The Finances of the New year.
The year which begins this day must witness a financial convulsion of very considerable magnitude in the Southern Confederacy.
Every man who observes public affairs, or knows anything about them, is convinced that some radical measure must be adopted by the Government
for supplanting the present paper medium with another that will approximate more nearly the standard of gold, and thus avoid the enormous expenditures of a deprecated currency, and the ultimate repudiation of the war debt.
It is hardly probable that any measure for the revivification of the present paper issue at this time will be matured and agreed upon by Congress.
We are satisfied that any such measure will be futile if adopted.
The Government cannot bear the burthen of it. It cannot substitute a new currency and bolster up the present at the same time.
The crisis demands the most decisive remedies applied promptly and skillfully.
The indebtedness incurred must be deferred until after the war, and a new and limited debt and a new currency must be put forth.
Nor must the Government
incur too much debt in the way of interest at a time like this.
To do so would seriously cripple its means for the war, impair its power to meet its liabilities after the war, and thus impair its credit and the value of any currency or obligation it may issue.
In view of these considerations, it will be better for everybody to incur no obligations that can be avoided, and those that cannot be avoided should be made for as brief a time as possible.
Bonds given now should be regulated somewhat in amount by the probable exigencies and changes that may occur before next January.
It is certainly unwise for a man to engage in a bond to mature then at present prices for anything.--Let the people maintain their own credit.
It is important to the Government
itself that they should.
The currency is no unconquerable obstacle to our independence.
It was not to the independence of our Fathers of 76.
It would be the will of all save traitors and misers that the whole of the present Confederate currency should be burned, if that were necessary to our triumphant defence.
But it is not necessary.
If the Government cuts
deep, and, taking care of its high responsibilities at this time, defers entirely its debt already incurred till after the war, its measures of defence and resistance will be invigorated, and we shall go through
the coming year with increased energy and success.
The public confidence at home and abroad in our cause, and the amount of force we command to defend it, will be stronger than ever.--The country, seeing the necessity, is ready to acquiesce in the boldest means for accomplishing this object.
We would be unworthy of the political and social blessings we are now struggling for if we were not prepared to make any sacrifice of money or personal comfort to secure them.
Certainly we would be foolish, and fighting against our own interest, to oppose the only means by which the Government
can shield itself against a mountain of debt, which must drive it to hopeless repudiation.