Year: 1862

One OF the gravest questions Of tn,
present war is that of supplying tn.
Treasury Of the Nation with the fund,
necessary for it's conduct to a successfu
termination. Thus far the Government
has attempted to effect this purpose
without resort to direct taxation
Dstrusting the earnest purpose Of tho
people to submit to every prlvation be-
fore they consentcd to disruption OF
the Government and disunion of the
States, fearing that the sudden imposi-
tion Of a heavy tax might lessen this
patriotic resolve, the Government has
resortcd to sundry expodients to accom-
plsh their end. The time -honored hai d
money basic, which experiment had
proved was the only true one, was aban-
doned, and Treasury notes issued which
wonld take the place Of specie as the
circulation Of the country. Then fol-
lowed the suspension ofspccie payments,
rendered absolutely necessary by the
issue OF this paper, and with this sus-
pension the inevitable depreciation of
the paper itself. This depreciation, now
80 small as to be Of little moment. must
necessarily grow larger with the issue
of each batch OF Treasury notes. To
make any thing else than gold and sill
yer q standard OF value, is AN utter and
absolute impossiblity. The American
people tried this experiment during the
Revolution. Let the history of the
Continental money attest its efficacy.
The French people tried this expert
ment and the French assignats could
not be made to bear a par value even
when supported by Jacobin bayonets.
In England, too, the experiment failed,
and the notes Of its great Bank, even
when made legal tender by the Gov
ernmcnt, fell below par the moment
they ceased to be redeemed in specie.


What then is the remedy for the evil !:
How shall our people maintain this war,
the successful issue of which is ncces-
say TO our very existence as y people!
Tho answer to this question is obvious.
Nothing but resort to direct taxation
can save us from National bankruptcy,
and Congress should lose no time in per-
iecting scheme which will produce
from this source, with the aid of the Gus
toms, enough to pay the interest on our
Natior al debt and provide for the cur
rent expenses of the Government.


Those who fear to trust the Ameri-
can people IN this matter have under
rated the determined patriotism Of our
nation. To the maintenance OF cur
Union, to the transmission of its bless
ings to our posterity, the nation have
pledged their lives, their fortunes and
their sacred honor, and they will re-
deem this pledge. If need be, they will
willingly sacrifice q portion of their
wealth to the grand purpose Of preserv-
ing their liberties intact. The issue Of
Treasury notes is but q measure Of tenn
porary relief. Sooner or later these LA
b,lities must be met, these notes paid Oft.
Let us not be so base as to transmit to
our childreo debt which we were un-
willing to assume ourselves. Let US not
have it said of US in after years, "they
fought the battle for the Union at our
expense" Let us freely offer our tithes
to the Federal Government, and when
these be exhausted, if need be, let 10
renew the offering upon our country 5
altar. Let US evidence determination
which may convince our enemies at
home that We are sternly in earnest,
and inspire foreign nations with respect
for people who, knowing the value Of
their liberties, are resolved to submit to
any sacrifice rather than lose them
The tax gatherer will have for us nc
terrors, for we have appointed him to
collect, from our own free.will offerings
fund to be devoted to the perpetuatiou
Of our free institutions.


LEGISLATIVE CORR EsPONDENCE'