Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1861-10-30
,The FInanees or the Rebeln.



(From the Boston Advertiser)
One result of the recent movement on the
upper Potomac was, to bring into our posses.
slona copy OF the Leesburg (Va.) Washing
tonian Of October ia sound secession, Jour
nal, OF course. The following article contain
ing singular expose of the financial difficult.
les OF the rebels, is copied by the Washingto.
man, from the Richmond Wing -
OUR FINANCIAL CONDITION.
ihere Is growing feeling OF uneasiness in
the country regarding the conduct of our pub.
lie affairs. Many letters we receive admouish
us OF this fact. One correspondent goes SO far
as to say, that this feeling OF uneasiness is aug
mented by the silence Of the press For
months, while the war department was IN
hands utterly incompetent, not a murner of
complaint found It's way 10 the public ear
through the columns OF the papers The ap.
prehehsioh exists, that similar impertectiOns
Stlll continue, and are smothered by the re-
misSnesS OF editors.
There may be something in this We, in
common with the press and people, received
the administration with open arms and un-
bounded confidence. We all felt that our DIES.
times were linked with it, we had faith in its
zeal, We hdd an aversion to slrusting its ca.
paclty Tor promoting cur common wishes.
1Ae deplorable consequences, which resulted
partment, we felt STILL and may at this very
tlme be causing the embarrassments which
shed such gloom over the land There is,
however, another branch of the public service
Mite less important than the war department.
winch attracts pGblic attent on and excites
anxiety mat which relates to tie ways and
means Ior Il iraymg the expenses OF the war.
IS evident our expenditures cannot fall
snort OF three hundred millions of dollars.
what eXpedients has the secretary of the lreas.
ury proposed by which to raise this amount
Of money We are only aware of the loan for
SioOoOUOO, authorized by the congress al
Mohtgomery-of which only ten millions have
been taken the produce loan, which has
yieldeu only some thousand bales of cotton,
NOT yet sold, and not likely to be sold soou
the SlOOOOO,O0O treasury notes, authorized by
tiie last session OF congress, and the direct tax
which may yield Sl5,000,O00 This is the sum
total, and on its face it does not reach one
nail of The inevitable expenditure. The fail.
ure TO reatlze the loan for the whole of the If
teeh lllIloh proves, not want OF zeal among
our people, out the absence OF money Ma
people are richer IL property, necessary totle
support Oh NE, but not convertible into specie.
anu none have more valuable products. when
the markets OF the world are open. but value.
less under existing circumstances. As TO the
prouuce loan, we suppose every man in tin.
cohledetaey, except the secretary OF the treas
ufy ana Mir. DeBOw, is conscious of its utier
failure. The direct tax, when collected may .
produce fifteen millions. But that, in connect
ION win the state taxes, will require more
thah the amount Of money in the hands of the
people The banks viii be the only recourse.
am they to meet the wants of the community.
VIII De forced to expend 10 a point prohibited
py thelr charters, and endangering the worth
OF their notes, The remaining and most con
siderable item is the one hundred millions of
treasury notes. Without this item supposed
10 DC opposed to all Mr.. Memminger's Imam.
cial views, lie would have not more than %
millions with which to confront 300 millions Of
expenditure; with ii, he can only muster 125
miiiions, leaving an unproyided deficit of 175
millions of dollars.
II Will do no harm to look the difficulty
square IN the face. The war must go on. 1t
VIII require large sums of money. The peo-
PIE VINO nave no money, are willing to mort
gage every particle Of property they own TO
leed, -clothe aud pay the army But how does
the secretary of the treasury propose to raise
the missing It's millions The direct tax is
already accounted for on the other side the
produce loan cannot be relied Oh for dollar
and any other mode of borrowing is wholly
lmpracticable. If 3 per cent stock is not
taken, neither would 20 per cent-and for the
same reason, the want of money or the con.
ventonal representative of value.
1t will not do to postpone this vital question
I'LL our armies are paralyzed for the want of
money, as they were six weeks ago for the
want OF arms and powder. If Mr.. Memmin.
ser can light the war through without money,