, 1861-11-05

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na1s ana n,eans ~ dafpapinr the exnenses Of
tpH Tsf.R r. R4 4sra,trr,. cannot .f.7,
shnrt of at +Sraa tnndrag Uar miIinns Of dolIars
Whaf e1nodie,ta =. has 4ha Sacrefarv IF *he
TreasnrT - nronnsad ~ 11 Wbich ia faise this
.mnnnt If vpvssS apneaS Il IL ara on1y aware Of the
1nan far s15 IN Nh authorized nv The Con
orssa at Mnntsos.,s,raNof 4eh;ch o3,1v I'm MI
};n.,s 1@,.e hss. ~, .+ha nTnSmce Inn which
hsn 1ia,asS ,r1w aa..a +henaand haIes of cot-
ton ~ vat se11 e1ya a,a mt Ii1e1v f he so15
soon ~ III e130 H1o nm treaanrv notes anthor.
:uu ;ad (, ~ th E.etv ef ro3araes and he
;rucr ~ w ~; s;ald 97ean mfI1;nns
.ot roech ona hs'S n' nf '+ba inevitable axnena;.
4Tre The fsii11a ia tn ~ ree1i1a he Ioan lar the
Eto1e ~ the t;ftesr m;II;one nrnvea mt a
want of zeal a,nnnS onT naon1e bM he absence
of nao1e,. M nrGs1e are rfcher In property
n.cessa;v to thee snnnort Of Hfe. but hot con
| TertibIe }nfo snec;e! ani3 none nave more vain.
| ah1e nrndncts. when The markets Of the world
| are 6ne,,. hut vs1neIcss under existinr c}reum-
| stances
As To the nroiuea 1oan. we suppose every
| man in the Goniederacy, except the Secretary
| If fho Treaaurv aud Mr. DeBow. is conscious
| of it's utter failure The direct tax, when col
iected. nav produce fifteen mllllons. But
that, in connection with the State taxes, will
REQUIRE more than the amnunt Of money in
The hands Of the people. The banks will be
the cnly recourse, and they, to meet the wants
Of the community, will be forced to expand to
point prohibited by their charters, and en-.
dangering the worth Of their notes. The re
naming and most considerable item is til
hundred millions Of treasury notes. Without
this item, supposed to be opposed to all Dir
Mem1ninger's financial views, he would have
not more than twenty five millions with which
to confront three hundred millions Of expendi
ture with it he can Only muster one hundred
aEd Iweuty- five millions, leaving an unpro
yided deficit Of one hundred and seventy iiY
millions Of dollars.
It will do no harm to 1ook the difficulty
square in the face. The war must go on.
| will E1pfr 1arf.a nT mn n
pie who have nc money, are willing to mort
gage every particle Of property they Own t,
feed, clothe and pay the army. But ROW doe:
the Secretary OF the Treasury propose to rails
The missing one hundred and seyenty.ifg
millions? The direct tsx is already account
, ed fcr On the other side: the pro;uea loa,
cannot be relied On for dollar: and any othe
mode nf horrowtnp js Ehoflv inrnracticab1a