The Sun.
London, England, 1863-09-25 00:00:00

SOUTHERN FINANCE.

The length of this letter forbids my touching upon the
question of Southern finance, which has latterly attracted a
good deal of uneasy attention, and concerning which I will
hereafter lay full particulars before your readers. It is
sufficient for the present to state that it is altogether a mis-
take to measure in a blockaded country the value of the
currency by the standard of gold and silver which, as Mr.
Memminger has well pointed out, become as much articles
of commerce, when their outgoing and incoming are im-
peded, as tin and platina. Tho true measure of deprecia-
tion to which the currency has undergone may be gauged
by the price of real estate, and of such articles as wheat,
Indian corn, and bacon. Throughout the Confederacy
real estate may, at this moment, anywhere be bought
with Confederate currency at the rate of two dollars
for that which formerly cost one ; in other words, that
which cost 50,000 dollars before the war can now be
bought for 100,000 dollars. The price of wheat, corn, and
bacon, as compared with old prices, is in the ratio of 5 to
2, or, at most, of 3to 1. Nevertheless, under the influence
of artificial panic and interested inflation, it required, two
or three weeks ego, 16 dole. in Confederate currency to
purchase one dollar in gold. A conviction, however, that
when Congress meets next December, the further issue of
Treasury notes for circulation will be checked, the serious
determination to cope with this, the blackest cloud on the
Confederate horizon, and the return of greater confidence
to the unthinking masses, have again lowered the price of
gold in Richmond, which can this day be purchased at the
price of 10 dole. in currency for one in metal.
fenatoND, Sept. 7 (Evening).
P.S.—The intelligence, by no moans unexpected, has
just been received that General Beauregard deemed it
advisable to abandon Morris Island, or, in other words,
Batteries Wagner and Gregg, last night, upon the close of
the 59th day of the siege. It had been my impression that,
if the equinoctial gales had favoured such an enterprizo
and driven the monitors off the coast, an attack would
have been made upon the Federal works upon Morris
Island by such a force of Confederates as would have infal-
libly commanded success. But in view of the delay iu the
equinoctial gales, it has appeared to Gen. Beauregard un•
desirable to sacrifice many lives to attain an object which is
considered, after all, of little moment. The 59 days of siege
have made Morris Island into little more than the outer
crust of the defences of Charleston, and there remains in
Fort Sumter and Fort Ridley, and in the batteries upon
Sullivan's and James Islands, and last of all in the battery
or sea wall of Charleston itself, a system of defences which
all the military engineers in the Confederacy pronounce to
be impregnable.

It is true that, from Morris Island, shells will perhaps be
thrown into the city of Charleston, but persons who have
seen Vicksburg after months and months of shelling will
entertain little apprehension in regard to the damage
which, from a distance of more than four miles, can ba
done to Charleston. It seems to me that the disadvantages
arising to the Confederates from the loss of Morris Island
will be twofold. In the first place, of the two channels
which lead in,o Charleston Harbour, one will be rendered
impass ,ble for incoming vessels by the Federal batteries
upon Morris Island, and all the attention of the blockading
vessels will be concentrated upon the other channel. Se-
condly, the possession of Morris Island will enable the
Federals to make a large camp there, into which they will
throw any number of men, and thus threaten to beat down
resistance at Charleston by weight of numbers. This
danger can only be met by a step which is as easy to the
Confederates as is the withdrawal of troops from Washing-
ton to the Federals. In other words, the number of defen-
ders must increase pani passu with that of the assailants.
There is such disgust in this city at the depreciation of the
currency, towards which the introduction of goods through
Charleston has powerfully contributed, that I doubt whether
the capture of that city by the Federals would not, on the
whole, be acceptable to a majority. I ought not to forget
to mention that General Beauregaid brought all his guns
off from Batteries Gregg and Wagner. The siege of
Charleston is just commenced.

The only other notable incident of this day has been the
opening of the session of the Virginia State Legislature in
Richmond. The message of
i Governor Letcher has at-
tracted much attention, and, t must be added, hearty ap-
probation.