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volume XVIII.
ROME. GEORGIA, FRIDAY MORNING? APRIL #, 1868?
NUMBER 212,
ic Borne Cmiricr.
iMioi.iHfiKn uvr.nv Friday xioumnij.
by'al d w i n e l l. “
Editor and Proprietor. -
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tag" We aro requested by Dr. C. P.
Winn, Surgeon in charge of the small
pox hospital and office of Vnccinntion,
to stnto tluU the office of Vnccinntion
has been removed to tlio rooms former-
Late News.
Mouii.k. March 27.—The steamer
i„ 1 , , r 1 r 1 : Alice arrived this morning from llu-
ly occupied by Madam I.ongohamps, j v „na. 25, with an assortod cTirgoi
where any persons desiring vaccination; Mobile Marcl, 30th.-Advice from
will bo muted upon. Okalona say tlio Yankees aro March-
We aro pleased to learn, through Dr. | ing South in TcmiYssoe, desaolting
Winn, that but one case of small pox fm , “* “‘“1 commiting all kinds of do
in Uil. community, fat 5g»noL t l5g!gr J “
more than a month, if you would ho
secured against this loathsome disease,
call and ho vaccinated.
The Law of Newspapers.
I,—Subscribers who do not eivc express a
n to tlio contrary, aro considered as wish in
(dntlmie their subscription.
If subscribers order the diseuntinimiico
f their newspapers tile publisher may contin-
t In send tlnRn until nil arrearages are paid.
t&" Tlio foot raco on Wednesday
lust, whs a racy sell. As.the Western
lawyer would say, when “the time
wliioli was lo have amven had jirroven,”
the competitors, two wounded soldiiys,
appeared on tlio scene, 'with heads tied
up, coats oil’, one arm of each in a.sling,
UeiVoriltod a ilh ribbons Ac., with a uunr
orous crowd ‘'there to sec.” The street
for some distance, was cleared of stones
and other impediments, and at the
signal, they started oil' handsomoly,
and running a short distance, suddenly
5.—If subscribers neglect or refuse to tuko turned and run into tlio Hospital,
lirir newspapers from the ofllco to which thev
■lircctcd. they are held responsible until
,i>v Imvo settled the bills and ordered them
»I'P ,M >.
Editorial Correspondence.
Camp Stii Ga. Reot., Near
Richmond, Va.,
March 27tli, 1803.
Dear CoL'niRlti—Tills day lias seemed
noro Sabbath like, than almost any
Siimlny in camp since tlio war com
menced. At sunrise the Band played
I'irnor three pieces of sacred music for
reveille, and that seemed to aid in
riving a subdued ami religious tone to
mural feeling. It was a beautiful
pining, and, though perhaps not
rnfflml, yet largo numbers ol the ofti-
■rs iind men were trying to keep this
iv, set apart by our Chief Kxecutivo
»r limniliation. fasting and pruyur, in
trim interest and spirit. All drills
ml niln-r military duties that could he
insistently dispensed with, weroorder-
I to lie omitted for tint day, and a
liict ohsurvuinfh of the day was en
hied,
Al II o’clock Rev. W. If. Crumley
'rescind in our' brigade, to p'robably
largest religious assemblage that
ever convened within its lines,—
hi■ must excellent man is considcru-
< irduecd in flesh, and looks care
Mil. Few men have been morn no-
e or untiring in tiiis war, thun tills
vinil cliHstniil and none liave done | l' n '‘>Unn.
slioutiug as they disappeared, ‘‘April
Fools,”
It was amusing lo sec the various
modes by which the crowd endeavored
to “get out of it.” Somedtdgcd sudden
ly into stores, others were intently en
gaged with something down the street,
and not even th'nkiny about the rare,
others again appeared to he indifferent,
hut nobody felt sold, of course
tay-The Bank of the Empire State
has dei lured a dividend of seven per
cent. 0. t). Stillwell, Esq., was cleoted
Cashier, vice Col. W, S. Cothran, re
signed. Seo notice.
IDet/' A correspondent of tlio Atlanta
Confederacy writing from Richmond,
say
By tlio appointment of Col. L. M.
I.ainar, of the 8th Georgia, as a mem
ber of one of these hoards, Lt. Col; J.
It. Towers is promoted to tin- Colonelcy
of that Regiment. There is a dispute
botween Maj. E. J. Magruder and
Cnpt. 0. G. Dawson, ns to wliioli of
tliefci are entitled to tlio position ol
l.t. Col. Major Magruder claims it ns
being in tho nearest order for promo
tion, and Cnpt. Dawson claims it us a
matter of right, arguing that at tlio
time Major Magruder was promoted
from Cnpt. lo.Mii.jor, lie, Cnpt. Dawson,
was the senior officer, and should Intro
They are both good
ore for the temporal and spiritual 0 ffis.'i'r.'s, and the matter, therefore, is
iints ol Georgia Soldiers than lie. Yet j " f 'T*'» ''“l" interest UJ the legiment.
lie same glow of eloquence still warms T||K p AKp i> i1c1V idesce Scheme.—Nor-
lis lips, the same light beams it'oiu ertjjflffpei's,just- received, acknowledge
get into North Allubama.
second Disr.vrcit
A special to the Appeal from Panoiu
tlio 28tli, says the Memphis Bulletin
of the 24th says the route to Yazoo
River via Deer Creek is reported to ho
working finely.
The ennui operations are suspended
hy shell. Wcrkmen cun work at night
only.
i t reports the Federal batteries at Fort
Pemberton are washed' vtiijyindjtlie reb
el position impregnable during high
water.
Gen. Sumner is dead.
Tlio circulation of tlio Cincinnati!
Enquirer is prohibited at Nashville,
It is reported that the advanced
guard of tho Kentuckey invaders
hail reached Clinton county, and Hint
reinforcements for Bragg from Vu.
were halted at Knoxville, as the base
of Kentucky movements.
Mili.eiioeviixe, April l.—lion. James
P. Boyce, agent for tlio Government
to secure tho endorsement of Confed
erate Bonds, hy tlio States, addressed
tlio legislature to-night in the Repre
sentatives Hall.
Ills address was well received, and
it is believed this measure will puss
both houses.
as loving countenance, and his great
ttu'in heart still gushes forth with tho
ante pathetic strains, of love to God
aid good will to man, that have so of
vn in limes past, thrilled the hearts
of liis audience. The congregation was
lecply interested and this F ist-day ser-
non will ho long roiucmhered I y many
Maj. Gen. Ilood and Brig. Gen An-
Ton, were among ilm attentive lis
enei-s.
It is now 8 o’clock nt night and ‘‘a
kaiige has coi:*e over the spirit of our
Ireain.” Tho Sur.dny quiet has given
»«y to tin* rapid click-cluck of iiHiner
sis axes, tlie hurrying to and fro with
tickets and camp kitties, of water
mil other preparations, for cooking
rations. An order lias boon issued to
conk three duy's rations and he ready
tlie impracticability of 1I10 Lake lb'ov
ideiioe, Tensas Atchul'ulnya scheme, by
which tlio Mississippi river was to he
turned from its course, ami Vicksburg,
Port Hudson and New Orleans were to
become inland places. Competent en
gineers and pruoticul men liave conce
ded the failure of tlie project.—Jack to a
Critit
Greenwood.—.Street rumors prevailed
extensively- yesterday evening, that
tiiis position hull been nhnndotied by
our forces. Wo can slide confidently
this is not tlie case. Tho point is an
important one, as well as strong. It is
a. stumbling block
movements through
will he tlie snag to defeat his schemes
in that direction. At long-range our
Chattanooua, April 1.—Nothing ad
ditionul front tlie front. No iinmodi-
ute prospect of a battle.
The Federate arrested throe young
ladios of Sumner county, on the 12th
ult., charged with placing obstructions
on tha Louisville railroad.
Several citizens of Sumner were ar
rested anil continod in tlie Court House
at Gallatin.
The Yankee gunboats aro again re
ported at Florence. Ala.
11icumo.no, April l.—Tho Somite to
day passed tlie Senato bills increasing
the pay of Chaplains in tlie army.—
Increasing tlie compensation of route
anil special agents of the Post Office
department. To provido and orgun-
izu a general slufl' for armies in tlio
field. To prevent absence of officers
and soldiers without leave, und to au
thorize newspapers to he mailed to
soldiers free of postage.
The House agreed to substitute its
own exemption hill for that of tlie
•Somite, hut adjourned without coming
to a vote on its passage.
SECOND DtSCATClI.
Gold in New York on the *-7»h clos
ed at 141.1 hid—exchange 135,
Tile Mjurld says tlie lie.ivy full in
premium on gold caused general satis
faction ; but t!»o question of the sound
ness of the Government is naturally
creating great uneasiness in commer
cial circles. All tlie legitimate interest
of tlie country demand, a currency ns
near the specie basis us possible; hut
the tremendous fluctuations of tlie past
month aro exceedingly injurious—dis
astrous indeed, to regular commercial
operations.
In an editorial on tlie a flairs of the
South west, the World says: “Darken
council as tvu may, tlie campaign on
tlie Mississippi is, so far, a failure.” It
expresses doubts as to tho result of
every one of dte movements now un
der way.
Tho sumo paper says tlio invasion of
Kentucky is assuming more formidable
proportions daily.
roca'ru dispatch.
Northern dates to tho 28th announce
that the British steamer Nicholas I,
has been captured olf • Wilmington,
Tlie Governor's Message.
Wo give below a portion of Gov.
Brown’s argument ngainst tlie Stnto
endorsing the Confederate debt, and
will conclude it in our noxt:
STATE KXIIOIISEMENT OE CONFEDERATE
DEUT.
I transmit- herewith copies of. resolu
tions, passed hy tlie legislatures of tlie
States of Alnhama, Soutli Carolina,
Mississippi and Florida, proposing,upon
different plans, tho indorsement of the
debt of the Confederacy by tho States.
No one can doubt tlie patriotic motives
wliioli have prompted this notion of
our sister Stntcs. But as this is a ques
tion of great magnitude, involving im
portant principles, and ns our notion in
tho premises, must be followed by con
sequences seriously ntt’ecling the credit
of tlie State, present mil protective, it
is our duty to examine it for ourselves,
and not lie controlled by tlio decision
and actions of others.
If the proposed endorsement will
have tho cfleet of arraying tlie cap-
• ,1 . , ' uad sent to Fort Royal with her cargo,
to the enemy s ; consists partly of powder and
1 iizoo pass, and arms.
- batteries Imvo withstood tie* iron clads,
for a long march. It is rumored that wh «i uluch weaker than now, and ns
w ® W 'N take the direction ol Peters- j morn and hotter guns. Imvo since been
plitoed in position, no danger is appre
hended in the next struggle.—Jackton
Ijurg. It seems that activo operations,
for us, nt least, are about lo 00m-
Mence. M. D.
Religious Notice.
iRishop Geo. F. Fierce, will preach in
Die Alethodisi Church on next Sunday
®orning.
Slay" Tlie services at, St. Puffer's church
for Easter Sunday will boas follows:
Morning Prayer at (ij o’clock—second
Appeal.
l’ci.moAi. Prisoners.—An arrange
ment Inis been effected between our
own inn! tlie Commissioners of the
Northern Government, by which all
f jolitical prisoners who Imvo heretofore
jeon permitted to return to thaw homes
on parolo are to he regarded ns regu
larly exchanged. Tiiis arrangement
. . will he gratifying to a large number of
Jirvice at iUJ, and evening service at prisoners of this class, who havo been
1 o'clock,
uilicinte.
Rev. Dr. Quinturd will
BSaX" Our young friend 11. K. Shack
elford showed us a Valise 'of his own
manufacture, a few days since, which
Jvns about the best' article of the kind
N'ohnvo ever seen. It was made en-
hrely of heavy sole leather, and mndo
to last—every stitch put in right. Or-
tfors solicited, ns lie only makes them
to order.
8®'-Dr. Qidn turd's Jtqysp lias strayed,
or the return of which tho finder will
,0 liberally rewarded. Seo notice,
^ Joy- stop -Hie thief, Seo ROtiPO fn
vJU t' e ' v «t'd for u stplpj) horse,
sent home to secure their own exchange,
or paroled to return North in a speci
fied time. All tiiis class are now un
conditionally relieved front the provi
sions of their parolo. .
Tlie Memphis Bulletin says three of
Admiral Porter's gunboats readied
Yazoo river by ilunflower route; and
hud readied Greenwood also* It says
the Fcderals hud abandoned the un
dertaking of forcing a passage, and are
retiring.
Tho levee at Yazoo Pass will ho cut
away with tlie hope of drowning the
rebels out- of Fort 'Pemberton.
Tlie deputy auditor of Indiana and
two memhors of tlie legislature liave
been arrested al Salem, ind., for cheer
ing for Jeff D.jvis.
Tlio Asia, with Liverpool dales io
the 14tli,.has arrived. .Mason was still
itul of tlio country'against the Confed
oincy, and in favor of a reconstruction
of the old Union, however laudalilo
tlie motive, tlie act would ho most un
fortunate.
Again, if tlio cfl'Oct is to level the
emiit of all tlie States, to an equality,
without regard to tlio manner in which
ti.ey managed their financial ufluirs, or
the amount of debt now owed by cnd>,
it would ho gross injustice to those
States which nave conducted their af
fairs so wdl as to incur hut cne little
debt, nnd imvo maintained their credit
at the highest point,
Furthermore, if the endorsement of
tlio Confederate debt, hy tho States,
can only he productive of temporary
iq precaution of Confederate credit,
without ] emianent benefit, and must
bo followed by serious injury lo tho
credit of tlie States, tlio policy is un
wise, and shou'.d not he adopted.
Let us con.-ider whether those would-
not be I lie legitimate effects of the pro
posed endorsement.
At present, almost every capitalist in
tlie country, is the creditor of tlie Con
federate Government, nnd is directly
interested in maintaining its existence,
and sustaining its credit. 1 speak not
of individuals, hut capital is. generally
selfish, and sonlroled more hy interest
than patriotism. When wo have as
certained what will ho the interest of
capitalists we may generally have hut-
little difficulty in determining what
will ho their action.
Suppose the wliolo debt of tho Con
federacy to lmve leached one billion of
dollars, as it probably will have done
hy the time the States Imvo all acted
upon tiiis proposition, lt is not prob
able that capitalists, ns a matter of
choice, would prolor to credit our gov
ernment with a larger debt than this
hanging over it. But having already
invested this enormous sum, if they
feel that their only licpe of pay
ment rests upon the succpss, und per
manent establishment, of the Confcde
racy, and it becomes nocossary to in
rest another billion, to establish the
tlie Government und avoid the loss of
sum already invested, interest will
prompt them to stand by the gorern-
ment, sustain its credit, nnd make fur
ther advance if they lmve tlie means.
But suppose at this period, all theatuies
indorse the wliolo debt, or each indor
ses'its proportion of it, wlmt effect will
tiiis have upon tlie mind of the capi
talists '! if prior to tlie net, he looked
only to tlio Confederacy for payment-,
mid having now obtained tlie legal, as
will ns moral obligation of the individ
ual States to pay, ho is satisfied that
tiiis secures tlie debt, ids interest.' in
the permanent success o'' tlie Confede
racy census, iind he looks in future to
the States for payment. If after this,
tho old Union should lie reconstructed,
and tho States of our Confederacy
should return and become memhors of
it, tlie capitalist is'not left to look' to a
Confederacy no longer in existencee for
payment, nor to icly on tlie tlie obliga
tion of tlio States, to assume and pay
the debt, but. he rests upon the solemn
legal endorsement ot the individual
States, which would be as binding upon
them in one Confederacy as another.
The capitalists having tails ohtaiued.lhe
solemn indorsement of the States, for
a sum us large as they could reasonably
be expected to pay, would naturally
desire to prevent an increased Lability,
on the part of our debtors, the States,
which would weaken tjjeii' ability to
j ny, nnd might in" future cause tlie
people to throw off tlie wliolo burden,
on account of its accumulated weight.
Knowing, in other words,..that it is pos
sible to morense the debt to an amount
buke the dnstordly deed. Sooner than
reunite with those rfow seeking to en
slave us, nnd under the name of Union
with them, become, with our posterity,
hewers of wood nnd drawers of water
for them, let us submit, with more
than Roman firmness, to the devasta
tion of our fields, nnd, if need be, the
extermination of our race. But let us
do no net hastily, which, however pa
triotic tlio motive, nmy tend to array a
powerful class in our midst against tlio
Confederate Government. While,Geor
gin with tho dignity of a great Stnto,
should firmly uinintain her reserved
rights, und it' need he. restrain the
Confederate Government within the
limits assigned it by the constitutional
compact to which she is a party, sin
should stand hy it, confined within its
constitutional limits, with an unyield
ing Uolermition to sustain it at every
hazard, ns well against injuries inflict
ed hy tho injudicious action of impru
dent Blends, as against the thrusts of
domostic enemies, or the herculean as
saults of foreign foes. The future hap
piness of her posterity is firmly linked
with tlio Confederacy. Thousands’ of
her sons liave nobly immolated their
loves upon its altars, and tlie tens of
thousands who survive should seo to it
that no rude hand is uplifted against
it, that no false nolicy undermines its
foundationv, and that no. usurpers de
stroy tlio beautiful symmetry of its
mnanificerit structure.
Wo should not only sustuin the Con
federacy Rtall haztuds,' but wo should
ulso sustain the administration.. Wo
may differ from it oh canstitutionul
questions, or questions of policy. Sucli
is (lie nnturo of tho hutnun mind, and
such the variety of human intellect,
that no two honest men were cver fully
agreed in every -sentiment. As long as
freedom of thought und freedom of
spoecli exist, we should have the inde
pendence to express our dissent from
what wo consider tlio errors of 'our
lulets, nnd they should have the mag
nanimity to tolerate the difference.—
But while we contend earnestly for
whut-we consider sound principles we
should do no aqt which can seriously
embarrass the administration in tlio
prosecution of the war. In tny judg
ment tlie proposed indorsement would,
in the end, array a cluss of capitalists
ngainst the Govorr.ment which would
amount to serious embarrassment.
urging tlio recognition of tlie Eoulh, I so enormous, as to drive a peoplo to repu--
Ulgtllg VHV I VWUglll Utlll Ui VIIG >;uuit<|
and claiming the nullity of the block
ade.
Tlie emancipation society of Mnn_
diation, they might prefer to take their
chpnces of payniont of, one billion ' of
dollurs of State clebl, m tlio .old Cpnfede-
Chester iind sent a protest to Earl Rus" racy, rather than of two billions in tlio
sell, against fitting out vessols in En- 'new. Hence it would be then* inter
gland for tlie rebels. He replied that
evidence on oath was required to ena
ble proceedings to ho taken,
-The ootton market elosed buoyant
with an advance of liu,lf a penny.
Bread stuffs steady.
Income qv tjik Prince and Princess
of Wales.—In tho House of Commons
on the lUtli, Lord Pulmerstan intro
duped a resolution making, provision
for tiio Prince of Wales. IIo explain-,
od the prince’s income from tlie Duchy
of Cornwall, &o., was £60,000 sterling
per annum-, and it was proposed to
raise this to £100,000, with ap addi
tional £1.0,000 for the Princess of
Wales. Tho proposition passed unan
imously. Tho Ijondon journals all
approve the vote *s moderate and ju- SS5“ A Yankee officer remnrkod the
dicious. other dny.in Nashville; that !‘thequick-
The cbrpQyivtiotj of Loudon has voted est way to tuko Richmond would be to
.fi 10,000 sfei'linfi fop a present to tho send Stoko’s cavalry there and they
Princess AIf-'NdmtPfa. j would steal jt ip twenty-four fiduys,”
8©"Ladies throughout South, -are
requested to interest themselves in the
culture of the Garden poppy and thus
render the Confederacy essential ser
vioo. Tlio jufoo ey,trateii from punctur
ed capsules, when sufficiently hardonod,
should be carefully, put up and forward
ed to tho nearost Medical.Puvcyor’s De
partment.
est to oppose the appropriation of tlio
second billion of dollurs, to prosecute
the war for the establishment of tho
Confederacy, and to advocate a recon
struction (or tlie purposo of securing
an early peace, and of stopping further
expenditure, that they may save what
is already owing to them.
The rivora of blood which have been
drawn from tho veins of our fathers,
brothers, husbands, sons and other-rel
atives, by the hands of our cruel one-
mies, form an impassable gulf between'
us anil our wicked invaders. IIow can
wc again shako hands with them over
the slain bodies of our loved ones, nnd
again embrace them in fraternal rela
tions ? Wore Georgian, to do this, the
blood ot their bretlierii, who hove fall
en martyrs to ouy glorious cause would
cry to t|ip(p from the grpu|id, and re-
Agniu, it ccnnot bo denied, that
some of tlio States havo managed their
financial affairs hotter thun others.
Some liave submitted to tho necessarv
burdens of tuxation, and met their
liabilities as they were i v curved, while
othors lmve added much of thsm to
their debts. Hence, tlio debts of BOine
uro mucli.lnrger, in proportion to-their
resources, than tlio debts of others.
The oonsequenoo is, that tlie credit uf
the State that has the greatest resources
mid the least debt is worth most in tlio
market. But, suppose all tiic States
indorse tlie.immense debt of tlio Con
federacy, wimt is the vesult? As eucll
State lias its own individual indebted
ness, nnd would then have assumed a
legal liability for the debt of tho Con-
feOerncy ; tlie credit ot euclt Slate is at
once placed below the credit of tlie
Confederacy ; mid as each would then
be liable for as much As it could reason
ably be expected ever to pay, tlie credit
of tlio respective States would be placed,
not only at a low point, hut very nearly
upon a level with each other. This
would be injustice to those Stales wliioli
lmve nmintuined their credit at the
highest point. Take for instance our
ow« Stute.—It may bo truly remarked
without disparagement lo other States,
thut the debt of Georgia is less in pro
portion to her resources, thun that of.
uhy other State in the Confederacy, or
indeed any other upon the continent.
The oonsequenoo is that her credit is
wortli a higher premium in the market
limn tlie credit of any other State in
tlie ConfeUerney. Her people are there
fore entitled to the benefits of her econ
omy, her wise management, and her
fm-seeing statesmanship. If sho and
tho other States now indorse the Con
federate debt, her credit, is at once
pluoed upon a level with Confederate
credit, i! not below it, nnd very nearly
or quite upon a level with that of nil
the other States. The result is, that
the poople of tho other Stutes reap the
benefits of her belter oredit, to which
the people of Georgia ure alone entitled.
This would be injustice to the people of
Georgia, nnd to her creditors who have
i invested in her securities and aro en-
! titled to the benefits of her superior
credit in tlie market. If it is said, her
1 people should make sacrifices for tlie
| common cause; I reply, that no Stuto
1 lias responded more promptly to every
call tniiie by Confederate authority for
men, money or other assistance, and
that she is ever ready to comply with
every constitutional obligation.
Having shown, I trust, to your satis
faction, that the proposed endorsement
would place the interest of tho capital
ists of the country, in the scale, against
hazarding further appropriations for
tlio establishment of the Confederacy ;
that it would ho productive of injury to
tho credit of tlio individual States, nnd
of injustice ns between tlio States them
selves ; I now proceed to inquire, whe
ther, if we waive these objections, it
could be productive of the permanent
benefits to Confederate credit claimed
by its advooates.
Before proceeding, however, It is
proper that I remark, that the advo
cates of indorsement are not agreed
among thomselves, and that two plans
are proposed. One proposition con?
templates a general indorsement of the
whole debt of the Confederacy, by the
several States; eaeh to be liable in pro
portion to its, representative weight in
Congress,
The oilier, which may, I believe,
properly bo designated tlio Soutli
Carolina proposition!- proposes the in
dorsement of 8500,000,000 of tlio bonds
hereafter to ho issued hy the Confed
eracy ; each Stato indorsing its propor
tion of the bonds, on tlio basis of its
relative representative weight in Con
gress. Tlie latter proposition is to my
mind the less objectionoblo of the two;
as it does not, hold out tlio temptation
above men Honed to capitalists, to
whom tlie present deut is owing, to
favor tlie reconstruction or tlie old
Union, to prev > 0 reaso of debt
lo maintain the 'stenn- of tho
( • feSoracy. *
The iidvantni for both
impositions av Mu.siantinlly
1 lie same. Th- of which is, that
the proposed •i-M-ment would roas-
suro tlie confiiti nco of capital, in Con
federate credit, nnd cause its invest
ment in tlio bonds of the Confederacy,
in zniLunts sufficient lo fund all treas
ury notes issued in redundancy of
healthy circulation ; and thus reduce
tho circulation to'mi amount only nec
essary to meet tlio logitimnto commer
cial demand for currency.
This looks well on paper; nnd might
work well in practice, if there were
enough surplus capital in tlie Confed
eracy, to oonvert hundred dollar bills
into interest hearing bonds, nnd lay
• hum away as investment, as fust as
nil the paper mills in tlio country can
make tho paper, nnd nil tho engravers
can print upon it the likeness of circu
lating medium, and ail army of Gov*-
eriinient clerks can sign these promises
to pay. But hero lies the difficulty.
Whatever may bo tlio confidence of
capitalists in these securities, the coun
try, devastated ns it is by a destructive
war, cannot yield surplus capitnl for
permanent investment, ns hist as hun
dred dollar hills, or thousand dollar
bonds, can ho manufactured.
Prior to tlie commencement of tho
war, 1 tlio surplus capital of tlio South
was invested in .Stnto Bonds, Bank
•Stock, Ruilreod Stock, Bonds of Cor
porations, &c. Since Hint time, most
of tlio surplus has been invested in
Confederate Bonds; and our peoplo
liave not non, prdbirnlyAtne half of five
hundred millions ot' dollars they can
spare to invest in any securities, liow-
ovor desirable. This measure might
afford partial and temporary roliefjby
inducing some cnpitr.l not now employ
ed, to seok investment in thoso bonds.
But if the war goes on, and the Gov
ernment is under tlio necessity of issu
ing- two or three millions of dollars a
day, of its notes, for tho noxt one, two,
or three years, it must be admitted,
that ive have not the capital to absorb
them ns fast ns issued ; and tho indorse
ment could only cause u temporary
suspension of tho depreciation, which
must follow our over issues; for the
ultimate payment of which, no adoqunto
provision is being made.
Tlio advocates of tiiis plan also con
tend, that tlie Government could fund
the debt at home, ut a heavy premium,
in its favor, after tlie indorsement,
basing the calculation upon tlie fact,
that State credit is now wortli a largo
premium, when compared with Con
federate.
To show the fallacy of this conclusion,
it is only nooessnry to inquiro, why tho
bonds of tho individual States com
mand this premium. Tho debts of
most of the States, aro now small, com
pared with their resources, and their
ability to pay ; and capitalists naturally
conclude, that in case of failure of the
Confederacy , or ultimate repudiation
by it, tho States would pay their indi
vidual indebtedness, resting upon both,
legal and moral obligation, in prefer
ence to their indirect indebtedness
resting upon moral obligation, with no
further legal obligation than that their
people submit to such taxation as may
be imposed by Congress to raise tho
money to pay tho debt. Georgia^ sev-
on per cent, bonds are said to bo worth
40 per cent, premium, in currency, ir.
the market. Why? Beeauso her
resources are groat er dehtsmall.
Increase her imie -i oono hun
dred millions, ai ' mm* will conso
to •» inland a prei- IP we adopt
either of the propos p is, the debt
1 may soon exceed tl,.- sum. When tho
Stutes have committed themselves to
the policy, and have indorsed tlio
present Confederate debt, or havo
indorsed $500,000,000, (hoy must ex
tend their indorsements os futuro exi
gencies may, in tho opinion of the Gov
ernment require, until they have in
dorsed all future issues to be made hy
the Government. The advocates of
tlio plan will havo much stronger
reasons for claiming tlie extension,
when the States aro once com milted
to tlie policy, than they now have for
claiming the first indorsement. It is
like a whirlpool, from which, when tho
States have ones placed themselves
within its power, there-.is no return.
When the amount indorsed becomes,
as it soon must. nn enormous sum, tho
effect of the indorsement will bo to
bring down Stuto credit, even below
Confederate erejljf, and not to bring up
Confederate creilit to the present level
of State credit.
It is again said, that - the proposed
State indorsement would enable the
Government to negotiate its bonds
abroad, at a premium, and that there
is a sufficiency of foreign capital, to
absorb all our issues. The "sufficiency
of capital in Unit -inse is admitted ; but
tlie inquiry is, would indorsement in
duce its invsstmont in these bonds, ot
a premium, or ut pur, or oven near tp
par?
■ W« are engaged in a gigantic war,
Qiir r>m-is are jjjockaded. The great
powers of Europe rel'u-e, even to rceog-
Cuaidudcd mi f-'fiiih P'i;/e. " . -
