The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-01-12
TUESDAY MORNING, JAN. y, 1864
ParInr % nebtn.

not new one. We reco!lect reading
something Of similar process in
in some Of the productions of Sydney
s NTH; and we cannot be entirely obi
vious of the fact that Jefferson Davis,
who now presides over the com dodger
fsssts at Richmond, has long been sn
adept in the species of fnanciering now
50 much in vogue on the banks Of the
james. The process By which these
hnauciers relieve themselves is 3 simple
one; get in debt, repudiate, and get in
debt again. We once read Of sn indiyi-
dual Richard SWIveler-uhe, en-
account Of some small vices, was disin-
herited, and compelled to rely upon his
own resouTces-or rather upon his one
resource, fox be had but one-his assur-
ance. he would make purchases, order
the goods TO his room, and then, instead
of handing The price to the messenger,
would make 5 very careful note in his
pocket book, and say, "I'll call and GET
Gle at five O'clock"
An individual who knew bis remiss-
ness, asked why be so carefully noted the
hour, when be never intended to call
81 am not taking note of that" he re-
piled, "but only making . memorandum
Of the fact that dare not pass down that
street again while the shops are open"
BE then explained that be had but one
thorOughfare through which be could find
sgress, by daylight, and be was fearful
that the necessity for . pair Of gloves
would close that on him before the next
day.
Jefferson Davis, and his supporters
have evidently taken Mr.. swiveler a.
their model; they got in debt to English
bondholders, years since, and made =
mole Of the fact; Northern capitalists
were next among their victims, and line
was entered accordingly; next came the
cotton loan, in which certain stock specu-
lstors throughout Europe were badly
sold-sold more effeetuAIly than the
stocks; the result was noted down; cant
pass there in daylight again. The le-
gal tender notes were issued by the wagon
load, and circulated ameng the chivalry;
Mr.. MemmiDger wipes out this debt also;
another avenue closed up. Lastly came
the note holders of the various State
banks; the people, to a great extent, had
boarded these, because it was the gener-
al impression that they would ultimately
be redeemed, ss their fate would not ne
cessarily be decided by that of the Con-
fedsracy; and because the stock was
chiefly held by capitalists, VINO had never
rcsorted to The tactics Of Mr.. Davis, and
the politicians but the necessity for a
pair of gloves, thresstns even 10 close this
avenue.
The rebel Congress has just resolved
shat the notes Of all banks in the Con
federate States held by alien enemies be
conhscaied." This would be . nice
little transaction; = dollar in some of
this money is worth dozen in COnfede-
rate script, and oOn6scsting it and
exchanging for their own issue would be
q rather hsadsome speculation. But how
get hold OF it? The notes are evil
dences of debt against the banks, and
they are bound to redeem them, and in
stead of paying the amount over to the
bill-holders, it is 10 be placed in the
hands Of the Confederate treasury. That
process is simple; any one can understand
it.
Bus how is Mr.. MemmiDger to sscer-
tain how much of this money is in the
hands of alien enemies? That to .
ROthschild, or an Astor, or = FOulds, or
any other Of the great finsnciers of the
world, would be q very difficult problem;
but to JeffessOn Davis, and his cabinet
and Congress, the solution is easy; mo-
thing more simple.
Immediately following the resolution
Just quoted, is another, brief and TO the
point, which settles the whole matter
and we have no doubt that many an
individual who has heretofore believed
himself shrewd in financial TRANSACT
tions, will arrive at the conclusion that
after this be will be compelled to take an
outside seat. He would probably have
oiled a whole volume with estimates and
statistics, sHd finally become satisfied
with an approximation TO the exact
truth; but jefferson and his friends dis
pose Of the whole matter in half
dozen lines; they merely resolve ." that
all notes which shall not be deposited in
the banks respectively, which have issued
the same, within ninety days after the
passage of this act slal b presumed to Be
fetd ~ oheh eHeHttes'
There il is, in q nutshell. Mr.. Fould,
you can manage the finances Of the
French Emperor, but you wOuld't do as
ar adviser at Richmond. The amount Of
paper issued by the banks is known;
the notes on hand, ninety days from date,
can be counted; Ne. Msmminger is good
ct subtraction, and he can tell just how
much lie due, and they must pony up
in specie, and the remainder in
bonds-says = third resolu-
lion, upon the heels Of the second T; aud
! fourth section applies the same prin-
,iple to all negotiable paper, including |
evidences Of advances on tho cotton loan.
Il is well known that 81 least three
fOurths Of the notes Issued by banks of
the rebel States are now held within |
The Union lines, or by men west Of the
Mississippi; or by those who will never /
see the law, till long after the expiration
OF the required time; and all this is so
much gain to the oOnfsdsracy; the CAPT
tslists who own the banks, must hand
over the cash, and repudiate unon Al.