Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-11
our Financial oond I,ion.

There is growing feeling Of uneasOess In the ccun
Uy rsgardng the conduct Of our public affairs Many
letters we receiSe admonsh Of this fact One
ponden goes far TO say, that this feeling Of uneas
is augmented by the silence Of the press. For
mouths while the War Department in hands utterly
incompetent not murmur Of complaint found its way
to the public ear through the columns Of the papers
The apprehension exists in view of the suggishness Of
our operations that similar impeIfscons s, continue
and are smothered over by the remssness Of editors
There may be something in this. We. in common with
the press and people, lived the Administration with
open arms and unbouuded confidence. We all felt that
des,ines linked with it. We had faith in its
ZEAL had aversion to dstrus,ing its capacity for
promoting our common wishes. The deporabe conse-
queuces which resulted from the mistaken confidence in
the War Department are still felt and may al this very
time be causing the embarassments which shed such
gloom over the land There il however, another branch
the public service Tide less important than the War
Department which attracts pubic attention and excite
anxiety; that which relates to the ways and means
Tor delraying the expenses Of the war.
Il evident our expenditures cannot fall short ofthree
hundred millions of dollars. What e1pedients has the
Secretary of the Treasury proposed BY which to raise
this amount Of money! We are only Of the loan
for SI5 600 OOO authorza by the Congress at Mont
gomery-of which only 10 millions have been taken; the
produce loan, which has yielded only thousand
bales Of cotton not yet sold and not likely to be sold
soon the slOO COO treasury notes authorized by the
last session Of Congress; and the direct tax which may
yield Is millions Tbs ia the total and on its face,
does not reach one half Of the inevitable expenditure
Toe failure to reaz, he loan for the whole of the Is
If nla
but the absence of money No people richer in pro
pr necessary to the support Of e but not convert-
Die into specie and have valuable products,
when the markets Of the world open, but valueess
under existing circumstances. As 10 the Produce oan
We suppcs, every man in the Conf deraey, except tie
Secretary of the Treasury and Mr. De Bow, s conscious
Of it's utter failure The direct tax when collected may
produce is millions But that, in connection with the
Safe taxes will require than the amount Of money
IN the hands Of the p,cpe. The Banks viii be the only
recourse and they meet the wants of the community,
viii be forced expand to point prohibited BY their
charters and endsngerng the worth Of their paper.
The remaining and mos considerable item is the hur-
dred millions Of Trersury notes Without this item SUP
posed to be opposed TO al Mr.. Hemmingers financial
geWs, he would have not than 25 millions with
Which to confront 500 millions of expenditure; with il
he can only muster l25 millions, leaving unprovded
deficit Of It's millions.
Il win do no harm to look the difficulty square in the
face. The war must go on. It will require large sums
OF money. Tao people, who have money are willing
mortgage every particle of properly they to feed
eothe and pay the army. Blu. how does the Secretary
of the propose to raise the missing us moas
The Direct Tex Is already accounted for the other
side the Produce Loan cannot be relied for dollar;
and any other mods of borrowing is wholly impractical
ble II per stock Is not tAker neither would 90
p,r ceat-and for the reason the want of money
the conventional representative OF valus
It VIII not do to postpone this vital question till our
armies pAr zed for the want Of money they were
siI weeks ago for the want OF arms AMI powder. HMr
hemmLpger dght the war through without money,
uooOdy would be reoiced IT, than would be.
But We do not believe he any else achieve
imposs.bilies- We know vas: sums Of money will be
necessary to work this great cause II he has any
oher expsdient for raising these than by conver
ing the productions of the country into currency 4 will
be great relief TO know what IL is Our conviction is
that ~ise forecast had been exercised in this regard
the Confederate States might SIX months ago have had
$50 200 millions to their credit In London and our
east night now be guarded at all points by iron plated
steamers.
so~ coaches will no. do in revolutionary timesr TIE
Yankees are issuing indefinite millions Of treasury notes
based on nothing but the faint hope Of our subj ugaOn