ope-
rations of government. Barbsriars have no
honesty, and therefore, they have no credit. All
dealings with them, consequently, GTe in cash
and hard money.
The nGtioug of Europe perfectly understand
the value OF honesty as an instrument Of credit
and fiaance. Hence the rigid PunctuAlity with
which their engagements are fulfilled. If they
fail to fulfill their engagements in the most
trihiBg particular, it Immediately affects their
capacity to borrow money; because, as nations
canuot be compelled to observe their obligations,
their integrity is oil that the lender has to rely
on to insure The payment of their debts. Let
their integrity be suspected, and their financial
resource in borrowing money Is impsired. Let
il be plsiDly- forfeited, and this TeSeurce ends.
The Government Of the Confederate States, it
appears to Us, in some of its measures, has not
duly appreciated tho importance of these truths.
It has not valued the financial importance Of
houesty.
The very iirst thing a man does who is in
debted, and intends TO inset bis sngegensntc,
is to provide means 20 the extent OF his ability
to take them up.
Now the Confederate Government neglected
most hsgrantly TO do this simple act of inseg
Tity It had vast resources, by taxation, to meet
cssionlg an enormous demand for larger issues
of paper, it neglected, for whole year, to lsy
any taxes to redesm its promises to pay and
then only lEid tax collectable one yesr after.
Thus, for tHO whole yeETs, it continued TO food
the county with iis treasury notes, without
any inc9me from taxation to absorb them. Is
this the course of q Government which is in.
tent on preserving ifs integrity and regards dis
honor as a wound
We wish to say nothing about shs late tax
act, for we earnestly desire it to be carried out
By the people, as a voluntary contribution, TO
sustain our grekt cguse bat certsinly no ore
the very best exsmplihcation Of financial integ-
rity the world contains.
The press generally, in their patriotic desire 70
see our currency and finances restored to ohi-
cheney and eoundness, are almost unanimous in
the opinion, that by the dimirution of the eur
rencY which this oct is calculated to preduce
We will soon have rapid reduction in prices
and a stable and healthy currency. We hope
that this may be lie result. But there are two
causes which chespen the currency Of 4 eoun-
try: LIST. Its undue expansion beyond the
wants of trade; and, 81 Distrust Of The integ-
rity of the Government If we have not conf
dence In the integrity of an individual ahom
we cannot make pay bis obligation, H1.s--
paper is one thousand, or hundred Thousand,
we arc unwilling to take or TO hold It..
And 50 in case of the ConfedeIkte Govern
ment--unless its integrity is uEquesiionabla,
the mere diminuiion Of the currency may not
make It dear. 1t eerisinly cannot DO so, to the
exact extent of its diminusion. Junius says,
speaking of Lord Chatham, confidence is 3
plant Of slow growth. Confidence is the re-
suit of honesty. Hence, although the currency
may be vastly diminished by the late financial
measures passed by Congress. the Confederate
GoVernraant mugt vindicste its integrity, to
give. II renewed confidence. Lat all its arrange
mepts 70 carry out the tax act, and the funding
Of its treasury notes, be in accordance with the
highest integrity. Tho circumstances and the
peTiis which surround Us, will give polensy to
al efforts. to win the confidence OF the psoplo.
7'hev are willing to trust. Give them thePower
of doing so.