Newspapers / The Durham Recorder (Durham, … / Aug. 31, 1864, edition 1 / Page 1
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1 - A. f WW THE CONSTITUTION AN I) T H K L A V S-TTI E GUAR D I AN S.OP OUR LIBERTY. Vol. XLV. HILLSBOROUGH, N. C., AUGUST 31, 1864. No. 2261. mm NT finances of the Confederate States, Gov. Bonner of 8outf Carolina, bat publiahed the followinjf litter from (he new Secretary of Uie Trea- .....a 't.. ...I- 1. - . . I . I..... t ' L! uij, iii tyij iv ipngisiuiawrf iciicr irura uiw elf : . ' Treaaury Department. CM. A ' Kirhtiiiii(I,Aiiguil5, 1864. To III) Excellency Gov. Bonham Dkar S;r: Yur very kind ami encouraging letter of 30th ulu. was received yesterday. If it Khali prme to be my happ'y fortune, is ft mif nihil r at in. an v degree t the welfare of 'my coun try, I shall be mure than compensated for all the labors and anxieties to which 1 have been appointed. Expressions of confidence Hint good will on the part of my fellow citizens, such as you have been good enough to convey to me, are most grateful anJ encouraging. I regard the Treasury oi me lonieuerate Males as most peculiar ly the treasury of the people, and there is nothing in the power of man that would oon rrtiore it to a condition of ease and prosperity as the universal-and generous ioipiMiiti our people. Ihere i nothing iu its prrsent circumstances to. inspire alarm, but, on the contrary, every motive . Ir coriuueoce. An all pervading cause ol embarrassment and distress has been the character of our legislation, However pa triiilically intended. It is not to be denied . tht llnineaures adopted by Congress lor the reform of the currency had the uuhap pv eJfcct of inspiring the public mind with feelings of fear and distrust as to the course that would ultimately be pursued in rela tm i t.i that part of ihe public debt that is represrnted bv the Treasury notes. Ap prehensions of ultimate repudiation crept like an all-pervading poison into the mind of the people, and gieatlv circumcnbri! and rfimmikhed the purchasing power of the notes. There were many distinguished and pa triotic men in Congress, who earnestly be- lieved Hut the great, if nut lw? sole, evil of the? cuirency, was to be found in its re dundancy alone. And reasoning from tlii premise, they inferred that a ci respond ing reduction of this large volume vl the - purchasing medium, w-uuld produce an immediate reduction, in the price of all saleable commnditiea. Others entertained a diJTeienl opinion, and believing that the purchasing power and value of these notes nail a critical ami stnsitivr impendence upon the confidence aod g'od will of those who were callrd upon to exclane tneir Mibtance for thrni, insisted that a reduc tion vf the quantity, by any measure that dlstoibcd the confidence td the people in the good faith of the Government, would lead in universal distrust and stilt greater depreciation. The majority was unhappily found to be ol the firt opinion ; and it must now uni versally be admitted, I think, th.it the pot icy that prevailed was erroneous, and the consequences precisely such as bad been nredcted bv those who opposed it. The immense reduction eflected by the tax of olj per cent, levied hp.n the currency, aad by the process of compulsory funding, produced very little effect upon the prices .. of commodities. Ever bod v regarded with distrust a new issue ( notes of the same ihatacter as the lt, and resting fr their ."support as a circulating medium upon the ' - -.l-.t.. u ! I...I ..l...l .... pointment before. That this i the true difficulty we have t encounter, I think every can-fid person must nw allow, and 1 cannot refrain from indulging the liNpe that a new and sounder policy will govern oar future legislation. The patriotism of Congress is not to be called in question, nor are we at liberty to doubt their will'mineis to renounco any policy that may be proven, by cxpeiience, to be erroneuus and mischievous. Our pen Die at the same time, should not be-silent. and in this reiptct the patriotic citizens of me great ana suacrinc Commonwealth ol v irginia nave set a noble example. On ray arrival in Richmond, I found that the commissioners of prices had fixed the schedule rates far wheat and corn at 930 and $24 per bushel, respectively, for the month oi August ami September; The feeling of disappointment and alarm, with winch l was inspired by this circumstance, you. can easily imagine. This painful feeling was, however, soon changed for one of renewed confidence and hope, by tne larmersul Virginia. Public meetings were held in the agricultural counties, and resolutions adopted, boldly avowing the impossibility 'of maintaining the public faith, if-the Government were forced by the people to pay such prices for supplies. and patriotically insisting upon a reduction ol the standard rates, and their 'establish ment upon a basis sufficiently low to in spire confidence in the currency. The result was,, that the commissioners re-as- semhled and reduced the schedule prices to C-l 1... r .k- .U f 4 .. ." v. iui wrcill lur UIC IllllllWI VI ."VUgUSl, T11IU 55 for September. A wiser and more pa triotic course was never pursued by, any people, and I would respectfully appeal to you, as Chief Magistrate of our gallant and pairmuc state, tu sorest and encouraze similar meetings and resolutions, on the. part of our own people. I have an abidin m I m m m m . connnence that a general and well estab- a I I L I '. usneu ocuei in tne intention oi Congress, under no circumstances of temptation or trial, to shrink from the observance of 'the most rijid gnod faith- in the m'onev dealings ofjhc (internment, will enable us to over- come all our financial difficulties. That such is ther real intention, I cannot doubt; but this determination should be encour ajed and lupported by the public declara turns uf our pe ptvexprcKsive oi their own resolute will to loiter the credit or tne (in vernment by the tstablishuient of low pri ce, and bv the patriotic support of its Treasury. Whatever differences of opin- t i . i ion may nave esis;eu in tne pMi, or wnai ever errors may be supposed to have been committed, may now be buried in a com mon grave. UV are makin a new strrt hi our finances, anl under circumstances by no means unfavorable or discouraging. The expenditure of the Government are of two classes; those incurred abroad, and thoe incurred at home. In respect of the first, there has hitherto been little embar rassment, nor is il r re any reason to expect greater difficulty in the future. Oar fo reign supplies will probably be procured without nuking any addition to the pub lic debt. The malice of onr foes having raised the price of cotton to30d. per pound in huropean markets, while the deprecia tion of ou r currency enables us at the same time tu buy at hum at less actuatly than 4 1., it is ptainly seen that it can be no dif ficult task t draw I rum our enemies, and from the complacent spectator ol this atro cious war, (he mean of supplying alt our foreign wnts. ' 1 his would leave us, tnen, onlv our domestic debt to deal with, and when it is considered that all -that is asked of our people, and all that the Government is canon upon to pay lor, is simply uieir surplus productions, and their services in trnsporiatioi and mechanical and nthei laboii, who can doubt the ability of the people to bear this burthen r If they gate all that is asked, without compensation, they, would give at best no more than their surplus, and would be no poorer lor the tfi. Ho, then, can their condition be nude worse by receiving the money and the boods of tne (5oyrnment, ta place of receiving notomgf I hope, my dear sir, that you mav azree with me in the opinions and sentiments have expressed, and nay join with me in the effort to give a new and generous im pulse to th public sentiment upon this ci eat topic of our national affairs. , I do not think that planters and farmers should alone be called upon to uechre in la tor of lower prices ; manufacturers, railroad companies, and every creit interest of the corntry, iho lid contribute to this reform. Lit ci cont.nt ourselves with more mode rate prices and kep down the public debt; and not by extorting the highest prices, swell the nub!ic burthen and disturb ur confi tence in the virtue and th resources of tV Government. I remain, dear lir. youri, withctxatrcrpect, ; C. A. TRENHOLM. Another Letter from Secretary Trenholm. The Augusta Conslitutiondut publishes the lollowinyr letter froth the new Secreta ry of the. Treasury : , Treasury Department, C.8. A.,? ' Kichmonil, Au?. 15lb, 1864. 5 Campbell Wallace Esq., President, Augutta, Ga. t Sir: I am greatly obliged by your let ter of the Bill inst., which is conceived in the true spirit of a patriot. - Jf the peoole stand, by the Government and encourage Congress' to do their duty manfully, there is not the slightest danger about the public debt. Our people are committing air act of great folly to bi buying property of all kinds at ten times what it will bring when the war is Over, while foreigners are buy ing their 6, 7 and 8 per cent, bonds and carrying thtem abroad. These bonds will bring more in specie when peace comes than Uiev are bringing now in currency, and we will have to pay these strangers in lull whether we wish or not; whereas, u we kept the bonds at home, we would get back all the taxes collected to pay the in terest. I am trying to pay for all the fo reign supplies out of the profits on cottun, ana we have nothing to buy with bonds and Treasury Notes but flour, corn, meat and manufactured goods,' and. to pay trans poitaiion to railroads. If. we break down uQiler such circumstances, it will be our own fault, and we will deserve nobody's compassion or sympathy. . , Yours, respectfully, G. A. TRENHOLM. Sccietary of Treasury. . From the Augusta Chronicle and 8entinel PeaceSettlement of the Question The ; Future. Sime months since we stated tha't a de cisive victory of one of the contending par tie 'over the ther, in the great struggle that now shakes this continent, waf not to be looked for. Ve did not suppose that the North Could conquer the South. The South did not propose to conquer the North. A great battle in Europe'some times settles the fate of a dynasty. The territory of an empire Iui been won or lost upon a single held. Waterloo was the spot where the throne of Napoleon was crushed, never again to ue raiseo up in nis uay. nen nc empe ror saw in the gleam of the settinj; sun the Old Guard recoil, he drove his golden spurs into the flanks of the good horse that bore him, aod would have plunged into the bro- . ..... 'i,i- , Ken columns tnat nui never laueu mm do fore, to rally them for one more desperate charge. A uithtulotiicer caught the reins and prevailed on him to quit the field. Al! was lost. The ere that w tne sun o AusterliU rise upon the field where two L! r i s.. : k,t- ninuerors latru ouimmcuu iii u.nnc, uau seen the last beams of the day-god gild the helmets of Wellington's Guards as they came sweeping over the flying columns o ii. . a. . . a . . - a a me uei uoops oi trance, mc v .Napoleon Jiud closed, ror him there was the ruck atid the vulture. For France there was a restored Bourbon and peace The war raging bitween the rent States so recently united under one government t. .... a rn.l. lAmniii it inn a mm. imi IIAIC II" BUVI I VI lillil l". IIIV Ol mies of the North beaten and destroyed . . . -.. .. . i. . - ti. rise anvil ami rrncw wic cnouici. aiic South is struggling for existence and wtl not yield. Two great people, sprea.d over tli-! ointment ot North America, speaktnj the s sine language, with the same religion laws, and traditions; are not separated by any great stream like the Danube, or the Rhine ; nor by a mountain range like the Alps or the IS renees. The contest might be interminable if lilt to the abitrament of the ordinary laws of war. The populous North with .all Europe to recruit from, might renew the struggle after the loss of every -campaign. The heroic South, plant in itself in the moral Thermopylae where it lifts its banners to-day, asserting its right to govern itself, and inking everything upon the issue ; resolved to achieve its in dependence, or to perish, is tb.vjtutel un- cenquerauie be brought to a close ? We asserted Ions ago that this was to be accomplished by a political revolution at the North. By the overthrow f the Black Republican admin istration. By the triumph of the censerva- ive men of that section.' By bringing in o power that party which for so many years maintained an unequal struggle against overwhelming numbers for the. supremacy of the constitution. This idea so earnest- pressed by us upon the country, last winter, is now receiving the assent of a arge part of the Southern people. The importance of the great struggle between parties in the United States begins to be ' appreciated. It is high time. Fortunate- y a periodical revolution is provided lor. Every foufryears the dynasty may be chang ed. The actual policy of the government may be modineu reversed. Every one connected with the Executive Department may be dismissed from.power. Some one will, within the present month, be brought orward as a candidate for that high place which Mr. Lincoln' has degraded; some one pledged to a new policy; some one committed to a settlement of the great quar ref between the North and the South. Ev erything is hopeful. The failure of Grant's campaign has spread dismay throughout the ranks of the Administration party. Sher man is in a critical situation. Defeated, driven out of Georgia, this would seal the fate of that odious power in the United States upon the ruins of the republic. The treat political triumph in November would begin to throw its inspiring light over the dark waters of strife. If armies still kept the field they would rest on their arms. They would await the issue. They would hush the thunders of artillery, and the rat tle of musketry, to witness the result of . i ..!. r- l i mat civic iriuinpu which me menus oi con stitutional liberty were about to achieve over the man who had borne ..the very im-. personation of faction to the bad eminence frim which he has for four years directed all the energies of the government to the. overthrow of right, of law, and of freedom. There would be a ceasation of hostilities. The defeated columns of the Black Repub lican Administration would scatter. The inco ning party would at once begin to mature their plan of pacification. This is the great question that rises be fore us in all its vast proportions. How shall peace be brought about ? What shall be the terms of settlement? No question affecting the rights of roankiad of greater magnitude than this has ever been discuss ed. Of course a settlement with the pres ent administration of the United States Government, is out ot the question. The ground assumed by Mr. Lincoln in his last extraordinary proclamation " to whom it may concern," is intended to shut the door up t:t any settlement. It amounts to nothing more inan iiemauu iur an uiikuuiuvui surrender on our part and an abandonment of our slave property. Such a plan will never be considered. , It is not intended that it should be. The piMtion assumed by the President of the Confederate States on the other hand, is one of simple independence. It demands a recognition of our Government, absolutely and unconditionally, without terms of aoy sort. Of course that is the object of the struggle. The United States Government must disband its armies, and renounce the right to coerce any State. That monstrous pretension must be aban duned. But suppose our independence conceded; our Government recognized. There are other questions to be settled. What are to be our boundaries ? The North might consent to recognize our indepen-f denceand settle upon the basis of uli pot tidelit. This of course is inadmissible. Other questions of equal moment are to be considered and deposed of. The relations of the two people to each other commer cial urangemcn: the freedom ol cer'ain stresTis. Arid vci maoy matters of the lar;:at interest, flaw shall thisa bf dis pjicJ of? din tfipW-cy Jjras.i them? Ar they suvc pliV.e of r.,hlfnie"tby 'he CisfHsrite (i;'ewri?sr. r? r.rt- the - ....... . - How then shall this g?ntic war, whWi I win ? Yf jrv? e n iv ntiav of hat now raged for more than. three ycius.lt'iii tuSj"Cl in s."n? fjur; rrtiJci, Tj'e
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 31, 1864, edition 1
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