Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-04-16

tlpes Of this character Col. II. has bestowed much
study and research and, while be vas member of the
Congress at Washington ranked among the bestiniorn-
ed and most reliable atscians and duaneiers of the
body His views and the facts on which they arc based
are wen calculated reassure the public pnd of our
entire ability to conduct the TO successful conelu
sion, without a forfeiture Of the public credit
TIE FINANCIAL CONDITION OF THE COUNTRY.
To Ire Editor Of tLs Wig:
AT the instance Of gentlemen whose standing and
intelligence command my respect, l am induced TO
Mace before NV cOuntrymen, IN a concise form, my
views upon the financial cOuditOnOf the country. This
necessarily involves a review Of productive re-
sources-Of our taxable basis, well as OF our COM
mercs and manufacture
These elemen Of wealth, as we'll powerful allies
of our credit system must be duly estimated TO enable
US TO arrive al sale and reiitbe Conclusions. Money
aid credit are indispensable enable 70 sustain
aduct the gigantic barbaTously wsged against
In treating this subject propose to invite your at,en
ton 10 acts-tO place before you conclusive proof Of
our ability 10 sustain our credit and meet every liability
on the Treasury thas the exigences Of the may im
pose.
Allow one long Observant Of our Tast political and
financial history you that vain desire for
notoriety prompts him to so grave an undertaking.
Should this effort evoke contributions from ADLER aud
more experienced gendemen-if it arouSes public
tentiOn far % induce the people consider
turely and estimate properly, the immense resources
aud wealth OF our cOuniry-if / can prompt them 10
cast their minds eye forward, and contemplate what
rich harvest TO reap aud enjoy, should tri-
unph in this mighty struggle, shall feel amply com
peasated But il can advance a step higher and aid
in rvassuriug the public conhdence-n dspcling DIS
trust and assist others in placing the credit of
CJulsderacy upon hrm and reliable basis so that L.
witchmen OF the Treasury may sgualize 10 our cred
TORS our soldiers and our countrymeu "al is we'll
shat the country is able, ready aud willing to meet all
Is engagements should glory in having the hariihood
20 have undertaken task in the estimation Of the de
sponding apparently Herculean and enyroned with
30 many diScOuragements
Believing thai a brief review og our financial affairs
during the revolution Of 70 and So will teach Us wis
dom by example, and that should court information
fOm all sources, especially Of practical character,
shall contrast our present condition with what it
then with 6rm conviction that no one will fail to be
satisfied, after impartial examination Of the history
the two revolutionary periods Of entire ability to
attain vastly favourable financial results now than
our ancestors could possibly accomplish as matters
s.ood ander the COnfederacy of l776
History informs tOreiathets maniuly embarked
10 the revolution when, according the estimates PIE
seated in Congress in 1915. the aggregate population
Jefferson concludes that this enumeration WAS de-
yned 10 appOrton the FIRST emission Of Continental
money between the States aud pledge them 10 its re-
demptCn in which enumeration i've slaves we're count
real number Of entire population 1. is right to add
o. what he suppOses topped of uaier tue three
hths rule and he, therefore, computes the aggregate
population az ESQ., 800 OF every condition ia tne Jhr
ates. Included IN this estimate there were about
900 slaves.
During the war the British forces abducted large
number Of slaves and from i'll usage they caused the
death or loss Of many more. These causes combined
doubtless, diminished our slave population about one
eighth and our farms we're devastated and Dlundefei
ID. ~. ....r1 q. H. d
kinds Of farming stock iheu very low perhaps lot
Oneourth the average value OF lands now nor one
ghth the average value Of negroes pres cut The
exports from the Confederacy would haze ranged pro-
badly, between $40 100000 and SlSOOOOOO. But our
coast vas blockaded BY che British heet-so we were
cat OF from that source Of supply Even far down
a. 1872 our exports we're only SI9.OOOOOO and Re-
NAMED about that average for several years
very high authority estimates the annual cost of the
revolutionary struggle a. about ST. OOO Then our
entire exports during that period II commerce had
been unrestricted would not have been adeonate 10
meet our disbursements for conducting the war Il il
shown also that notwithstanding the explosion of our
paper money and the enormous loss thereby
inflicted upon the people, amounting, according 10
GOuge Banking, 70 several hundred nilions OF dol
lars emerged from the revolution With a registered
&, funded debt in the opinion Of Er. Jefferson. of
,I4O, 100000.
Tue old Confederacy had 10 authority for imposing
Dr. collecting taxes. They Gade acquisitions on the
rvard tardily, and sometimes partially withheld Thus
-e End $50 800 people, under a government without
The mower Of taxation with coast blOckaded aud
ithout money conducting successfully an eight years
r upon credit Yet the States OF the old Coufederacy
possessing very limited taxable basis in the form of
al and personal property, only achieved their in
nendence but lquidated all their debts and in the
mort space Of seventyeight years from 1888 down 70
sol In their onward career, Oustripped al other na-
oos that ever existed in increase Of popUaon-n the
arfAn Wfnr Eoffh nfr4
iieions manufactures and commerce. These evidences
IF power and wealth. together with their ggantc works
n internal improyement--their immense mercantile
inc as well as their rapid advance in the arts scenceF
,ai literature all united enabled them to compare IA
rJrably with the most prosperous nations Of Europe.
The issue of Continental paper money by the old Con-
detacy-its subsequent depreciation, and the great loss
tereby imposed upon tie people by using a circu
l-ng medium, induces many persons now to compare
our Confederate Treasury with the cid Continental
piper aud 70 argue that Treasury IOtes viii ultimately
become as worthless. With view Of disabusing the
popular mind Of all erroneous views this subject
invite attention 70 the abes and mos; satisfactory ac-
count Of this old paper currency have met with.
Mr.. Jefferson in treating on this subject observes
Previous TO the late RevontiOa most of the States
.sre in the habit WheneveS they had occasion for more
money than could De raised tg,aedats, by taxes to
sue paper notes bills in the name Of the State,
Ihereia they promised TO pay to the bearer the sum
AIMED in the note or bill In some Of the States no
me Of payment fixed, tar laid TO enable pay
,ent In these States the bills appreciated But others
the States named in the bal the day when it should
x paid laid TO bring in money enough for that
,uTpoae and pdid the bills PUReaity or before the
Jay named. In hsss States paper money WaS IA as
n siti11atiOn gold and silver. % the commence
The late Revolution Congress had money.
SsZnal commerce Of the States being suppress
could not sell his produce and, of
May his tax. Congress had, no BE-
HPaper money Not being able 10
Rtis~ they could only Proraiss
= purpose, so to re-
= facts .
Nstates.issH-by Mr. JEFF
hquidationr>ar mo
that purposess.-
-, ,csrs -
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80 strikingly
al Treasury
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