Year: 1864

ConfedeTacy than they were before in any coun.
Try at any period. Ii follows that if Confederate
independence Is likely to be established, and thc
war to be ended within any reasonable period, the
rich men after its close will be those who shah
have converted their surplus properly at the pre-
sent enormous prices, Into currency is present
low rates. The present Confederate debt is prob
ably about twelve or fourteen hundred millions Of
dollars. If the war shoald end OF any time when
this debt shall have grown TO no greater Inagni.
tuue than two Thousand millions, h will be easily
manageable, aud every dollar Of IL will become
within few years equivalent to specie. The idea
Of reputation is q bugaboo. In this very com
mercla age OF ours, no nation, however exalted in
RANK or established in reputation, could repudate
public debt without placing itself under the ban
OF national infamy. or without incurring pecuniary


loss greater than the debt il shirked. The South
is composed of very naughty aud proud people,
whose especial weakness of character is supposed
to be QuixUtc regard for their personal honor.
They are race who could never deliberately vote
themselves community of swindlcIs. Ii is n
slander upon our soldiers to say that when they
return home, they will vote reputation Of the
public debt. These brave men will have won by
years of patient toll and prvation, illustrated BY
long series Of gallant deeds, glory they will scorn
to tarnsh and refuse to forfeit by glaring act Of
dishonesty. They will reflect that the reputation
OF their country is still in their keeping aud that
having bravely achieved the great work of inde-
pendence, it would be silly indeed, and quite uu.
worthy of them, to ignomniously skulk the minor
task of maintaining its credit and financial honor
They will, indeed, be interested in maintain


ng the public credit than in overthroWiDg it. In
fortunately, they will come out of the war poorer
than Others in worldly goods; aud, properly will
be the subject of the heaviest taxation, they will
have less interest than others in insisting upon an
act OF public intamy. They will be the chief re-
positaries of the patriotism and guardians of the
honor OF their country; they will have done too
much in the field to deliberately disgrace il before
the world, for the purpose of avoiding taxation
which will fall heavily on property and lightly
themselves.


Nor would the Confederacy be permitted tore
pudiate its debt if it desired to do so ever 30
much The announcement Of peace will send mil
lions of our treasury notes aud bonds abroad. The
domestic holders of money and bonds will imme
diately and eagerly barter them in exchange for
all sorts OF merchandise; and thus considerable
portion of the public debt will soon be hold by tho
inhabitants of other countrles whose Governments
will paotect them in their rights. The Confede.
racy will be too much enamored Of peace to heed
essly rush into war with half the great powers Of
the world, for the sake of avoiding honest debt
winch it could support without Inconvenience.


In modern times il is only the interest on public
debt that represents the burden To be borne. The


interest upon the Confederate debt will be about q
hundred millions year. To show how easily this
could be paid it is only necessary TO state that
export duty of FIVE cents pound on cotton would
more than produce the sum, and this export duty
would fall upon the consumers Of cotton abroad,
and not upon its producers at home. This small
export duty would pay the entire interest on the
public debt, and leave the other staples and prop
erty of the country free to such taxation as may
be deemed necessary for sinking the princl pal OF
the public debt. Our independence will establish
direct trade between the South and Europe; aud
we shall save the tribute and protective bonDties
which we formerly paid in thousand fornis 10 tho
North. This very saving will be greater tLaa tho
taxes which we shall have to pay for nIaintliuiog
the public debt, and will enable US TO meet the
taxation without feeling its burden. Noihing
is clear than the fact, even If the COufede-
rate debt should reach two thousand millions Of
dollars, it will be supported with than any
other country ever before maintained debt OF on.
ly third the proportinate magnitude. The pub
lie debt, therefore, will not be repudiated by the
CoDfederacy for three reasons, namely: there will
be necessity for reputation; the people viii be
too proud of the glory and reputation OF their
country, thus to bring it to shame and reputation
would not be permitted, even If the CUnfederacy
we're base enough to desire it. The man Nho fcaa
Reputation shows at once bis ignorance Of public
affairs and slanders his country.-RichnloHd Err
aainer