Brownlow's weekly Whig. [volume] (Knoxville, Tenn.) 1861-1861, 1861-10-19
Our Financial Condition.

There is growing feeling OF uneasiness In
the country regarding the conduet Of our pub
lie Affairs. Many letters we receive admonish
us Of this fact One correspondent goes 10
far % 70 say, that this feeling Of uneasiasss
IL engmsntsd By the silence Of the press. For
Hoaths, while the War Department. Was Ia
hands utterly incompetent, not murmur OF
complaint found lie way 10 the public ear,
through che columns of the papers The ap.
prehension exists, In view Of the slnggishnsss
Of our operations, thai similar impsrfections
still eontinue, and are smothered over by the
rsmissness OF editors.
There may be something In this. We, In
commoa with the press and people, received
the Administration with open arms and un.
bounded confidence. We all felt that our
destinies were linked with it We had faith
in its zeal; we had an aversion TO distrusting
its capacity for promoting our common wish
es. The deploFsble consequences, which re.
suited from the mistaken confidence in the
War Department, are still felt, aud may st
this very time be causing the embarrassments
which shed such . gloom over the lana.---
There is, however, another branch Of the pab-
lie service, little less important tba the War
Department, which attracts public attention
and exeites anxiety; tha, which relates to the
ways aad means for defraying the expenses
of the war.
H is evident our expenditures cannot fall
short Of three hundred millions Of dollars
What expedents has the Secretary Of the
Treasury proposed by which 20 raise this
amount OF moneyf We are only aware of
the loan for $4,000, 900, authorized by the
Congress at Montgomery-of which only ten
millions have been taken; the produce loan,
which has yielded only some thousand bales
Of cotton, not yet sold, and not likely TO be
sold soon the $l0e, ,0O0, 900 treasury notes,
authorised By the last session Of Congress;
aud the direct tax, which may yield hfteen
millions. This 10 the sum total, and on its
face, it does not reach one half Of the ineyit-
able expenditure. The failure to realize the
loan for the whole OF the 10 millions proves,
not want Of ssal among eur people, but the
| absence Of money. No people are richer in
property, necessary 70 the support Of life, bat
not convertible into specie; and none have
more valuable products, when the markets Of
the world are open, bnt Valueiess under exist
| ing circumstances. As 10 the Produce loan,
| we suppose every man In the ConfederAcy,
except .he Secretary Of the Treasury and Mr.
| De Bow, is conscious Of iss Rtter failure. The
direct tax, when collected, may produce Is
millions. But that in connection with the
State taxes, will require mere than the amount
Of money In the hands Of tho people. The
Banks will be the only recourse; and they, TO
meet the wants OF the community, will be
| forced 20 expand 10 e point prohibited by their
| charters, aud endangering the worth OF their
/ paper. The Remaining and most considerable
item is the hundred millions Of Treasury
notes. Without this item, supposed to be
opposed TO all Mr., Memmiager's hnaaeiai
4 views, be woald not have more than 25 mil
| lions with which TO confront 800 millions Of
expenditnrei with II, he can only muster las
millions, leaving an unProTided deficit Of IT3
| millions
Il will do no harm to look the difficulty
| square in the face, The war NEST 90 on IL
will require large sums Of money. The peo-
pie, who have no money, are willing 20 mGrt-
| gage every particle OF property they own, TO
feed, clothe aud pay the army. But bow does
the Secretary Of the Treasury propose 70
raise the missing IT'S millionsf The Direct
Tax Is already accounted for on the other
side; the Produce Lean cannot be relied on
for dollar; and any other mode of borrow
/ ing 10 wholly impraetleahle. II per cent
etock is lot taken, neither would 20 per cent
aud for tie Sane reason, the want Of money,
or the conventional representative Of value
It viii not do 20 postpone this vital question
| till our armies are paralyzsd for the want Of
money, as they were six weeks ago for the
want of arms and powder, II Mr.. Memminger
cea fight the war through without money, no.
body would be more rejoieed at Il, than we
would be. But We do not believe, he or any
/ one else can achieve impossibiIitiss. We
/ know vast sums Of money viii be necessary
1 10 work out this great cause. II he has any
ether expedient for raising theee sums than
hy converting the predictions os the country
fhto cusrsHey, - win be great relief TO know
whst II Is. Oar conviction is, that II wise
1 forecast had been exercised In this regard,
the ConiedeFats States might six months ago
have had $50 or goo millions 10 their credit
In London, and our coast might now be guar
ded at all points BY iron-plated sseamers.--
Rsekaoad RAis.