Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-11-13
FROM THE SOUTH.

tSpfcNluIOF-1Ht <1ttu"NC AF'tS'Nf'' $3.50
The Future of The North aud the South.
FEDERAL AND CoHPRpERATE FINANCES com.
PARED.
From the Richmond Examiner.
The slow depreciation of Federal curreh-
Cy il one of the most remarkable Phen0m'
ena Of this extraordinary war. Contrast
ing the market prices Of Confederate With
those OF Federal money gives low opinion
fMr Hunters, compared with Mr.. Chase's
financial abilities. We console ourselves
tor the apparent disparity OF financial ab'l-
ity between the two peoples, AZ commu-
mites, by rejecting that ours were
wholly agricultural, quite Impractical ana
uuskiiled in the art OF finance while, with
oar commercial antagonists, it had long
been a subject Of anxious and successful
study. Giving little thought to the sub
ject since hostilities began, our people
even our best egislators-repose in the be-
lief that the South possessed one or two
great financial statesmen, with genius fully
equal to the financial emergency and 1t IS
only recently that they have discovered
their confidence has been signally mis-
placed.
The causes which have deprecated Con-
federAtG currency are very well known, anu
It is equally we'll known that they might
have been, to n great extent, avoided. This
depreciation is no ground of dependency,
for France did not enter upon her career of
glory and triumph against whole world
in arms until after total ruin of her finHn-
ciRl system.
The circumstances and expedients by
which similar depreciation in Federal
money has been avoided are not well known
in the South, owing to our imperfect knOwl'
edge of actual occurrences Mt the North,
but they may be yet inferred with r.as'
Ounbie degree of accuracy.
But it is not to be denied that the Fed
eral Secretary of the Treasury has con-
Quoted the finances vi his Government
with COnsumate ability. To check the
speculation in specie, and to crush all
adventurous gambling at the Stock Tx.
change, he has constantly kept fifty mill
lions of gold in the hands OF skilltul opera.
tors in Wall street to "Bear" the market at
the frat symptoms OF every merely specu-
latiye rise. With this powerful regulator
constantly steadying, it is impossible for
gold TO. rise except from the inevitable
effect of supply nnd demand. Indeed, the
effect of SO heavy au amount OF capital
brought to bear upon ono point. and that
the financial centre OF the North, is to keep
gold ut An abnormal price: several per
cent. below its legitimate value.
But there are other cxpedients, very et-
feCtive, which Mr. Chase brings into re-
QUESTION to restrain the depreciation OF
his Treasury notes He diligently avoids
the policy OF paying out notes Of currency
in discharge OF every obligation OF the
Government. Why should IL contractor,
having a claim upon the Treasury of
hundred thousand or million of dollars,
be paid in circulating notes? Very often
he would prefer to receive payment in
bonds at once; and this choice might have
been enforced by making it an article OF
his contract that he should receive bonds
rather than notes OF circulation. So IL
Quartermaster, going to a farmer for corn
and forage 10 the amount Of few hundred
dollars, might have instructions to give
an order upon-some depository Of the
Treasury for bonds rather than be required
to pay Tor every purchase, however con-
siderable, in notes Of circulation. Con.
tracts for heaNy supplies Of clothing, or
other material might .aIse. he made -seanr:
hing twelve months or otbeF Time 70 the
Government In making payment; a credit
only desirable In so far as Il postponed the
evil day oil still further Initiating the cur.
reucy by continual floods of Treasury
notes.
All these cxpedients, aud many other of
similar character, looking to the same OBJ
ject, have been seduously prHcticed by the
Federal Secretary of the Treasury. He has
run up great debt without common.
suratingly flooding the North with a
redundant currency. The consequence
has been very marked; for whereas the
Federal war debt exceeds two thousand
millions OF dollars, and that OF the
Confederacy has not reached one thous-
AMI millions, yet Confederate curreu.
CT is ut discount of ten or twelve for
one on gold, while the Federal currency
is ut less than two for one.
Prices Of all things have risen at the
North in consequence of an inflated cur
rency; but inasmuch as this initiation has
been wonderfully restrained by tact, inge-
nuity aud skill, prices have not approx
mated the enormous rates which are prev
alent at the South. AS it is lawful to learn
whatever may be possible from an en-
envy, may we not hope that Mr. Memminger
and Mr. Hunter will take few hints in the
practical departments ofEinance from such
consumate adopts in this Intricate business
as the public enemy?
BLESSINGS BRIGHTEN, RTc.
From the Richmond Examiner.
Especially strange does it seem that we
are never aware of the wealth of the aban.
doned sections until they are abandoned;
and then we suddenly wake up 10 the fact
that the Yankees are fOraging with case
aud comfort in country which, it was
Supposed, we had deserted because it
could not sustain life. Who knew, for
instance, of the immense resources of Lou.
don before the retreat Manassas Who
estimated the millions of pounds of bacon
stored away between Petersburg and Suf.
folk before the country was virtually given
| up TO the Yankees? Who NupreciRted the