Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1865-02-14
=, s,,. ~, If sb. pubic 1, b, s;nuisano

IG
- .;,h n, dedication OF tbs productions Oh
y. coup,r, to tho defence Of tho na''0n' ID ,m
n.,.,;,ely demanded as we'll BY soaAa pos'vs
ps. ~ .s.n ard exact jastios. Ii the ex'seh>
20 ', 49,. o,oasion demand that private pra-
0,'' ,. " ohould DO given up ~ pubic good, 1t
III, d.mApds that no discrimination d.
. .v,.n kinds Of property BE- made and moro
.bsn all, that ono kind of properly 'hsl' 10: o.
catered aud protected by the 'scr'hc' ., I'LL
o.,sr binds, and especially is this sru'' *hea
u, property thus sought TO b, 1na0s s''S Las
,..n obtained FIR not orsten.h its t1:l Vs'os'
To-. ;na,bt.du.o, Of this Oonfodersoy IN bones,
c,,,;0 Gates and notes smounso 10 "bou' 1ooo
m;,,;ons-for which tho Government ha' not
r,as;v.d tho specie value Of 200 mil!'cns' Can
thar bs any wrong or Injustice in r:aac ~
rs, indebtedness, and bringing it within the
oapaoi.y Of tho resources Of the oo'n'sy 20 fss,
and to provide for its payn,sn. al shoc' WHAT
ths Goy.rum .nt received Tor ~
If,b. public debt DO reduced 20 400 nl;i'anf'
and ia interest at, ssy per cent'' maae f'S
.bl, in specie, the bond-holds's viii! % a''a
.nv h,n.f,..d, receive more than they 9Sio
al Ire country b, relieved Of the graft hnf'
don which now Expresses all olaanss' aad raf
a,;,,s the arm Of mary to contribute 20 'he
rublic defence.
An nations have recognized a.s legitimate
,o.s.u,c the arbitrary reduction OF 'hs p"'ii'
d,b,. Where tie principle is i7Tedtsma0es ms
interest has been roducsd. Thus Il le'h"o IN
IT'S r.duo,d tho interest on part Of s.' per-
,oansnt debt from 6 10 S per oens.-saTiDg all
nna,lv 1928 $50 and in 1927 further rsduc
tom Of from per cent. to 4 per cent By
which tho annual oharss %ss dimin'sf'a
s3SeO 934. In l74S the 4 ?tr cents. were re-
d,osd to Dor cent. "This Ts5 doac on the
..2e.h November, lI49. The stockholders
"vsre 10 receive per cent. until 18th ID q: N
"bsr, l75O; from that tir.e till shs 2oai u
December, 1857, they w:zs allowed % pei
,.o.nt After whioh Tins sae interest was re"
"duosd to 3 per cent In ih' SSaF l'oi
ussyersI of these ctookS were consolidated
"into ono fuad, amounting collectively
'.to S9,l37,S2l. This va; The origin OF TIC
'.prsssnt consolidated per cont. aonuitie'.
"Vstious other stocks wers consolidated AZ
s'ths Same period, to The amount OF I'll .'oo''
1924 forming Tho commencement OF the pre-
nssnt 3 nor cent. Reduced Annuitics." Again:
The now per cent annuitisS, originated IN
1890. BY tho conversion of the new per
!" o.ffss., which had been formed in 1892, from
"tho NAVY Dor osnts" The stock created IN
81 p.r cents. in 1880, Was, in 1874, reduced
70 3. per cent, sfsc:ing sn annual saving in
interest to tho amount Of 81 1893 Ipsas5I.
tho rate of interest was further radsso 3
psr cont, and after, 1874 may bs further re-
dnssd. ees
W. End France, in'1S54. reducing her 3
per can't. R.nteo into AZ per cento., By decree
Of tho l4:h Of March, and diminishing her
annual charge Is, 00O. 600 of fraaes. 10 Spain
tho alterations Of tbs public debs through
conversions: changes Of On arbitrary or espe-
disnt character, haze affected no loss sam
than ELS, els 900, in the twenty tdrse years
ISa6-ls58 Massachusetts, paid her O"lo'
nial debt Of at the rate Of ono for slovsn, snd
forty for ono, the present price of gold in these
States, wore the rates st which contine nssl
dsbi was converted. These examples IN tho
history Of oahsr nations might be greatly OK
t,ndsd, but are referred to.noE b show thai
c,ays,sio, ANA reduction bear 40 relation to
reputation.
70 make what remains sfssr conversion ard
70 Iuo.ion more valuable thsn what it was be
fore, ia no moro Reputation than ths tskirg Of
all thu co.son, tsbacoo, e., is robbsly, AMI it
the ls,ter may be taken wish proprissy for The
public defence, so the former may DO made
with Justice for the public credit. The rsdnc-
sion Of the debt to 400, 900 900 at 4 pes cont,
would remors ihat ocean Of figures On which
our finances are now tossed in imminent psrii
Of swamping. These thousands OF millions
bewildsr one, confuse all ideas Of enumeration,
and do mach to destroy on; credit. TUo thou
sand millionsl Think Of it. Who Gao estimate
III Who can comprehend it? No: the people
whose bone and muscle arst, pay it.. Not that
armyin tho trenches, hatless shoslsss, foOdless,
naked, hungry, suffering. Snail taess men,
after yoars Of such suffering, work aad & il
through long yesrs Of labor and privasioo,
an1 bequsath to their children tho legacy of
work and toll to reimburse tho bond. holder,
whe, having now paid one dollar Of gold
value, then demands tsn2 Let the oOss on,
tobacco, meat, forage, negroes, all b, taken,
and .hsn let the bonds b taken likewise.
Having reduced the public deb, to four
Hundred millions at four per CONT, payable in
specie, and retired every bond, certificate and
note, leaving tho country free from that which
is now most alphabetically called trash" it
will become necessary to supply new cur
rency. Two hundred and fifty millions Of
notes, fundsble 10 four per csnt. specie paying
bonds, will furnish that currency. Thsse
notes paid on. fer ths cotton, tobacco, 10.
would give ourrsncy to which gold could
never bear the inordinate proportion it sas-
tsins to the present currency because OF its
being fundable in speois-psyins bonds. The
Indebtedness of the country would then stand
four hundred millions four per cent. bonds-
two hundred and fifty millions of notes s1-
obang..bls for two hundred AMI fifty millions
of four psr cent. bonds, OF six hundred and |
Try millions Of four per cent. bonds, for which
The government would hold as redemption
fund The cotton, tobacco, g., of the country
a fund amply able to pay the deb. and provide
in great measure for carrying On tho war.
Taxation then upon the "sndless chain" prin-
sipls, returning 10 tho treasury each quarter
Tho amount demanded for public e1psnsse,
would plsos our finances On a firm and sure
'ooting.
Gen. Lee having assumed command as
.s.I a, NI,ssf IS &ha A rn,;sa nf kba no1 /