Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-09-03

a letter OF Robert Toombs, Of Georgia. dated
August 18th, addressed to the Georgia CoRsti-
tuition, has been received here. ills strong
picture OF the dilapidated condition Of the
Southern finances. 1t Is deplorable In tone,
aud characserIzss the whole system of the reb.
Ci leaders az grand mistake. The following
are extracts from the letter: :
Toe Confederate Government have commit
ted t1o radical errors In the management of
our faances whlOh have produced our present
cA!Amitous condition, by the operation OF Laws
OF currency Is fixed, certain and immutable %
the laws which govern the planetary system.--
AT The beginning of the struggle we had large
material resources aud unequaled elements Of
public credit. We Dor owed gold at par for
our bonds, wealth laid its treasures at our
iees, and poverty Itself claimed 1t a privilege
TO augment our resources with its mite. Fol-
ly has mainly contributed to the drying OF this
living fountain Of public supply. The FIST
great error was in attempting to carry on o
great and expensive war solely on credit, with.
out taxation. When this revolution commen.
ced our currency was in excess Of the wants of
societyi the proof 10 that nearly all the banks
within the Confederate States had suspended
cash payments and their notes had deprecated =,
therefore the fret Treasury note which was
Pu5 in circulation added TO its nominal value,
This excess each succeeding Issue enlarged,
aud increased the depreciation Of the whole
maze. This depreciation soon began to mani.
feet itself In the rise of commodities; yet the
Governments has unWisely continued daily, by o
forced circulation, to add to this excess increase
this depreciation, enhance tho price Of ell the
commodities which il is compelled to purchase,
and Is thus txhaustlng the national resources
10 the ratio Of geomeIrical progression This
runous policy would long since have run its
couTse but for the fact that law, intimidation,
and above all the ardent, sincere, honest, bnt
mistaken patriotism Of the people have been in.
yoked TO uphold II. But, the principle being
rsSically wrong, no human power could uphold
It long, and In spite Of all these powerful proofs
our national currency ia depreoisted more than
one thousand per cent. below gold and silver,
aud fouT hundred per cent. below suspended
bsnk notes, and prices and payments are rapidly
adjusting themselves to the inexorable fact.
Les ua suppose that We have now five hun.
dred millions of currency In circulation, worth
flity millions Of standard bullionj the Issue Of
an additional five hundred millions Of such cur
rency will nos add single dollar to its valueT-
the thousand millions will bs worth no more
than the five hundred millions were before the
last issue; to wit, fifty millions Of bullion. This
Auul5tuU HAS UnJy u6pgtcthpou tub WuUto OuE~
rency By one half, and the depreciation will In.
vafiably exhibit iselfin the rlse of the comm, 4.
ities for which It was exchanged. The Gov
ern ment, therefore, II It expends the additional
issue 10 commodities, loses first the whole
amount OF depreciation existing at the begin.
ming and aleo all the additional depreciation
produced by the daily expenditure. and the
holders lose one bali the value Of the notes.
The history Of the currency Of our enemies since
the beginning Of the war Is humiliatlng TO Us.
Neither had foreign credits; both had powerful
established State Governments at their back
we we're united in favor Of the war, while they
were divided, They have kept twice the num-
ber Of men in tho field that We have upon half
the money, and paid their soldiers better than
Re have. Their Treasury notes sell as a dis.
count of less than thirty per cent: ours at more
than one thousand. fa.
The reason is solely that their Government
has better understood and more firmly adhered
TO the true principles of currency than ours.
We must act, and that quickly. 7 he public In.
terest I'd the public safety will no longer allow
delay. Our resent system Is utterly insupport.
able. Il is upsesting the very foundations Of
private righ!s, weakening daily public confidence
l4h our cause at home and abroad, sowing dang.
erous dieoontenis among the people which are
daily deepening and widening. Patriotism do
mands that ell good men ehould unite to cor.
rect these evils.