New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-12-16
REBEL FINANCES.

REBEL FINANCES.
The condition and the necessities Of the Rebel
Treasury are set forth in the report of Mr..
Memminger and are even better evidence Of
the straits to which the Rebellion is reduced
than the Message of Mr.. Jefferson Davis The
expenditures from Jan. to Sept. 80 1868, are
stated at 1913, 3GS, $50, of which 1877 ,9S8, 2ii
were for the War Department. INC nominal
receipts during The Same period were S6Ol 3D.
e93 H. but of this amount 1891 ,623,53 were
fresh issues Of Treasury Notes, while from taxes
but 81, i2S, 93o %, and from customs but S93i,-
79S c. were received. The funded public debt
is 1902 ,9I5, $40; the unfunded S70l Az, $40;
and TO the latter amount must be added
500, 100000 To- the two months not included
IN the schedules. In other words. the Rebel
currency in circulation reaches now the enor-
nous sum of S3Ol Az $40, which Mr.. MemmiI-
ger admits is five times its proper dimensions.
The estimates for the ensuing year, added to
the balances Of appropriations not drawn, are
l,i27 ASH and Mr.. Mcmmingcr has TO adj
dress himself to the task Of suggesting ways and
means by which that amount is to be raised.
The plan submitted b. which alone it is
deemed possible TO protract the life Of the Re-
bcllion amounts practically 10 nothing han re-
pudiation OF the present currency, aud the
raising of forced loan. II is admitted that
no ordinary form Of taxation or loan Is available,
and The proposed financial scheme accordingly
takea The shape of general bankruptcy and
plumber The scheme IL as follows: 4 loan Of
~ 900, 600 00O--tbe amount 10 be enlarged AZ
will--is to be authorized by the Rebel Congress-
and this loan Is to be the means, in the FIRST
place, Of ofec,ing that reduction in the volume
Of the currency, without which Mr.. Memmnger
does not hesitate 20 say The whole concern must
90 10 pieces. But how 10 induce the people to
exchange the present currency, which will pur-
chase oommoditcsa; the ratc Of SIX or eight
cents to the dollar in specie, for bonds which
would purchase nothing The eKpedient Is
simply TO provide that all notes not exchanged
for the new loan on or before April shall cease
10 be receivable a. currency or fcr dues 10 the
Government To the extent OF $500, 900
their place is u De supplied by new issue Of
notes, and thereafter the amount Of ne cur
rency i not 20 be increased.
III order further 10 stimulate tho success Of
the ~ zoe, 900, 900 loan tax Of 5per cent ad
ralonrn Is laid upon al property in The Rebel
States, payable in coin or in couYdl Of Tho
loan. No. .n inoore tax Of q per cent, lat "a
twentieth Of total P,oprriy of the people 81 The
States that own the sway Of Joilcrson DAVIS H.
demanded. And in default Of success IN missing
this loan. reducing the currency, aud establish
ing their finances on sound basis, IL Is admit
ted that the days of the Rebellion are Numbered
"Tho army can neither he paid. clothed nor
fed; arms and munitions OF war can no longer
be supplied; the officers Of the Government csn-
not be supported aud the country must sue
cumb," says Mr.. Memmnger.
1t Is needless 70 examine the details or expose
the financial unsoundncss Of y scheme which by
the admission of i,s advocate hss Ho apology
but necessity, ard no hope Of success bu, IN
compulsion. In the present condition o. the
Rebelhous State, il il not probable that tho
whole income Of the year viii averagc five pei
cent on the whole amount o. their remaining
property, for in this properly Is included boi'
land and slaves, heretofore supposed 10 be eX'
enpl from taxation. Assuming that the collec
ton Of such a tax Is impossible b. ordinary
methods, The Rebel Government has The sole r.
naming resource Of forcibiy lcyying on what
eyer property II may require for the subsistence
fits armies; and when that point u reached
the end Of The Rebellion is not far.