Year: 1864




II is a settled principle of national as well as Of
individual policy, that tides obserDandG est, aRd
the basis of all honorable dealing, is credit The
Confederate States are new government, sensi.
tive OF its claim to recognition as government de
jtre, and urging that claim upon the nations of the
earth 1t claims to have Constitution for its
governance. That Constitution has gwen Con-
gress power (Sec. s, Art 1,) Ito borrow money on
the credit of the Confederate States" Upon that
credit it has borrowed money, and by several acts
contracted to pay certain of interest for the
use OF that money. Patriotic citizens have changed
large investments Of capital to the early government
loans, which were based upon credit and good faith
Difficulties have arisen, financially, and necessity
exists to raise money to meet its engagements and
question now is pending in Congress as to the
ways and means of meeting the public debt.


Has the government held its faith 10 its promises
to It's creditors? 1t has promised to pay gold for
interest on certain bonds-it has failed to no So 1t
promised that Treasury notes issued on its credit
payable.in two years, should be payable in specie:
but failed to meet the obligation then promised to
redeem them with coupon bonds at ten years, with
per cent interest," and when the redemption came
It was in stock and not in bonds. When the war
tax was laid, one hundred millions Of Treasury notes
were issued. fundable d" at any time" in per cent
bonds; yet year after, limit was put 20 the
fundabty of the notes aud an unsucce ,sfu attempt
was made by the government TO destroy the value
OF the notes as currency. The people repudia!ed
the attempt and the notes are still currency. The
persistent and increased OF Treasury notes by
the government after repudiatng the Iundablity of
the former, las deprecated their value and now the
question comes up of rai-ing their value Various
propositions are before Congress for relief of the
currency, and, strange to say Reputation is not
only not condemned, but actually recommended.


In the commencement of the war, when the first
call was made for loan aud eight per cent offered
for it. large investments were made, and widows
and orphans had their property sold and put in
eight per cent. bonds ION the credit of the govern
ment" Nov it is actually proposed to issue new
bonds, with four per cent interest," not to be tdred
for which the holders Of the eight per ceBts to
be forced to exchange those obligations, BY the
threat of taxing The latter and thus repudating the
first contract Take the old Uni ed States govern
ment whicNhTe all have declared utterly corrupt
and did it, with all it corruption ever undertake to
tax its own debt? Chief Justice Marshall decided
that an attempt to tax government stock is tax
on the contract tax on the power to borrow mon
ey on its credit and consequently unconstitutional.
reduction OF the interest which the borrower Was
to have paid for the loars, clearly affects the con-
tract and the Constitution distinctly states Artice
l, section 10) that no ser post tacto law, or law
imparlng the obligation of contracts" shall be pass
ed Yet, after solemn contract Of our new govern
ment under the guarantee of the Constitution, it is
proposed to set it aside and change the terms of The
contract to more favorable terms for the borrower.
The Confederate States of America stand before the
eyes OF the world claiming sympathy and recogni'
ton, and violating with faith it's citizens who came for
ward with their treasures as we'll as blood to esta5
liSh its credit. What spectacle! There is moth
ing so denoralizng to our people as the dssppoint
ment they experience 10 Witnessing efforts to violate
the faith of the government We believe they
ready to give their lives and fortunes to the cause
of independence, and will submit to the heaviest fax
ation rather than have the stigma attached to their
government of breaking faith with those who should
be especially protected. The early loans Of the
government were taken as permanent investments
by estates, guardians and Others and they have a
right to claim that the faith Of the government be
kept with them.


We call upon cur members of Congress to strangle
reputation in every FORM and let credit of the
Confederate States stand forth to The world the
tue symbol Of the personal honor and integrity of
her citizens. There never has been and never will
be, authority delegated by them TO do what is dis
honorable, and our representatives should remeE.
Der this. Tax incomes, tax property, tax whatever
IS legitmatey taxable, but preserve the fidelity of
the government in its contracts The extraOrdna-
ry legislation recently in relation to- substitutes of
holding in the army owing no service there but
through their principals, while they are also claim
ed, has alarmed many at the prospect of systematic
Reputation. The violation of the tact pledge of
protection from impreSsment, at least for tIme By
the passage OF the tithe law with the arbitrary
claim of all the surplus produce of the country,
while the tthe is uncollected or wasting in depots,
has depressed the spirit Of our people, and our leg
iSators should look carefully to farther Legislation
We Sanguine Ofthe ultimate success of cause
but it is painful to witness depression of our people,
brought on by thoughtless, and we might almost
say reckless, legisation.-Sauth CarOiinian.