New-York daily tribune., 1862-05-17
EXPLOSION OF "A CURRENCY.

EXPLOSION OF "A CURRENCY.
Public attention has been so exclusively di
rected to tho military aud naval movements o
the Rebel Government that but comparatively
little notice has been taken of its monetary
progress, whether upward or downward. Steam
rani-, turtles, forts, and rife-pit' have filled
The Northern eye, while the foul issues OF O
still fouler conspiracy have filed the Southern
pocket. We have sheed the turtles, sunk the
rams, cleared the rine-pits and captured
the forts, facing the enemy ut every point;
but, slngularly enough, have had no en-
counter with .be Rebel currency. Ii is true
that we have obtained distant gimpses of the
great carnival of rags in which the Southern
zanies have been rioting. Huge deposits OF
the fetd trash have been taken with their
forts, and passed from hand to hand among the
victors, to be preserved as mute but greasy
memcntoes of typographical barbarI.m. Sam-
pies have been sent home by the captors, to be
pasted up in shops and barrooms as curosl.
Of the Continental currency, that issued in u
holy cause for the first time in American his
tory taking its place beside the spawn of an
unhoIy one. But, saving short, abortye effort,
worthless stuff in Northern cities, and the
chance reports which reach Us from our ad-
vancng armies or from fugitive loyalists, we
know but little of the social and commercial
results of this unexnmpled issue of an ire
deemable currency. In tho hurging tramp OF
advancing cOluulns-in the excitement OF bat
tle-eyen after the peaceful occupation OF the
largest Southern cities-those flying historians Of
the war, the army correspondents aud report
ers. seem to have given no attention to the
currency question. We may form soms gen.
eral idea of how it stands on learning that tea
is selling at 81 a pound, aud calico at : Il
yard but Of the widespread misery under
which the South has suffered we shall learn no
definite particulars until the domestic history
of the Rebellion shall have been written.
History however, enables us to conjecture
what misery the South is yet 10 undergo from
the collapse of ts paper currency. We know
has issued, but, from all tho information OBJ
tainabe through her newspapers, we presume
It TO be at least $500, 100000. a fraction OF
the first issue Was taken by her citizens 10 the
early Juror of the outbreak. IA the people
held back, the banks were coerced into sub
scriptions, then into exchanges OF their notes
fjr Rebel bonds. These resources exhausted
the leaders Issued without limit and forced II
Oh the people in payment for supplies, the
armies carrying with tBem millions oi unsigned
.cr,p to be issued whenever and wherever it
might be required. The true basis for ro-
demption was the success OF rebellion. We
have had other rebellions in this country, but
this is the only ono which attempted to man,i-
iacture It's own money. lts ar;licn basif WAS
the cotton crop ami redemption was depenent
On success. because without the latter tho cot
ton crop would fail to reach the European
market But treason has run its bloody course
with rapidity that has as,onished tho nations.
Every basis, real aud artificial, has disappear
ed. Conscious Of this, the cotton foundation
for ts bonds is ordered to be destroyed. This
act is the dying confession Of the discounted
traitors. The millions of paper they have is
sued ID left TO perish in the hands OF the
Southern people. 1t was in every ones posses
sion. As coin disappeared into thousands Of
private boards, its place was supplied By paper,
which immediately filed the channels OF cIrcu-
lation. 1t was that or nothing. Both terror
and necessity compelled its adoption. Those
who hesltated to receive it were suspected,
while those who refused it were stripped OF
property aud imprisoned. Real money in fact
ceased to be known in business transactions,
aud the day of barter returned, tho bartering OF
merchandise for paper.
But even this compulsory currency was in
sufficient to gorge the community. Every indi-
yidusl was at liberty to issue whatever he
could circulate. As there was 10 small change,
40 each man made it for himself. BARRIERS IL.
sued tickets good for Il shave, eroggeressuch as
were good for drinks, underlakers such as were
redeemable i'll collins, and even the gamblers
and faro bankers issued similar tokens. The
entire fractional currency OF all the Southern
cities was made up Of this irredeemabe trash.
From them it spread into the country and al
it was there absorbed, the makers issued more.
So pitable was the Southern destituton-sO
humating her dependence on the North, that,
shut out from fresh supplies by blockade
which it was thought facetious six months ago
to sneer at, these myriads of tickets were
printed on brown paper, backs of old letters,
shop. cards aud bonnet etboards. The world has
never seen o currency to equal it for rotten.