Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-16
FINANCIAL ADVANCEMENT.

To the Editor of the Wing:
Now that Congress is about to assemble, why do you
not expose Of the terrible blunders Of Mandarin
Memmp ger in order that the assembled representatives
OF the people may attempt to correct them Undoub-
edly our finances are weak point We cannot carry
on long and wasting war; with currency, which only
purchases tns-tenth of what gold would have Dough-
TWO years since. II may be al right But one single
item Of the estimates QdArtermAster Generals Depart
meut for the next six months is S25 mlllions The
estimate for the pI esen months only 1876 Millions
TIE Lord only knows what will be the estimates Of the
CommssaIy General As Tor the Ordnance Bureau,
since the Secretary Of War has sanctioned such gross
naturalization of funds footed 70 purchase ordnance as
70 permit the purchase skps without limit to pIlce,
there is no telling how much may be spent by the
gentleman from NeWbmypoFt Connecticut, who pre-
sides over that Bureau. By the way, the discussing
agent for this Bureau, who handles millions In coin Il
gland is . Massachusetts, Yankee, who never rpent
year of his life in the South Charges Of gross peculA
lion have been preferred agaiust him for months and
no action has been taken either 10 investigate or 10 re-
heVe him from duty. This may make the estimates
still higher. For the six months, the total eXpen
dituIe if assented to by Congress will be enormous
and if that additional amount shall be added 70
rency what will it be WORTH This Is grave question:
and Is the momentOus one upon which our fortunes
rest The most extraordinary oh0rts will undoubtedly
be made reofy the evil and therefore do not dae
upon this point.
There is one evil however, which makes the Confed-
eracy poorer every day, and has yet pointed
il out feel called upon to do The greater the
sale Of per cent. cotton bonds, the worse oil Is the
Government. The exalted genius Of the Treasury De-
partment has disco that it wise to repudzte
This per cent. bonds and issue cotton bonds pro
fssSdiy at much smaller rate Of interest What are
the facts For 81 800 currency ole gets 81 900
bond. The interest will be paid in cotton, neIg
summer at the oil 500 pounds 10 each 900 bond
Cotton i nos worth from 60 to so Gems, and rising
every day. Ergo the Accrung interest cannot be less
than $780, which, LIOn 81 500 received Is 90 per eeni
How long would il take bankrupt individual or
nation at such rate The prospects are that, when
the interest Is DUE cotton will be worth not ess than
Sl-in which event. The interest will be $500 or SSt
per cent Nor 10 this the worst feature The next year,
II the continues will see cotton still higher and
the rate Of interest still increased. IL viii 10: do to
say that the Treasury DepA tment has cotton hand
If this paid out on the bO1ds, the other Departments
must buy cotton for expectation. The Treasury De-
parlmenI does not own u day sufficient cotton to pay
the Interest ON the entire 200 millions authorized 10 be
suSd Therefore, Purchases will be required for the
next years inteies, that Department intend TO be
honest and keep faith. Cotton sells in Wilmington
readily So A. and all throughout Sonth Carolina
from 60 to 10 cSIs The promise Is made TO deliver AZ
tae seaport; ID eFeiOES the price be estimated
the Of the interest if due to-day would DO that
demanded at Wilmington, the only seaport not COM
petely bloc6Sied And IL is faltAciouS TO think that
any quantity could be delivered there. The road is
worn down, and unAb 10 to comply with the pr,s
demands Uponit there being but stem-the Man
chester roai Il WUnld be impossible for that road to
bring 20 600 bales per month"; II all other business
neglected.. In month has there been IL O00
bales exported WhiCh, ut present prices in E0gnnd,
would produce about E600 or millions Of dollars
The will probably last for several years. Is IL the
part OF wisdom to- saddle with such debt As this
cotton Loan which will increase year after year in the
enormous propOrsii Of its inerestS If sold in Eag
land this Ioan evan at 40 cent? paid in CON- would
have given let 300 ia currency by the sale Of the
exchange but Wise Secretary could attempt to
get "a there, or aoE other officers o. the Gov
erpment the pr viege, who desired 70 Try the expar-
menL MARIOa