The tri-weekly citizen. [volume] (Canton, Miss.) 1863-1864, 1863-12-08
CURRENCY.

1OhAaAFFSAe
The depreciation Of Confederate money. In
tbs estimation OF the less eonsidsrsts, is
sften attributed TO the want Of confidence,
seemingly entertained by some, in the ult-
mate success Of our cause. Our enemies are
more than willing TO seize opoA this esnstruc-
tion and pervert II to our injury.
Really, the true cause OF the depreciation
lays In other and entirely different cAuses.--
In the frst place, the over Issue Of confeder-
ate notes was the irst great cause of decline,
because the South being an agricultural peo-
pie were not prepared, or In the habit of in.
vOsting in bonds, and other long securities
They had no exports or imports to absorb the
accumulated amount of issues. With the
North IL was not so. They are an exchange
dealing people, and millions Of dollars we're
kept exclusively to deal and invest in these
securities, They are manufacturing peo-
pie, and millions of dollars were invested in
machinery annually, and other millions of
Government contracts taken, payable at par
In these very treasury notes. Then came
commerce, with tens of millions exports and
imports, all of which, by the agency of the
banks, were made payable in greenbacks," J."
and thus the immense issues Of the United
States Government were absorbed in trade
and traffic of different kinds instead Of being
invested in meat, bread, clothing, and other
actual necesSarieS of life, as is the case in
the Confederacy.
Any one to look at the deht and products
Of the North, must see that their debt never
can be paid. All talk Of subjugating the
South and making her pay, is all folly, for
even admitting, for argumen. sake, the South
was overcome. she would be SO impoverished
and destroyed that but little would be real
iSed from the same; hardly enough to pay
the expense Of holding the conquered pos
sessions.
The truth is, so far as the respective value |
OF their money is dependent on the two gov
ernments, we can see but little difference
each will have sufficiency of debt to en-
gage the attention Of fnanciers for years to
come after peace. There was one move that
the Federal Treasurer, Mr.. Chase, made much
to the advantage Of his issues, and which
our Secretary did not make, much to the
detriment Of ours. Mr.. Chase, instead of
issuing currency, borrowed hundreds of mil.
lions of dollars from the banks, at small rate
Of interest, took old treasury notes and used
in payment of debts, instead Of issuing new
ones to meet the engagements Of the gov
ernment. Secretary Memminger kept his
machine running and thus flooded the coun-
Try with the currency. Congress may pass
laws Unconstitutional though we believe),
10 make the treasury notes legal tender,
which will enable slow debtors, and speculat-
ing and unprinciplsd creditors to pay their
debts at ten cents in the dollar. Such laws
will be of no avail. Nothing but reduc- .
ion Of the amount of currency in circulation,
Ind confidence, If the government intends to
70 honest in all its financial operations, can
'ver enhance the vAlue of cur currency or :
yiVe confdencs in those who have the man
IgemSnt Of our financial affairs. Expel or :
disregard the ignorant or Asinins tinkerers
nth our currency from the State Legislative
nd Congress halls, and we may yet hope to q.
es Il stand redeemed and disenthraIled from
he shacklss thsoWa around It BY these ignS. =
anssss, 2