New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1862-01-13
NOT RIGHTLY STATED.


tains an editorial article manfestly unjust to the
head Of the financial department of the Confed'
crate Government, and calculated to bring dscredit
upon the Government itself. Speaking Of the pay
ment in coin of the interest due on Confederate
bonds, the Exa.-iner says:
Mr.. Memmipeer's extraordinary financial scheme
of paving interest on Confederate bonds with
specie bought at forty or fifty per cent premium,
has been made the subject Of ridicule by hr;
Seward and has extorted hOrse-laugh trem Lord
Lyons. The singularity of the proceeding is
heightened by the naire advertisement Of it in the
newspapers Next to Mr.. Memminger's attempt
to extract revenues from tarif1 on imaginary
importa;ions this one to keep up public credit by
paying an eight per cent. interest, with specie
Costing hundred and fifty cents, reflects much
honor on Mr.. Memminger's financial skill and
sagacty If holders of Confederate bonds were
to be found anywhere else than within the limits
of the Confederate States, there would De some
proprety in paying the interest due to them in
specie but a. the holders Of these debentures d1
reside within the confines of the Confederacy, and
all can use the currency OF the Government ana
banks lust as advantageOusly as the great booy OF
other people, the scheme of paying specie smacks
of what our intelligent Washington correspondent
aptly characterizes as "charatanry'
If the same holders of Confederate. bonds VINO
are paid the specie, bonght at forty or fifty per
cent. premium, had been inclined to make add
tonal investments in these securities, this piece OF
prudery and atfectation would surely deter mem
from the purpose. When Government consents
to depreciate its own obligations SO far as to pay
three for two in exchange for money no more va.
liable and that without necessity, in mere freak
| of financial dle,antism its fiscal ohcers must not
be astonshed if the public at large take the SANE
view of its paper aSit takes Itself Strange 70 say,
Mr. Memminger expects by this stroke OF policy TO
| e1erate the credit of his Government issues un'
| fortunate Mr. Memminger 1t is another evidence
of that strange infatuation in winch ne eApeets u
| extract revenue from his tariff blood from his tur'
| ming and sunbeamS from his Cucumbers.
| If there was any substantial truth in the above
| the reflection upon Mr.. Memminger would be just
and terrible, and command bis instant removal al
| the hands of the President.
| Strange as it may appear to cotemporary we
have ever deemed honest and patriotic, there Is no
word of truth in his article. We have the very
highest authority for saying that the attacks npo'
Mr. Memminger are altogether uAjustiiiabe, un
founded and devoid of TACT.
Instead of purchasing specie to pay the interes
on the Confederate bonds at fifty per cent. pre-
MUM, Secretary Memminger has made an al
rangement which, while it does him credit reflect
great honor upon the banks of New Orleans In
banks of this city have placed to the credit of tn
Treasury Department one million OF dollars l
coin taking Confederate bonds bearing per cen
per annum interest, at par, to enable the Govern
ment to meet its obligations The only conditio
stipulated, as we understand it, was that the Coy
, ernrnent should refund the banks in specie, or il
equivalent, the amount advanced prior to their IT
sumption of specie payments. 1t strikes US tht
the banks have acted with much patriotism, an
that the Secretary deserves praise instead OF Gel
sure for his financial negotiations.
! Mr. Memminger may be very poor secretar
\ in the opinion of our Richmond cotemporary, b.
t if he keeps on concluding such arrangements {
0 the one spoken Of, the people generally will CO.
, cede him the rank of an unequaled fanancler.