, 1863-09-01
TIRE REBEL CURRENCY.
Remarkable Letter from Robert
ToopabS.

(UAsmSGTos, August q, 1868.
The Georgia Constitutionalist, received here
yesterday, contains remarkable letter from
Hon. Robert Toombs, upon the currency Of
the rebel States, from which nc extract the
following:
At the beginning Of this struggle We had
llc credit: We borrowed gold at bar for our
bonds. Wealth laid its treasure at our feet,
and poverty iteelf claimed 1t as q privilege
TO augment our resources with It's mite Folly
has mainly contributed to drying up this
living fountain Of public supply. Tie first
great error. was in attempting to carry on =
put taxation. This is tie arst attempt Il tde
Kind ever made by o civilized people:-The
result Of the experiment will hardly invite Its
repetition. During the first year Of its cx-
1stence, the present Congress-. neither levied
nor collected single cent Of taxes, and post
poned the collection Of those leyfed for the
support our currency. The second error
naturally resulted from the first, and con-
snnmated the destruction Of pnblic credit.
This depreciation Eoon begun to manifest it.
self In the rte Of commodities; yet the Gov
ernment unwisely continued daily, by forced
circulation, to add to this excess, increase de-
modities which 1t Is compelled to purchase,
and ia thus e1hausting the national resources
In the ratio Of geometrical progression. This
'ruirous policy would have long since ran It's
course, but for the fact that law, inclination,
and, above al, the ardent. sincere, honest
been invoked to uphold III but the
principle being radically wrong, no hu.
man power could uphold 1t long, apd
In spite Of all these powerful props. our
NATIONAL currency Is deprecated mora than
and four hundred per cent. below suspended
band notes. Prices mud payments IRE rapidly
adjusting themselves to ine1orable facts. The
CONSEQUENCES are fffghtfu1. Let us pursnc
them little further. Let us suppose that We
have five hundred millions ct currency now
bullion. The issue Of m additional five hun
dred millions Of such currency will not add
single dollar TO Its value. 4 thousand mill
lions will bo worth no more than five hundred
millions were before the last issue-to. nit:
ffty millions Of bullion. The addition has
hall, and the depreciation viii Invariably ex-
hibit Itself in the rise Of commodities for
which 1t may be exchanged. The Govern
EeDt. thert fore, II it expends the additional
iesue in commodities, loses-hrst, the whole
amount OF the depreciation existing at thu be-
depreciation produced BY its daily e1pendi-
tuIe, It's noteholders lose one-haif the value
OF their notes. It will tscrtfore follow that If
the market price Of wheat Is eight dollars per
bukhel under The issue Of five hundred mil
Hons Of Treasury Notes, 1t will be sixteen dol
million, and eixtecn dollars viii be worth no
more than eight dollars, and Will exchange
for Eo mort in other commodities. A capital
ist lends bis money to the Government, and
finds that at his fret half yearly
dividend he receives In payment Treas-
ury notes-notes worth one5hird in money
the Government wonders why the people viii
not buy It's bonds. Investments In gold for
the last six months have been the safest and
among The best in the Confederate States.
They have paid one hundred per cent. per
month On the original Investments in Treas-
ury notes Can | say more to expose the
TEN: The history. Of the currency Of our
enemies tince the beginning Of this war is
hpmiliatirg to us. Neither had foreign
credits; both had powerful and established
State Governments to back. them. We were
united In favor Of war; they were divided.
They have kept twice the men in the field that
We hare, upon half the money, and paid their
notes sell ut discount Of less than thirty peK
cent; ours more than aAundrtd. Tie reason
is solely that their Government has better
understood and more firmly adhered to the
true principles Of currency than ours. In all
else ne hare had the advantage. I have en-
deayored to point out the main difficulty In
our 19anela1 policy snd h:s A to the best Of
cess in the currency, not national debility. I
will not waive the terrible truth, as plain Us
tie MONDAY sun. that at aoy and every stand
ard which any Intelligent man apply, aud ut
velocity: rapid and daily increasing. our cur
re1cy is depreciatiDg, dying; and without our
This depreciation Of currency, therefore, what
ever may be its regulation, or by whatever
standard you may test ita amounts, is our
monster evil.