Daily national Republican., 1863-09-01
CONDITION OF REBEL FINANCES
Latter sf the Rebel Secretary Of ths
Treas1ry 20 Mr.. Hunter.

Latter sr the Rebel Secretary Of the
Treas6ry 70 Mr.. Hunter.
The Richmond Wing publishes the following
letter from Memminger 10 r. N. T. Hunter,
| upon the subject Of the rebel currency. II tries
TO put good face upon the condition of the
rebel finances, but Teombs's letter tells DIFF
ferent story:
| "TREAsuny DEPARTMENT, c. s. A.,
| RIcHnoHD, August "a, 1850.
"sIR: In reply TO your inquiries about the
finances, send you a condensed statement Of
the issue of Treasury notes and Of the funding
| operations OF the Treasury. You will see from
this statement that the funding has been emi-
nently successful; and you will learn, also, that
the amount of outstanding Treasury notes Is
still within the limits Of the depreciation which
I reported to Congress at the last session. My
report then estimated the amount Of circulation
which the country could bear at $50, 900, 600.
| "The statement now made shows that the
outstanding Treasury notes, used as general
currency, amount almost exactly TO three times
this amount. But, when II is considered that
| Q very large portion OF these notes are across
the Mississippi, It will be apparent that In the
Atlantic States the estimate Of three TO one is
| rather over than under the mark. Two absorb
ents are now added, which will keep down the
excess from new Issues, namely, the taxes and
sale of cotton bonds; and when the tax In kind
begins to contribute Its portion 70 the support
OF the army, there Is every reason to believe
that the currency can be well sust aimed.
at 10 obvious, FROM this statement, that the
popular notion of estimating the value of the
currency by a comparison with gold Is alto
gether fallacious; for while the actual volume
OF currency has only been increased three fold,
its proportion to gold rates at more than double
that amount. The fact is, as you well know,
that situated as we are, gold Is as much com
merciai commodity as platina or tin, and its
price Is governed by the law Of supply and de.
| mand. As have already shown, In the report
referred to, wheat and corn show much moro
reliable standards Of value, when their price Ia
not controlled by some local obstruction, and
by referring to these 1t will be seen that the
currency has maintained itself al the ratio
which the outstanding issues indicate.
"You will perceive, by the statement, that
uniting all the various appliances for funding
K there has been funded In bonds s232, ,404 go
= to which, according TO estimate, there Is yet Il
be added about $70, ,000, 900 more, which ar,
' yet In the hands of the Treasury officers TO b,
funded; making In all about $50, ,OO0, ,0OO-adt
10 this SIS, ,442 ,0C0, deposited In the five pei
!. cent. call loan, and we have an aggregate o
nearly e31s, ,000, 600 Withdrawn from the cur
reney; ,,
!. shows that the measures adopted by Congress
have been quite as successful rs any OF us La,
anticipated. II Ia somewhat remarkable tha
the Yankee Government should have adopte,
exactly the same measures for withdrawn,
u their circulation, and, according TO statemen
published In Hunts Merchdsts' Magazine 70
July, they have funded, In call loan and bonds
y not more than 500 900 900.
"Thcse figures show that there Is no ressol
for distrust as to our currency; and II, whel
= Congress meets, you will address yourselve
vigorously to measures which will restrain It
further increase, we shall be fully able to main
|, tain our cause. would suggest to you tw
measures for consideration One 10 the expor
duty which proposed, and the other Is a r,
# ncWal Of the call loan for all treasury notes
i npQp the snmA rrinoina with tis .i- Po, ecu,
call loan, which WAS reported at the last SEES
sion.
"It is worth the experiment to try whether
| by allowing u deposit In the Treasury, on In
tercst, we may not be able to attract aud retail
there all the treasury notes not actually required
{ for circulation. Very truly, yours,
4 &C. g. MkMMIs6ER,
: Secretary of the Treasury"
, STATEMENT or ouTsrANDisG TIRE EAsuRy Sori
= AUGUST y, 1858
Total OF all kinds ol general currency
notes. Observation-Disclosures. So23, ia 40
Estimated on hand for cancellstion..... 10, i3t W
slSa e1s, 5,
And probably beyond tn Mississippi. Q,
y sso,s1s, 8,
n Statement Of Bonds info trhich Currency has bee
funded, Including lpdils Of the Produce Lodh
r Total Of one hundred million loan Si0oOoo, o,
Funded OF notes May 10th, issl........ SO3C,3
v s2a2, ,lOi, 8
v On hand, to be funded by estimate 100000
Total funded. ed........................ss 500, 400 g
5 Five per cent. call, psrtly iunded...... l6,4!V
bSiI'obt