Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-11-01
FROM sECEssIA.
Financial Distress OF tho Rebels
The Confederate Administration
DIscredlted.
From the Richmond Whig.l


There is a growing feeling of uneasiness
in the country regarding the conduct of
our affairs. Many letters we receive nd
monish US of this fact. One correspond
ent goes SO fur as to say, that his feeling of
uneNsiness is augmented BY the silence of
the press. For months, while the War De-
partment was in hands utterly incompe-
tent, rot n murmur of complaint found its
way to the public ear, through the columns
of the papsrs. The apprehension exists,
in view of the sluggishness of our opera
tions, that similar projections still contiu-
ne, and are smothered over by the remiss-
ness of editors.
There may be something in this. We.
in common with the press and people, le-
ceived the administration with open arms
and unbounded confidence. We all felt
that our destinies were linked with it. We
had faith in its zeal; we had an aversion to
distressing its capacity for promoting our
common wishes. The deplorable conse-
ouences, which resulted from the mistaken
confidence in the War Department are
still felt, and may at this very time be
causing the embarrassments which shed
such n gloom over the land. There is,
however, another branch of the public
service, little less important that the War
Department, which attracts public attention
and cxcites anxiety; that which relates to
the WAYS and means for defraying the ex-
penses of the war.
1t is evident that our expenditures can
rot fall short of three hundred millions of
dollars. What expedients has the Secre-
tary OF the Treasury proposed by which
to raise this amount of money? We are
only aware of the 100000 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 soon; the $500
OOO, 900 trousury notes, authorized by the
| last session of Congress; and the direct
tax, which may Weld to Sis, OOO,O 900. This
, is the sum total, and on Its face it does
not reach one half of the inevitable expen-
/ diture. The failure to realize the loan for
the whole million proves, not 81 want of
! zeal among our people, but the absence of
money. No people are richer in property,
! necessary to the support of life, but not
! convertible into specie; and none have
I more valuable products, when the markets
! of the world are open, but worthless under
existing Circumstances. The Confedcracy,
except the Secretary of the Treasury and
Mr. DeBow, is conscious of its utter fail
ure The direct tax, when collected may
produce some fifteen millions. But that,
in connection with the State taxes, will
require more than the amount of money
in the hands of the people. The Banks
will be the only recourse, and they, to
meet the wants of the community, will be
forced to expand to a point prohibited by
their charters, and endnngering the worth
of their notes. The remaining and most
considerable item is the one hundred mill
lions of Treasury notes. Without this
item, supposed to be opposed to all MIR:
Memmingcr's financial views, he would
have not more than 20 millions with which
to confront fifty millions of expenditure;
with l., he can only muster 1875 millions,
leaving unpr0vided for a deficit of l75
millions of dollars.
1t will do no harm to look this difficulty
square in tie face. The war must so on.
1t will require large sums OF money. The
people, who have no money, are willing to
mortgage every particle of property they
own to feed, clothe and pay the army. But
how does the Secretary of the Treasury
propose to raise the missing one hundred
and seventy-fiye millionsF The direct tax
is already accounted for on the other side
the produce loan cannot be relied on for a
dollar: and any other mode of borrowing
is wholly impraClcable. The per cent
stock is not taken, neither would 20 per
cent.-and for the same reason, the want
of money or the conventional representa-
tive of value. 1t will not do to postpone
this vitul question till our armies are par
alyzed for the want of money, as they were
six weeks ago tor the want of arms and
powder. If Mr.. Memminger can fight the
war through without money, nobody would
be more reioiced at it than we would be-
But we do not think he or any one else can
achieve impossioilities. We know vast
sums will be necessary to work out this
great cause. 1t he has any other expedient
for raising these sums than by converting
the production of the country into curren-
CIV, it will be a great relief to know what II
is. Our conviction is, that if n wise fore
cast had been exercised in this regard, the
Confederate States might six months ago
lave had $50 or 200 millions to their cred
il in London, and our coast might now be
guarded at all points by iron plated ste"-
mers.
Slow coaches will not do in revoln-
tionary times. The Yankees are issuing
indefinite millions of treasury notes, based
ion nothing but the faint hope of our sub
iugation; and with them, though in COM
petition with sterling bills, they fancy they
will be able to wage successful war against
us. While VIC, who have cotton bales and
tobacco hogsheads, which possess political
rs we'll as financial value, to make the ba-
sis of the best currency in the world, re-
fuse to profit by them.
WE see it stated that the Pennsylvania
Railroad Company is Compelled by its
charter to carry freight for citizens of that
State at a fixed price, or within certain
limit. Under this arrangement Pitts