Year: 1863

y7 hos os,rssstsc ett !s 5icsi9 6 sy4I = .l.oirEs
untaxed for thirty yearA We copy from that pa
per of October 22d the folowiug::a b'- .'ss.


FINANCIAL RELIEF.-We call attention to the
article from the Richmond Whig, showing that the
Finance Committee Of the Virginia Legislature has
adopted substantially, the plan recently submitted
by Gov Morehead Of this State for reducing the too
abundant currency and thatlhe plan is approved
py the Confederate Secretary of the Treasury, and
OF course by the administration. Should It meet


9th the approval Of the States Of Congress and of
the people, so as to carry it into full effect we may
see light The chief obstacle to the success of the
great cause will be removed, and weight taken from
the public mind The effect will not be confined TO
our country. The world being always ready to help
those who can and win help themselves the credit Of
the Confederate States in Europe will spring up
and there will be no lack of means to carry on the
war;"


The Observer of the 9th November has no "fa-
Vorite scheme"-no one has any "favorite scheme"
yet the Observer Of the 22d of October thinks that
II hGoV. Moreheads plan should be adopted we may
see light "-"the chief obstacle to the success of
the great cause will be removed and weight taken
from the public mind" What was that but an en-
dorsement of the Sfavorite scheme Of Gov More.
head "a scheme which would consolidate onr pre-
sent system destroy the credit of the States esab
llsh privileged class among our people, and place
the debt and consequently the control Of the
government in the hands of q few. indiyid
uals. But the 06ssrpsr'of the 9th November
takes water. It reeedes from its advocacy of this
"faVorite scheme" It would have been glad, at an
earlier period of the struggle to see the States en-.
dorse for the Confederate government but it is not
in favor of such endorsement now Indeed, it would
have been glad last month to see them endorse for
the government but at present it has no fayorite
scheme" of this kind, nor does it know who has
Are we not doing the Observer justice on this point
The Observer concludes its remarks with the fol-
lowing unfortunate, if not ridiculous comparison:


"ln view of the alarm Of the Standard about con-
sodation and blending the treasures Of the States
and OF the common government We are little sur
prised that it has objected to the arrangement
between our State aud the Confederate government.
by which the former clothes the troops in the Con.
tederate army from this State To us this seems to
be a most admirable arrangement by which our
gallant men, who would undoubtedly have been the
worst clad in the army, actually the best clad
bnt we don't see how the anti-consolidatiou opin-
ions OF the Standard can tolerate such blending
of the treasuries'" - .


We agree with the Observer that the arrangement
referred to is admirable one, but there is no
analogy between it and the assumption or endorse
ment Of the Confederate debt To assume or en-
dorse the Confederate debt is to make good what
the Congress is coustitutonally bond to pake good
itself; but to manufacture shoes and clothing for
troops at fair price, or any price, is mere bust
ness transaction which any State or corporation
may engage in. There is no blending of the trea.
suries' Of the two governments The State furnishes
the clothing and the common government pays for
it That is all. No debt is assumed or endors-
edit is simply paid But the States are no more
bound to pay Confederate debts than the Confedera-
cy is to pay State debts The obligations incurred
by the respective governments are as separate and
distinct as the governments themselves, and they
not be.cOnstitutionally shifted from one to the
otbar