The New York herald., 1863-11-02


and downs" In gold. At the Produce Exchange thsre
was feeling OF general depression and nearly all
modstics experienced a slight decline. compared
with Fridays quotations. Cotton dull and lower.
Groceries very quiet Petroleum very dull, and
lower aud the same might be said OF nearly all
ditics.
The Rebel Finances as consr.stsa yvisA
Those or the Untted States.
The Richmond Enquirer Of October 81, in a
review Of the condition of the rebel finances, is
driven to admit that the financial system OF the
confederacy 10 ian utter and absolute failure,
rendered 90 not BY Mr.. Memminger, but by the
people themselves" "The people," says this
unwilling witness, shave not and will not fund
the currency" The rebel journal lattempts to
explain the fact by asserting that 1.-THE people
of the confederacy have never been bond
holding population" It was not polite or per-
haps safe at Richmond to give the true reason,
which 10 that the people OF the States in insur-
rection have not confidence enough In the rebel
government to subscribe for its bonds, even In
their deprecated currency. Bad as tho paper
is-it takes twelve dollars Of it to buy one
dollar in gold-the bonds are worse, and the
rebels will not touch them at any price. The
rebel journal suggests as the only remedy
"forced loan" 1t is the impression hereabouts
that this simple and patriarchal sy stem Of finsn-
cering has been in operation in Seoessia for
some time past When Mr.. Memminger, to
borrow the words Of the Richmond journal,
"still grinds out, night and day, currency"
of which it takes two dollars to buy pound Of
pork, and one dollar to buy pound of -four,
and the people can get their pay in no other
money than this, the rebel government would
seem to have nothing further to learn or to
attempt in the shape Of "iorced loan" No
wonder the poor deluded people of the South
ern States, who were tricked and bullied into
this war by knavish leaders, have not conf
dence enough in their government to subscribe
for its bonds, and see its currency steadily sink
ing lower and lower in the scale of depreca-
ton without much concern
When we turn from this spectacle to our
Northern finances, the contrast is most remark
able. Within seven months the people of the
North have subscribed and paid for at par over
$3.50. 900 Of six per cent bonds. The bonds
were not q very desirable investment, according
to financial rule, as 1t Is in the power Of the
government to pay them of in five years; nor
was the interest as high as is paid by leading
railway companies and banks to their bond and
stock holders. Yet for the last two hundred
days the people Of the loyal States have
absorbed these bonds at the rate of
s1,500,000 q day. And the rush for them
now is so great that the sale Of
the whole issue Of s500,O00,00O before
New Year may be regarded as certain. Ouer
| Sl6,000,000 soere sold on Saturday last and ovr
| 5000, 900 ,oere disposed of during the sceet;
and the agents state that the sales would have
been even larger had the bonds been forth
coming for delivery. Such an operation may
fairly be pronounced without parallel. When
the Emperor of the French called for $780,
100000 for the Italian war, and his people
offered him $3.50, ,000, 900, the event was deemed
little short of miraculous. But we have given
our government thrice that sum in single
season. When the British government asked
for $125,0O0,000 to wind up the Napoleonic
war, they got 1t, at Sc, the payment being made
in deprecated paper; and Alison tells US the
negotiation was considered uncomnonly sue
cessful. But we, in the third year Of the war,
after absorbing probably $35O,oOO,o0o Of
seven-thirty notes, two years notes, debt certin-
| Gates, &C., have still been willing to give par
for 1925, ,000.o 900 more Of our national bonds.
The reason simply is that we have confidence
in our country and our government, while
| the rebels have no confidence in theirs.
We believe in the United States Of Ame-
rica, and feel satisfied that every dollar
they owe will be honestly and faithfully
paid. A great many subscribers to the
fve-twenty bonds are doubtless opponents Of
the administration, think very little Of Mr.. Lin
coin and Mr.. Chase, and object to the way the
war has been carried on. But they all believe
in the country, and are willing to trust It. We
have no doubt that the copperheads themselves,
II they have any money, are putting II in these
bonds; for q man may be very wrong-headed
and absurd In politics and yet be shrewd enough
in money matters.
These simple facts reveal the story Of the
future. Money Ia the sinews Of war; and, though
war may be carried on for long time by
desperate leaders with "forced loans" and such
temporary expedieuts, there must come time
when the longest purse will carry the day.
That time IL not now very for distant. When
Congress meets Mr. Chase will be able to tell
members that he has money enough on hand
and secured to carry on the war till June or
July, 1864, without issuing much more legal
tender currency, and that he wants nothing ex-
cept perhaps authority to sell $500, ,0OO, 900
more six per cent bonds at par He will be
able to assure them that gold has seen its high
est point, that the government IL no longer at
the mercy Of banks or money lenders, and
that the people are eager 70 lend oil the money
required for the prosecution Of the war, receiv-
ing In return bonds Of the United States at par.
And be will thus demonstrate 10 the under