Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1861-11-14
wThe Richmond whig Of late

~The Richmond Wing Of late
date gives an account OF the Financial
affairs Of the Confederaey. which looks
abOut as gloomy as could well be con-
eeived Of. It is hardly probable that
paper would make matters worse than
they are. On the contrary, we may
safely infer that the half has not been
told. The article is too long for inser-
ton. but from it we CLEAN the following
facts. The expenditures OF the war
are set down at $500, 600. 900. The
ways and means to raise this enormous
sum are thus set forth. The Congress
at Montgomery authorized a loan of
1915. 900. 900. OF this only SO. .o00,-
600 have been taken. The cotton loan,
which was to work wonders, has only
reached 1000 bales, not yet sold. nor
likely to be. The late Congress su-
thorized the issue of 500, 900. 900 Of
treasury notes, and q direct tax which
may yield $4,000, 900. This is the
sum total of receipts, and does not
reach one half of the expenditures.
The writer says: "The failure to
realize the $4,000. 900 loan, proves
not the want Of zeal among the people,
but absence Of money" "As to the
produce loan. we suppose every man is
conscious of its utter failure"
There is the truth at last. That won
derful loan of $4,000, 900. which was
to work wonders, not yet fully taken.
Cause why? Absence Of money. And
that still more potent Cotton loan has
reached the magnificent proportions Of
1000 bales, worth in ordinary times
about s $4,000. But il is pronounced
an cutter failure" Why? Because
"lhough of value when the markets Of
the world are open, are valueless under
existing circumstances" "And the di-
rect tax, with the State taxes. will re-
quire more money than is in circulation
among the people," As to the treasu-
ry notes, even Mr.. Meminger is opposed
to them. well knowing their utter worth
lessness; but even include them and
S175, 900, 900 are still TO be provided
for.
Yet "the war must go on" "Vast
sums of money will be required to work
out this great cause" 1.-THE Yankees
are issuing indefinite millions of Treas.
ury notes based on nothing but the faint
hope of our subjugation, while we who
have cotton bales and tobacco hogs
heads, which possess political as well as
financial value, to make them the basis
OF the best currency in the world, re-
fuse to profit by them"
The idea that the North issuing
Treasury notes on basis Of the subju-
CATION of the South, is decidedly rich.
By all means push on the war. At its
close there will be some other basis
found for the redemption of our Treas
ury notes, or money investments now
made. will prove not worth the paper
on which they are printed. As to the
political value OF cotton, we think the
day has gone by. King cotton will no
longer hold political power. Europe is
even now looking elsewhere, and with
great success. This will be one of the
fruits of this war. The financial value
of cotton and tobacco whereon to base
a currency, we do not see, inasmuch as
the writer himself admits the failure Of
the cotton loan, simply because it can
not be sold.
England would like TO buy it no
doubt, as well as the South to sell, but
until Uncle Samuel grants license, we
are very sure neither party will accom-
plish their ends; still "the war must 60
on"