Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-12-18


The Richuond Examiner on Rlenminser.
The Examiner of the 14th, in an article
reviewing the report of the Rebel Treasur-
er uses the following language
at ie TO be hoped that repudiation will
End no advocates in that Congress to
which the nation looks for far different
solution Of our financial problem. But re-
pudiation has its observation-disclosures fed
BY self-interest--advocste retained by
despair. OF the former class we hsve no
words 10 waste. There are no ears more
dull Of hesring than those Of our modern
Eidases. But the latter class is composed
in great part Of Well-mes6ing men, who
have simply become sea sick in the storm
which is shaking cur ship Of State from
stem to stern
From this it is evident that in their
financial despair these rebels are begin
ming to think Of the old resort Of the Mis-
sissippi repudiatOr, that Of throwing the
whole rebel currency ovsrbOsrd and en-
deavoring to build upon new fOunds-
ton. The very fact that the wholesale
numbering of their currency is being 50
strongly seitated, is itself another evil
denoe Of the straits to which these bold,
bad men have come.
Let US consider briefly the pres
ent financial posture of the Con-
federscy that we may see more clearly why
it is that these men are ready to hurry
their currency of the stage by Aeeter
process than that by which Continental
issues and French assignsts came TO moth
ing. Memminger says he has received
from January Let, 1868 to September S0tb,
8 period Of nine months, not less than
$500, ,O0O, 900, of which 40O,OO0,OOO was
raised by issuing treasury notes; Sl75,-
100000 from loans Of various kinds, prin-
cipslly bearing eight per cent. interest; !;
four millions have been raised by war
tax; sequestratiOn has yielded nearly
$1,000 900; customs q short million; expors
duty on cotton eight thousand dollars;
while the aggregated genius Of the COnfed-
erscy has yielded a patent fund of ten
thousand dollars. The expenditures have
reached within $1,000, 900 Ofthe receipts,
and 1915, 100000 have been spent for the
war. The entire debt Of Confederacy, in
round numbers, is one Thousand millions,
Ofwhieb eight hundred millions are treas
ury notes, and seven hundred millions Of
these notes are in circulation"
If the estimates be extended to include
the whole of the ensuing year, the rebel
debt will have reached the snug but fright
fol SUM Of twenty four hundred millions
of dollars. The only possible mode ef
sxtrioating themselves from this financial
1horsss, in which every plunge only sinks
them deeper, is to raise SlOoO,oO00OO
BY Iosns. This is the exceeding simple
process. The dear people who have not
taken tho former loans of their friend
Mr.. Memminger, Secretary of the
Treasury of the Confederate States of
America, ere invited to fork over
cnly the small sum Of one billion dol
lars. These loans are to bear heavy in
ferest. and in order to stimulate them into
euch excellent health as will command the
Affections Of the money changers Of the
world, G tax Of five per cent. is to be levied
on all property in the Rebel States, pays-
ble in coin or in coupons Of the loan. Not
An income tax Of five per cent. but the
twentieth of the property owned by the
subjects Of JEFF. Davis, is demsnded an
nuaIly. 1t isvery probable that the whole
income, lands snd negroes being untaxed,
will not equal five per cent. on their re-
naming property.
In this desperate state Of affairs it is
not at all strange that speedy reputation
should be looked to ss the only resort left.
With States unwilling to guarantee loans
with cotton locked up by cur vigilant feet,
and people unwilling to pay taxes when
taxation was resorted to, Mr.. Memminger
Is okliEed, with unwilling bnt graceful
coDdescenciOn, to say "at the commence
ment Of the war NO one foresaw the extent
to which it would be carried: 1t was not
expected that we would be called upon to
check the advance of half q million Of
men, supported by the whole outer world,
while we we're shut in to cur own soil and
resources. Our products were thought es-
sential to the rest of mankind, and it was
believed that they would cone and buy
them"
Indeed, it is q very amusing spectacle
to see Mr.. Memminger, like walFus in
the midst Ofieebergs, AOundering about in
thecrashing, grinding ses Ofrebel finances.
And the cbivalry who, looking forward
with fearful spprehensiOns, ponder on the
overwhelming debt that gapes hideously
ct them, must begin to realize that rebel
lion is very dear luxury; and manifestiDg
hstred for the Yankees, is q very unsalis-
fsssOry sport.
Senator Foote of Tennessee has been
levsling some heavy blows at the head Of
JEFF. Davis, in the Confederate Congress.
Ths following is his denunciatiOn of Davis
policy In regard to General Bragg:
Rut the 1eauit fs knoun- Rraon vBaa