The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1861-11-07
The ,p;unncia, rrsabres of the Rebels.

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The Financial Trsabies Of the Rebels. J
From the Richmond, Va. Wing
There is a growing feeling of u1->-.; :,
the country regarding the cr ae 49,, o,h
liz affairs Many Letter ADJUST Vi 1uI PIT
us of this fact. o. - we receive "uNioh t
10 u 80 Gov Ae correspondent goes so tar
90 nv >. - that this feeling is augment
~ - .ae silence OF the press. For months
nile the War Department was in hands u,ter-
ly incompetent. not muTmur OF coiIpialI'
found its way to the public ear through the col
nmns Of the papers. The apprehension exists,
m view Of the sluggishness OF our operations,
that similar imperfectiOns still continue ana
are smothered over by the remlssness OF eQltois
There NAV be something in this. We IN
common with the rest Of the people, received
the administration with open arms ana qliocuHu
ed confidence We all felt that our ceS'ln niI'
were linked with it. We had talth IN Us 20
we had an aversion to distressing us RI d9
for nronoting our common wishes. Inc Ge
,IorabIa consequences which resulted from the
mistaken confidence in the War department.
aro otiu felt and may at this very time De cauS-
49,? a. ornborrassments which shed such a
- fine land. There is, however, anoth-
3. b.arcb of the public service, little less IN
TENT than the War Department, which at
trocfs nublic attention and excites anxlety-that
which relates to the ways ana means LOT Geifay-
ING the expenses of the war
T. il evident our expenditures cannot fall
ebort of three hundred millions Of dollars
What expedients has the Secretary ofthe Treas
nrv proposed by which to raise this amount OF
nancy? We are only aware of the loan OF
9I5 coo OOOO authorized by the Congress at
Mon gomery-0f achich only ten millions hare
been taken the produce loan, which has yield
ed only some thousand bales Of cotton, mot yet
sold and not likely to be sold soon; the $780,
O0U,000 treasury notes authorized by the last
session of Congress, and the direct tax, which
may weld S15,000,0 900. Tbs is the sum total,
and on its face, it does not reach half the lnev-
liable expenditure. The failure to realize the
loan for the whole Of fifteen millions, proves,
not want of zeal among our people, IKE al
sence of money No people are richer in prop
erty necessary to the support of life, but not
convertible into specie; and none have more
valuable products, when She markets OF the
world are open, but yalueless under existing
circumstances.
As to the produce loan, we suppose every
man in the Confederacy except the Secretary Of
the Treasury and Mr. DeBow, is conscious Of
its utter failure. The direct tax, when collected
NAV produce fifteen millions. But that, in con-
nection 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 want of the community,
will be forced to expand to point prohibited
by their charters, and endangering the worth
Of their notes. The remaining and most con
siderable item is the hundred millions oFtreasu-
ry notes Without this item, supposed to be
opposed to be opposed to all Mr.. Memmingers
financial views, he would have not more than
TWENTY-FIVE millions with which to confront three
DFp hn ~
only muster one hundred and twenty-five mil
lions, leaving an unprovided deficit of one hun
dred and seventy-fve millions of dollars.
It will do no harm to look the difficulty square
in the face The war must go on. 1t will re-
quire 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-hVe millions? The direct
tax is already accounted for on the other side ;
the produce loan cannot be relied upon for a
single dollar and any other mole ofborrowirg
twhol.y mpracticabe. If eight per cent
stock is not taken, neither would twenty per
cent-aud for the same reason. the want otmon-
ey or the conventional representative of value
1t will not do to postpone.this vital question
until our armies are paralyzed for the want Of
money, as they were six weeks ago for the want
OF arms ana powder. II Mr.. Aemmlnger can
fight the war through without money, nobody
would be more rejoiced at it than we would be.
But we do not believe he nor any enc else can
achieve impossibilties. We know vast sums
of money will be necessary to work ont this
great cause If he has any other expsdient for
raising these sums than by converting the pro-
duction of the country into currency, it will be
a great relief to know what it IS. Our convic-
ton is, that if wise forecast had been exercis-
ed in this regard, the Confederate States might
six months ago, have had one hundred and fifty
Or two hundred millions TO their credit in Lon
don, and our coast might now be guarded at
all points by iron plated steamers.
Slow coaches will not do III revoI utionary
times, The Yankees are issuing indefinite mil
lions Of treasury notes, based nothing but
the faint hope of orr subjugation; and with them,
though in competition with sterling bills, they
fancy they will be able to wage successful war
against us. While we, who have cotton bales
and tobacco hogsheads, which possess political
as well as financial value to make them the ba-
sis of the beet currency in The world, refuse to
profit by them.