Washington telegraph., 1863-01-14

and inclination to meet orr liabilities we will
be enabled to borrow at decreased rates. most
especially when SUCH sums borrowed do not
go TO increase our general indebt edness For
instance, if the holder of an eight per cent.
bond were not willing to renew it at a lesser
rate of interest. We might borrow the money
and pay him. In this way the English govern
ment has reduced its interest, and the same
would happen with us.
The only question remains: Can the Confed
crate States pay annual interest on its debit
few general considerations will give great
assurance of this. England with all her Colo
MES has not the natural resources of the
Southern States, and by means of her COM
merce and manufactures, carries more than
eight times the load of our present debt This
commerce, and these manufactures, are also to
be hoped by us, in our new Government. in
addition to the incalculable mineral and agri.
cultural resources of our soil. A very few
years ofpeace will SO develop these, that even
direct tax would not bear heavily upon
the community, for the payment of all that
might be required.
But if that should be deemed inexpedieut
rs sole resource. and it might be thought
desirable TO raise a portion of the sum indi-
reetly, the old duties which we paid before,
to sustain the Ncrth, would accomplish the
purpose alone Counting in the manufactures
formerly received from the North, which would,
Tor ike amount in their place, now become
imports, we would import as much, perhaps.
as the old U. S. did altogether. The revenue
from that was over forty millions per annum.
This would pay five per cent interest land that
is large allowance,) ON eight hundred mill
ions-almost double what We now owe. Then,
too, there are the export duties on cotton and
tobacco. which, for period, might be levied
to sua ,ain credit, until our increased wealth
should render the burden easy. This, of itself,
if verified by statistics, (which each can ex-
amiae Tor himself clearly exhibits the ability
of the South TO sustain its credit The Mclt-
nation admits of no question. Reputation is
shocking To the moral sense of the mass Of
Southern people. None of them have yet re-
pudiated dett they believed to be honest
The cases of Mississippi and the Arkansas hy-
pothecated bonds, form no exception to this
remark.
70 make assurance doubly sure, some of the
States have already guaranteed the payment
of the Confederate debt, in their due proper
ton. AL no doubt, will. The States can,
without odium, resort to direct taxation for
this purpose To any extent.
We believe these general views are incontro-
vertible. They have occupied some space
too much. perhaps; but We could not, in less,
open the subject as we desired. We have not
been able TO go into each branch of the argu-
ment in detail Each one can pursue the
thoughts and Investigations here marked out,
to any extent.
We think this the proper means 10 sustain
the credit of our securities. That i, by show
ing them to be ,corthy of credit, leaving it to
those who doubt them to find out their error
without reproaches or punishment. They may
produce local inconvenience but thy cannot
depreciate our currency. That finds its level
at last from the fountain heads at Liverpool,
London. the commercial cities of the continent,
and even Wall street
latest NEws.-The Eastern mail of
Monday night brought the Monroe Reg
lister of the 9th, and the Camden Herald
of the 9lh; also a private letter from Mr..
Be"jamin Collins, at the Cut-Of, with
the following cheering news:
Judge Lowery ofChicot County. in letter
to me yesterday. says: eve have some glori-
Gus news. The Yankee feet has passed up,
and two men who deserted at Columbia, say
they were badly whipped at Nicksburg. and
acknowledge that they cannot take the place.
They also state that Van Dorm nas taken Mem
phi-. and burned Grand Junction, on the VI.
and &. R. road. The Tag guuboat Benton.
was BADLY crippcd by bali that passed through
her killing the Captain and many others.
was at the river and saw the fleet going mp.
and saw them burn n house on the opposite
side OF the river: They have burned every
vacant house where they have stopped
Full accounts of the three days fight
inc at Vicksburg have been received
Durire Saturday, Sunday, and Monday,
the 27;h. 2Sth, and 29th ult., the enemy
made fierce and repeated efforts to carry
our work. on the Yazoo, but were ca III
time eallautly repulsed Our army fought
with its aceustomei gallantry, rivaline
the heroes upon the fields of Virginia.
They are IN the highest spirits. Some
firing occurred between the gunboat fleet
and our batteries. The Federals had
reason to abandon the enterprise IN des-
pair. In the raid upon the Vicksburg and
Monroe railroad the Government lost twelve
or fifteen thousand bushels of corn, and
4 hundred and ten bales of Lowels. The
road cannot be repaired by the company
during the war 1t may be done by the
Government in few months. The mail
is conveyed from Monroe to Vlcksburg in
some manner, three times a week; and
also by occasional steamers.
From Virginia, We learn that General
Stewart has made an expedition across
the Rappakannock. At Dumfries he
destroyed Federal camp, 5000. strong,
captured several wagon trains, large
quantity of army and suffers stores, aud
brought away from 100 to 200 prisoners.
A Knoxville dispatch Of the 3lst says
that body Of cavalry, 1000 strong, led
by the renegade Teunesseean, Gen. S.
Carter, made n incursion through PEN
dleton Gap, and were near Jones5oro.
They burned the Holston, Wahtaliaga,
and railroad brid ges, aud captured Col.
Love, of the CID North Carolina. They
have also it is supposed, destroyed Sena-
tor Haynes plantation and saltworks. Gen.
Kirby Smith, ordered three regiments