Year: 1862




however, to choose the former, and Congress,
was sustained by the very people who held
the money. and VINO were to be loosers ty its
depreciation But if the Old Congress ofI
Continental CREATION in the midst of distress
ing war, without even the emOlance Of a
regular Govern nlent, with nothing to tax, and
therefore, without resources, violated its faith,
we be justified III pursuing such course
now or hereafter We have an established
Government, created by the will Of the people
of the several States-a Government with a.
permanent Constitution, and having power
''to lay and collect taxes, duties, ,mposts and ex
cises for revenue necessary to pay the debt
provide for the common Defence and carry on
the Government of the Confederate States,
and with power, also, "to borrow" their
credit.


The question then to be considered is, have
we subjects OF taxation sufficient to enable us
to raise revenue for the payment of debts
|con.racted by the Government? Every note
issued by the Confederate Government con-
tans on its face promise to pay, ard Is just
as much the bond of the Govern ment your
bond or mine, is the individual obligation to-
pay whatever purports to be the amount for


which it is given. In the one case the holder
of your bond mine has right to look to


our effects, to our property, to our houses
land and other estate for payment. But the
holder of the government bonds looks to the
estate of every man in the community as furn-
shing security tor the redemption Of the pledge
Of his government. If we are to remain as
now are separate from the rest of the world,
and with no balances of trade to adjust with for
eign nations, we may make our own money in
whatever form may issue 1.-THE standard of
! of value which is to regulate exchanges be-


tween man and man. When our recognition
! by others as a nation shall have been duly pub
! lished, and we take rank among the nations of


the earth, then the standard of value as regu>


lated by all civilized people, in the form Of
preciou US metals must induce to look ut
home and abroad also for the development Of
our national resources, so as to cause the stand


ard OF the world to operate for our own bene-


fit as nation also. In other words, if We


sell more than we buy from abroad, gold and


silver will have opened for them channel


through which they may flow freely into the


country, and our promise to pay may be soon


redeemed. The ob!igA atoms of the government


will be quietely and silently discharged from


the ability of the people to meet their respec~


tive portions of the national liabilities. With


in six months after the ratification Of treaty


of peace with the United States Government,


our own Government will be bound to redeem


its promise to pay. But this must necessarily
be it and has been with the old gov


e!nment, by the issuing for the time other notes
or by funding its floating debt by certificates


Of stock bearing an interest of eight per cent,


to pay which all the resources Of the govern


ment may be pledged until every dollar is paid


off and discharged.


NOW, as to our resources. The two great


staples of the South tobacco and cotton. alone


will furnish the most ample basis, and give Us


at all times balance of trade IN favor if
we but practice economy, and make ct home in


our families, as we may do, much of what we


are accustomed to go abroad for, and this too,


without protection by the imposition of duties
on imports to any extent Tobacco and Cot
ton are necessary to the support of European


governmental revenues, and 10 the employ


nent and clothing Of European subjects. They
are compelled to resort to US, but we are not
bound to 60 to them for any but few Of the
articles of our consunp ption. The value Of the
tobacco and cotton exported for the wear 1859,
amounted in the aggregate to s1S2, sos ,96I.-


10 this must be added other products of the


South, sugar, rice, turpent:ne, wheat, -four &c


amounting altogether to s4O,OOO,OO0, more
and making with the two combined 1922. sos
SCI, but it must be remembered also, thai
: the United States has become to us a foreign


Government also, and they will consume as
they have heretofore DONE as much or more o1
: our raw material if permitted to do so. Nov
: these are. but items in the grand aggregate o
!, the wealth of the Confederate States, but wher
! looking for sources of revenue in time of need
' we cannot pass by our lands, our slaves, ou
, cattle, horses, hogs, sheep, &c. These Confed
inra gnfo hove an q of