Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-12-21
THE PLAN OF Mr. MEMxIsGER.

The Richmond Examiner OF December IA
says:
The reader will find in another column Mr.
Memmnger's "outline of a system" for con-
solidated debt and carrency: and will per
ceiye from the reports that Congress is full of
schemes some of which must soon be adopted.
In few weeks, perhaps in a few days. the ques-
ton of the reputation or redemption OF Our.cur-
rency will be definitely settled. The levity with
which the former alternative has been regarded
in too many sections and too many circles of the
Confederacy, is already giving way to a certain
fearful-looking forward TO the consequences of a
possible restoration of the currency to healthful
tone.
The more experienced. gamblers are beginning
to hedge. and as. soon AS this becomes fully eva
dent, the amateurs who have merely followed the
lead of shrewder operators, will hasten to initiate
the example of their file leaders The line once
broken, the retreat will be rout. The prospect
is not pleasant to those who are interested, how
ever serene NAV be the contemplation of tie
lockers on. who behold the tempest IRON the
shore on which they have been stranded by the
storm of war or from which they have not been
swept by the tide of speculation.
1t is to de hoped that reputation will find no
advocate in that Congress to which the nation
looks for far different solution of our financial
problem. But Reputation has its advocates
advocates fed By self interest-advocates retain
ed by despair. On the former class we have no
words to waste. There are no ears more dull OF
hearing than those of our modern Midases. But
the latter class is composed in great part of well
meaning men, who have simply become sea sick
in the Storm which is shakin. our ship of state
from stem to stern-men who may possess ample
abilities for navigating vessel in harbor and
sufficient strength of stomach for a holiday ex-
cursion, but sadly out Of place when caught
in typhoon or in that 'tempestuous wind called
Euroclvdon." Now, sea sickness is distressing
malady, but can hardly be regarded as tragic ia
its character its effects unless it spreads to the
crew and the man at the helm, which Heaven
forbid.
To throw off the present currency by repudia
ton would be simple process The let-alone
system would bring about that result in few
weeks Confederate notes would cease TO circu-
late from sheer weakness; would not even have
vitality enough to run down hill And hence the
| let-alone system is popular with this class. As
any change of position is productive of new dis
comfort to the sick man. so any attempt to better
the condition of the currency is nauseating TO
these despairing patriots Our Treasury notes
must go the way of the continental issues and oil
the French assignats, and the sooner the better
With the latter clause we agree. If they must
die, the sooner the better.
| in this case to the slower process Of dissolution
| But what is to take their placer How can we
get healthier medium of circulation, If either
by speedy or by more gradual "course OF ex-
tinction," the present currency is utterly discred
ted2 The source of that currency the Gov
ernment-will be equally discredted, and the
new issues will depreciate with rapidity to which
geometrical progression is slowness itself. Even
| If we could succeed in drawing from their hiding
1@~f<
| and Southern alarmists the State bank notes
which once constituted our circulating medium
the amount would not be sufficient for the ex
banded character OF government transactions
nor could the government gain possession oil then
| in ZINE to meet its engagements.
The same remark applies with greater force &c
| gold and silver Private transactions might bt
carried on by barter; and although tobacco and
ten penny nails would be somewhat cumbrous IN
settling large balances. still men have made shifl
| to do business with commodities nconvenien
as these. But no such premature methods would
answer for the conduct Of the war on the present
large scale; and, although we might be ultimately
successful even without currency, the want oil
currency would prolong the struggle for years
snd years.
tEB By the terms of our treaty with GreA
| Britain, we have but one vessel of war on the
lakes, the michigan" The Cleveland Leader
saws:
The United States revenue cutter, the steame
Michigan, has. within the last few days, receive<
| her new armament, consisting Of thirteen add
tional guns. and 10 ready for any and all of thu
gunboats from Montreal that are coming THU
| way. tJ ifs
The amount subscribed in New York City il