The Chattanooga Daily Rebel. [volume] (Chattanooga, Tenn.) 1862-1864, 1863-01-31
THE DAILY REBEL.
GHAFrANnp GA.
sATURDAY M0RNNG. IAN. 81. Ig0a-

The letter from our correspondent at
Huntsville is on a subject of great interest
at this time, and will attract the atten-
ton Of our readers.
What measures should be adopted By
Congress to reduce our circulation and i'm
prove our currency demands our most
thoughtful consideration The present
enormous prices, which are in great meas
ure the result Of redundant circulation,
and the want Of confidence in the ultimate
redemption Of the Treasury notes, are In
aicting serious ipipfy upon the Govern
ment and the whole community. Wise
Legislation by Congress at its present session
will do much to restore confidence, to de-
crease tho circulation and as a consequence
to decrease prices
Our correspondent says it would be an
easy matter to show that Confederate money
is better than any other kind of paper
money and he ventures the prediction that
in short time after the close of the war
Confederate bonds will COMMAND premium.
So think we,
The amount Of our debt at the present
time docs not exceed, as shown by the Re
port Of the Secretary Of the Treasury, six
hundred millions Of dollars and the estimat
cd expenditures up to the first of July, 1863
amount to near three hundred millions ad
ditional AT this rate, if the war should
continue until the close of this year our
debt would not exceed twelve hundred
millions of dollars. This appears to these
unacquanted with tho immense resources
Of the Confederate States an enormous sum,
but whom we remember that the crop of
cotton now on hand, estimating it at three
millions Of bales, at the present prices in
New York or Liverpool will bring nine
Hundred millions Of dollars, we see that the
debt is small when our ability to pay is
taken into consideration If the war were
now to close and cotton should only bring
half its present prices in New York or
Liverpool the crop now on hand would bring
at least four hundred and fifty millions of
dollars which lacks only a small amount of
our present indebtedness. The value Of
the cotton exported from the United States,
in 1860, was one hundred and ninty three
millions Of dollars This does not include
tho cotton manufactured in the United
States, which was at least 100000 bales
This at fifty dollars bale would be forty
millions more, which would make the whole
value Of the Gotten crop Of the South in
1860, at the then prices, two hundred and
thirty millions of dollars, nearly half the
amount Of our present debt These facts
show the ability Of the Confederate States
to redeem their circulation and ultimately
to pay their whole debt without any severe
burdens on the people OF course il will
require years in which to pay this debt, Blu.
that it will be done within reasonable
time no sane man can doubt II is mere
question Of policy whether we shall pay the
debt in a few years, by heavy taxation, or
whether we shall pay the interest and defer
the payment Of the principal until the
wealth Of the country SO increases as to en-
abba ii to be done without Much inconveni-
ence. We agree with our correspondent
that during the war the taxes should be in
creared SO as to decrease the circulation and
improve the currency. The decrease of
prices which would follow The decrease OIL
circulation would compensate the people
for the increase Of taxes aud would yefyl
materially strengthen the Government
We viii pursue this ANbjcct in future
articles
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