Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-08-31
Remarkable Letter from n Played
Out Rebel GeneraI.
WASHINGTON, Aug. 27th, 1s6

WASHINGTON, Aug. zftnT 1865.
The Georgia COnstitwtiOHGlist, received
here yesterday, contains a remarkable let
ter from Hon. Robert Toombs, once o.
8. Senator, and late General in the rebel
army. s.
We extract the following: e1
tsAt the beginning of this struggle we
had large Nationalresource and unequal
ed public credit, We borrowed, gold at
par for our bonds. Wealth laid its treas
ures at our feet, and poverty itself claimed
it as privilege to augment oar resources
with its mite. Folly has mainly contrib
uted to drying up this living fountain OF
public supply, The first great error was
in attempting to carry on great an ex-
pensiye war solely. on credit, without tax
alton. This is the first attempt of the kind
ever made by a civilized people. The re-
suit of the experiment will hardly invite
its repetition. During the first year of its
existence, the present Congress neither
levied nor collected a single cent of taxes,
and postponed the collection Of those lev
led for the,second year to q period fatally
too late to support our currency, The
second error naturally resulted from the
fret, and consummated the destruction OF
public credit. This depreciation soon be-
gan to manifest itself in the rise of COM
I0b. NONOAhl4V1S
continued daily, by forced circulation, to
add to this excess, increase depreciatiOns
and enhance the prices Of all commodities
which it is compelled to purchase, and
is thus exhausting the National re-
sources in the ratio of geouetrical pro-
gression. This ruinous policy would have
long since ran its course, but for the TACT
| that law, inclination, aud above all, the
ardent, sincere honest (b1t mistaken) pa
triotism of the people, have been invoked
to uphold IL; but the principle being Fadi-
cally wrong, no human power could up
hold it long, and, in spite OF all these
powerful props, our national currency u
i deprecated more than one thOusGnd per cent
| beloto gold aud siEuer, and four hutEtared PEI
cent. 6elOIg SitsPended bank nOtes. Prices
and payments are rapidly adjusting them
selves to inexorable facts. The conse-
Iquences are frightful. Let uspursne then
q little further. Let Us suppose that We
have Eve hundred millions OF currency
now in circulation, worth fifty millions o
standard bullion The issue of an addt'
tional five hundred millions Of such cuFren
ey viii not add q single dollar totts value
Il A thousahd millions will be worth n,
more than Eve hundred millions wer'
before the last issue-to wit, fifty million
ofbullion.8 The addition has only deprecia
ted the whole currency by one-half and thi
| depreciation will Invariably exhibit itself Il
the rise of commodities for which It ma
may be exchanged. The Government, there
fore, if It expends the additional Issue !
commodities, loses, first, the whole amour
of the depreciation existing at the begin
ming Of the issue, also all the additiont
, | depreciation produced by its daily exPeu
diture. Its .nofe holders lose cne-haf q
. value OF their netss: Il wiz thsretol
3 follow thst.if the market price OF wheat
e eight dollars per bushel under the t9sV
OF Eve hundred millions Of Treasury note
5 it will be aixteea dollars per bushel uud
0 tue issue Of thousand millioDsi and sii
Q teen dollars viii be worth no more thi
e Eight dollars, and will exchange for l
!. more IN other commodities "A eapitali
a 4 Iends-his money TO the GOveFnmsnt a