Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1863-02-20


view, the Southern Confederate financial al
fairs assume an interest second only to
our own. The report Of the rebel secre-
tary Menminger, gives us the data we have
desired, and enables us to compute financial
y both sides Of the game.
The report covers period of s little more
than ten months, from the 18th Of February,
1869, 70 tho 3lst Of December Of the same
year. AT the former date. there was de-
hciency Of S25, 439, 572 Tire expenditure
for the ten months, amounted 70 1857 .2+4,-
4Sl Add 70 tins the deficiency mentioned
above, and the public debt then due Of SAL
727 BOD ana the sum total amounts 70 S44o,-
Al, 307 Receipts from all sources, inelud-
ing loans, treasury notes issued, &c, d.,
amount to s457 ,s55, 7o4, leaving balance
in the Treasury Of Sl4 ~, 597. This bal
snce consists IN part In coin received from
the rank Of Louisiana, snd the remainder II
Understanding Treasury notes.
Mr. Menminger estimates IN. curren-
CT in circulation in the Southern States Be-
fore the wal, at 500 900 900, and believes
that in the existing state Of thingt, fifty per
cent. nigh; properly have been added to this
circulation. 70 meet the e1igencies Of the /
war. 1, mad however, been found necessary 4
BY the lest day Of December, 1862, 70 Issue /
Treasury notes TO the amount Of 1920, 49, /
$50, exclusive Of interest bearing notes and I
Mr.. Nemminger estimates shat 70 this sun 1
should be added 500 900 900 Of State treas /
ur7 and Bank notes 70 make the sun totsl OF
the currency now in circulation. 1t will
thus be seen that the currency actually II
use In the Southern States is more that three
times the amount IN circulation previous %
the vsr. and more than tvioe the amount
allowed 70 = required If ne accept the lib
eral estimate Of the rebel Secretary. The
problem presented in the report, therefore,
Is 70 reduce IN some WAY tins excess Of cur
rency, winch IL operating 20 disastrously to
the money interest, and reputation Of the
/ Confederscy, and at the came time obtain
/ funds 10 continue the var.
/ l. is proposed in the report therefore as =
solution Of the problem that Treasury notes
/ bearing date before Dec. Isl, 1852, shall
/ after reasonable tins cssse 70 b currency.
This it Is said can bes; te accomplished ~
rItirg The TINE Of funding SAID notes Ihe sec
ond measure proposed Is the ls7yins Of var
tax an the third GUARANTEES Of the ststes
to secure loans. The report expresses the
opinion that by these means three fourths Of
the currency II circulation may be with
drawn ana the notes funded. and that means
NAV be obtained 70 mest the ezTenses Of the
war for the coming year.
Tie report discusses al length, the several
propositions recommended. urging thst the
compulsory funding Of Treasury notes can b
effected without material injury to private
interest, that E direct tax OF ten Per cent
upon the interest Of property and upon IN
come, Is desirable under the Circumstances,
and that the rebel States should snd proba-
bly, viii, extend their guarantee, to sec1re g
wa1 debt u an amount Of fve hundred nil
hons
In reference 70 the items Of the report snd
the hight Il throws upon ths state Of the Con
federa,s finances, We clip the following
from the Co71rle-csa' Airs-fss-
Ths customs dutiss were S665, $50. Al EEgrs-
gate which does not 20 far &c Justify ths stats
risnts made n Europe during the past vezr about
the trade Of southern ports Al one tine, for
example, re we're told thst nearly four hundred
vessels hsd run the blockade Of Charleston alone
OF the authority Of Nj Msson- More recently Il
has been given cut that the trade Of that por;
was never N 2 more hourishing condition than II
nov Is 5omshody's memory, re suspect, mnsr
De troubled with & dvsrhEhness that Is unsxzm-
7 pled, when tvD-thiris Of & million OF dollzri
: comprise al tire customs receipts II southern
ports from the middle Of February to the Close O
December Sc much for the % paper " blockade
Of Ny Spence and other rene sympathiIsrs-
Turning to the next item ~ find SIC, So .5lS
o have been received from . vsr tai, CORES
: ponding 70 the rventy-nillIon TAI authorized a
= the North IN 1851. Then follow interess-bearInl
loans q vsrior. descriptions Frs on thelststsnt
then cal certificates foot I'd % SIS, 7i2. 79o. Q
-. the ons-h-ndred-niIlion loan autho-ired. Il a
pss-s that szl ,39s ,2S6 have been t2ksr- Col,
2 fru- the banks Of Louisiana and other Odds an.
: ends make NJ the residue Of the SIZE. 7s5 .55'
which bear interest The interest On this sun Il
: II round numbers SIXTEEN millions and crsr.
] ts- Ter snnunn; but So We believe II Is psyzbl'
I II currency, the change VII cnly sdd to tn
ocean Of psr%r aaoat-
E The annexed statement shows the state Of tn
= Southern DEB; on the 5lst Of Decerh>- Last;
Bonds, Pr Ct, Feb. :, lesl, sl4.ssTcoo
4 Bonds pr CT, May IL. 1851. s,4ls,S0
BoRds. pc: Ans q Isl, 'lOO-sss . g
: Treasury Notes, 3e5--...---.-. .ses2,oc
Treasury Notes 7-20......-..I2o 5000
Treasury tro-ye.- notes.. lo,sle, o2s-i32rss u
, Currency notes, ..-.-.---.--SS72,os2,i5 80
g. and g notes,....--.-.-- e2le,2oo-27s, rs SIS
Total debt, LIST Jan. Isss..-....... s555, Ies Sc
B Il viii DC seen that whatever troubles MAJ
- exist Al the North from the disordered state o
the currency, must be felt with hve-fold CREATE
severity IN the insurrectionsry States where golC
- commands a premium Of $50 per cent, instead o
90 Mr. Menminger has various suggestions q
make 70 better the state Of ms finances, such s.
= the retirement from circulation Of al tne lote
issued before the lst Of December last, and III
Limitation Of those as currency to Sl50, 900. 600
E but he viii find that Necessity knows no Law
Every plunge VIII sink him deeper into the uire
1.-THE question Of success depends upon the pur.s-
strings, II is not difficult 70 see that those OF n,
insurrection are already stretched 70 the swapping
point
A letter from the Surgeon OF y. J. regi
ment, man Of intelligence and close Obser'
vation, and heretofore holding conservative
views alludes as follows to the matter O
, the circulation Of journals of E certain cias'
in the Army Of the Potomac