Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-09-22
MAGAZINE LITERATURE.

The Continental Monthly for October
-RepudIattO FInances-
RecOnstructlOn.
The Continental Monthly for October
contains the following articles: The
Freedom of the Press; The Brotb-
ers-an Allegoryi Uuuttered, by; Kate
Putnam; William Lilly, AstrOloger; JEFF
ferson Davis-Repudiation, Recognition
and Slavery-by Robert j. Walker; Diary
of Francis Krasinska; Maiden's Dreaming;
Thirty Days With the Seyenty-tirst Regi-
ment; Reason, Rhymeand Rhythm /; Curren.
cy- and the National Finances; October
Afternoon in the Highlands; The Isle of
Springs; The Restoration of the Union, by
F. P. Stanton; Was He Successful p
American Finances and Resources, by
Robert ]. Walker; yotceless Singers; A
Detectives Story.
Mr.. Walkers two papers in this number
contain great amount of valuable infOr-
nation. His second letter on Jefferson
Davis and Repudiation.gives the promised
history of the Planters Bank swiudle,
and produces abundant evidence to show
that Davis not only ,palliAted and excused
but justified the repudiation of the Missis-
sippi bonds. The present aspect of the.
case is thus described; ~ t'55
"The whole debt, principal and interest,
now due by the State of Mississippi, in
Guiding the Planters and. Union Bank
bonds, exceeds $ll,25O,0 900 (G2,250, ,0o0.)
Not dollar of principal or interest has
been paid by the State for more than q
fourth of a century on any of these bonds.
The repndiation Is complete and final, so
long as slavery exists in Mississippi. Now,
would it not seem reasonable that, before
Mississippi and the other Confederate
States, including Florida and Arkansas,
ask another loan from Europe, they should
FIRST make some provision for debts now
due, or at least manifest a disposition to
make some arrangement for It at some fu-
ture period. If a debtor fails to meet his
engagements, especially II he repudiates
them on false and fraudulent pretexts, he
Gao borrow no more money, and the same
rule should apply to States or natious.--
Nor can any pledge of property not in pos
session of such borrower, or, If so, not
placed in the hands of the lender, change
the position. IL is (even if the power TO
pay exists1 stiff a question Of good faith,
all ysubsequentp pledges or promises should
be regarded as utterly worthless"
AMERICAN. FINANCES.
In his discussion of .Americau Finances
and Resources,r Mr.. Walker, writing from
England under date of August ., answers
the question so often asked abroad-"How
has your Secretary. of the Treasury SO
rnatvelously sustained American credit
during this rebellion, aud when will your
finances collapse2" The present paper is
one OF. a series in which Mr.. Walker pro-
poses to explain tME. Chase's financial sys-
TEN, and to state the reasons Of its remark
able success. We quote few interesting
passages .vtr ~ Co-s
sNever did any !mihister Of finance un-
dertake a task apparently SO hopeless as
that so fully accomplished by Mr.. Chase
in reviying the Cpublict eTedit!- "a single
| fact will illustrate the extraordinary result.
| AT the close of the fiscal year ending LIST
July, 1860, our public debt was only $64,
| 76s, 7O3, and Secretary Cobb was borrow
ing money at twelve per cent. per. amman.
On the 1st of July, 1868, In the midst of q
| stupendous rebellion, our debt was 81, 097, :
274 900, and Mr. Chase had reduced the
average rate of interest to {. 80 per cent. per
annum, whilst the highest rate was T.3o
for \ comparatively small sum to be paid
off NEXT year. This is q financial achieve
ment without.a parallel,in the history Of
the world IT ] speak on this subjsct with
4 some enthusiasm, it is in no egotisticaI
/ spirit, for, Mr.. Ghase's system Cdtfers in
many respects wtdely from that adopted by
me as Minister of Finance during the Mex.
ics, VA: aud which raised Uuited States
ave psr cents. to premium, Butmy sys-
tenn @ Was 81 based on specie, or It's real and
answered &c present sIler ar15+ ss6cy. which