, 1863-11-13
d SOUTHERN VIEW OF NORTHERN
FINANCES.
The Depreciation OF Rebel Cur.
'rency.
Handsome Rebel Compliment. to
Secretary Chase.

| A~@uae@0b AsVotA tVARAA4AVAt v
Secretary Chase.
From the Richmond Examiner, Nov. FL
The allow depreciation Of Federal curreuc.
Is one Of TIC no8t remarkable phenomena d
this dao1dinary war. Contrasting the mar
ket pr!ees Of Confede1ato with thcse of Fed
era1 Tocey, gives low option Of Mr. Hun
ter,s, compared with MI. Chase's, fnancia
rent disparity Financial ability between til
tWo peoples, - communities, by raaectine
that OUTS Hele wholly agricultural, auitc M
practiced and unskil1ed In tho art of tlnance
while, NTH our commercial antagonists. Il
had long been subject Of snxious and sac
cessfnl study. Giving little thought to ths
subject since hostilities began, our people
eVen our best legielatosa-feposedI ID tie be
lltf that the south possessed one OK tzo grea1
financial Statesmen, with genius fully equal to
LIE financial emergency; and It Is OILY re-
Gently that they. ha7e discovered their con1.
dence has been slgnally misplaced.
The causes which have depseciated Confed.
crate currency arc very wellknoHn; md It ID
equally very well known that they might hsYs
been, to great extent, avoided. This de.
probation ia no ground Of despoudency; for
France did not enter npon her career Of s,ory
and Triumph against whole world in arms
until after total ruin Of her financial sYs.
| TEN. 9'o
The circumstances and expedleuts bJ which
. Similar depreciation in Federal money las
been avoided are not well known il rhs
South, owing to our Imperfect knowledge Of
actual occurrences at the North; but they
may be Jet inferred with q reasonable degfee
Previously to the fau Of ylcksbu,g and
Memphis, to the occupation Of ArL5nsas.
and to the enemy's almost unfGpcded aaYi.
CATION Of the Red, White, and the Misafssippi
steadily risen st the New: York Stock Ell
change until it exceeded one hundIed and
seventy dollars for the hundred foreign az
change commanding equivalent prices. II
Easaly necessary to say that gold rises IN
new 19rk according to the scarcity Of funds
which to draw their bills Of ; eschsu;gs: s5 I'd
tnat the amount Of these foreign fands-
colled exchange, depends upon that OF the
merchandise which may be shipped abroad
e1.e t1om So1theEn ports there
draw bills, the merchanta Of Wail street TN must st
needs export 6 old 10 pay their debts and to
mike their pnrchaces abroad, and every cx-
tlaoid1ra1y shipment Of gold produces nor
Voas alarm in Wall street, aud induces an
Just before the ;fall Of Msmphis, h'i and the
subsequent events alluded to, this was tho
state OF feeling In the moneyed circles Of New
YORK and gold bid fair to command two dol
Hfa for one In Federal currency, with an IN
oennae tendency upwards. But thess INTO
'1 Enld events 1nmediately changed the s:ateof
sttaiFs. Memphis at once became great en-
tfeFot Tor cotton. For several months at a
time the shipments Of this staple Northward
from that port exceeded ten thousand bales
PER week north ncarly four millions Of dol
l, iars n cod. It Is needlesa to say that this
commanded, imuedis.ely dlapelied tie Gloom
and removed the despondency which had
hung orer the monty markets Of the North
I"t'of ,or co1ten 60 odr, or their equivalents in
M!e5ehandlses went abroad to supply exchange
aRin0pP ah innFoPe and to prevent the necessity q
gradually fell until it had sunk below nm. nm
dIed md thirty; and 1t remained at those f3g-
ufes us long % cotton could be boupht or
captured in quantity By the Yankees ,,non
the Mikstssippf and Its tributaries.
~ atta,, ne natural course Of events the supply
et COTTON from these sources fell Off Piaut.
Ing operations had almost universally ceased.
and thc supply, once consumed, could not
be !eplenlsnec. As direct onseausnce'
gold nga}n began to rise in New York, But
untl the battle OF Ch1ckamauga tie ascent |
ts4;ons ~ s1om consequence Of the great oxpec-
ta1lo1s which had been entertained In, Wall |
street from the operations Of Rosecranss
Tie lending attraction of that General's nd
ysnce into Georgia was the vast store of cot.
ten which wat known t. have been accumu.
1atea n re central pasts Of that State aa the
cy. The advance Of Rosec1ans beyond Chit.
tanooga was not merely strategic, but had
great sno vital financial object as it's insnlra-
t@lon; @ Tho repnlse OF that Generals army at
CHICK amaugua was received In Nsn York not
mercy Is military defeat, but as diaappo1nt-
ta1hed OF new and magnificent supply Of
cotton. The price Of gold at once Ieaned m
% hundred and forty five and fifty; and no
afls OF the Federal administration, and no aD-
pllances which Mr.: Chase can bring to bear
9aea 9ponh hn .1e stoek s. Exchange In Wall street,
2iles Of cotton canuot be obtained by the
North, foreign exchange must 20 m fndef:
lltely IN New York, carrying gold 10, with
!, +, s9a 9; Idspreclatfng I Federal money coTss-
These results are inevitable: and It Ii only
question Of time when they viii be realized.
5nt It Is not to be denied that the Federal
secretary OF the Treasury has conducted the
q his Government with consummate
pihty. To check the speculation in spe:ie,
no = = 70 erush az adventurous gambling at tbs
millions Of gold In the hands Of sEillfai ope- ore
ators IN Wall street to s'Bear" the marfet
!. = tne !Ia nIet symgtomz Ct every merely spscu-
allve re With this powerful regulator
1sta stsadying It Is impossible Fl gold
npply and demand. Indeed, tho effect Of so
Ieayy an amount Of capital brought to bear
'pon one point, and that the dna1cial csntre
It the North, Is to keep gold at an abuormaI
rice; several per cent. below 1ts legitimate
But there arc other expedients. vcrv effect
ye, which Mr. Chase brings into Retaliation
o restrain the depreciation Of his Treasurv
Eotee. He diligently avoids the policy of
aging out notes of currency In discharge Of
yeEy Obligation Of the Government. why
honld coatraetcr, having claim upon the
T dollars, be paid In circulating notes. VerY
ften he would prefer to receive payment
. bonds At once; and this choice mifbt haye |
een enforced by making 1t an article Of his
ontract that he should receive Jnds rathcr
nan notes Of circulation. So: a quartermas- !
er, going to farmer for corn aud forage to
he amount Of o few hundred dollars, mjeat
ave Instructions to give an order upo1, some
epoEtta1y OF the Treasury for bonds. rather |
nan oe required to pay for every purchase,
oHeVer considerable, In notes Of circulation. {
contracts TOR heavy supplies Of clothing, or
tnet matet1al might be made, securing twelve
1skiDg pay ynent; "a credit only desirable IN
Q far as 1t postponed the eYII day of stii1
1tther Initiating the currency BIZ Continual
ooda of Treasury notes.
Al fhese expcdfents, and mauv okhers NJ :
lm1lar character looking to the same obfsct. j
ave been sedulously practiced By the Feiera{
eetetary Of the Treasury. 10 has run up :
feat debt without commelsuratel7 fI1odinr !;
ae North NTH redundant currency. Tns i
onsequence has been very marked: for. ?
hc1ees the Federal war debt exceeds two !,
1ousand millions Of dollars, and That Of tia
eniederacy has not reached one thousand q
l1lions, yet Confederate currency ia at q +
lscount Of ten or twelve for one Of gold. .
hilc the Federal currency Is at 1ess than one q
Prices Of all things haye risen at the North b
consequence Of IN inflated currency: bit
2 Masmuch AZ this imitation has been wonder. 4
~ restrained BY tact, Ingenuity and skill, l.
ices hare not approu1aAted the enormous =
te4 which are prevalent at the South. As it n
lawful to 1earn whatever may be possible =,
IN an enemy, may re not hope that Mr. n
emm1nger and Mr. Hunter will take C. feF q
nts In the practical departments of finance =!
,m such consumDate adopts In this intri- a.
Ee business as the public enemy? &
sto
The Public Debt. a.
From the National 1nteillgencer:7 y.
he following Is the latest statement malo y
the public debt. The average rate Of in. =,
est on the whole debt g 81 per csnt.) Is u