New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-11-14
The SOUTHERN CDNTEn; Rhci A.
PORTRAYED By ETsEhR.

'1HE sOEsHJEiF CsN ~ ~ hH-h NJ
PORTRAYED BY ETsELR.
The lion accounted for tho fact that lions
were Away portrayed os being worsted by men
in their encounters b. the circumstance that
lion, We're not painters. Aud there Is maniiesi'y
sariou. difference between The view taken OF
a belllgcrent's resources by himself and b. pn
adversary respectively.
The Confederate Congress has recently CONC
Together; y, has Ire Legislature Of q Tg'a; %,
we presume. has tha; az North o. lima; 20,
pcrhaus. have several other such. Earli Ofthe-c
is met by the Executive with a hud-',. which,
howcycr made up, T. unlike IN taa' It mas "@
told Aattcginc tale We d., any Eenei-
svmpaillzor 10 csjract tie smallest inor,el Oh.
comfort from any recent Official c,pose %. t.e
resorts and rc,or.crs a Confederate finance.
NJ. Trenhol,u, TIE now Secretary OF tie
Treasury g, Re- mona. Wa a leading merchant
as Cls.!c-ton. and is sad TO .aye made band
some fortune in thc pa.,nitsd.ys Of Confederate
blockadc-.uunigg. lie ], q most intense Rebel,
.ad Las douhil,es put The best possible face ON
,le aiya,r- iu;ru,ted 10 b, charge. 1t us see
what That lic, IS:
NJ. Trenholm makes two bites ofhia cherry
ard EXHIBITS but hal ~ it, cyidcntly fearing
Bat the whole Of r. would be- 90 much fol the
'noJ .s 10 bear. lie tell, O., H.a huye been lis
espcr'.:ur for the ioyyca-, c,-iGg with last
september, Ju; shrink, from ac.lg the majestic
aggregate Of wears outlay. For the six
mon,h, embraced oc.a,en April 1T and OCT
| lst, l-Gl, Be ha, PAID oat s!'2,i'-. SOB, Hpar
, from Sl0,7i3, SO paid for interest 90 iublc
Debt. During this period, l.s receipts have
been So @9l,3l Gom war taxes, Si,%je,1 ~
from Representations" Oha' Is, con- ca'ions,)
SJO.o0l from duties o. Imports. and $500
from duties on Exports, with SJJ1,6-- from
q" Solli,ss' Tax" which VIC don't pretend To
uaderaauI. Altogether, the receipts Of his
department otherwise than from Loans, have
bcon lcs. than Ecriy-iiyc Millions, o-.nst al
admitted expenditure Of Fix times that amount.
And. Wien il j. considered tia. The Rebel Ar
mics ave not been paid Tor many mouths-'omc
of them not fOr over a year-that Their Govern
men, owes vast uniiqudated balances right and
ieii to Railroads, and 10 every body and COM
lpary whence food or any other material Of Wa-
cai be extracted by impres.mcnt or otherwise,
it mast be evident chat the actual indcbtcdnc.
Of he Coniederacy was increased during the
Ihalf-vear afore AID az a rate above ra-he. than
below Six Hundred Millions pc aanum.
The Conicderacy achieved, tix or egltmontLs
ago, one 81 those clever financial operations
which. viewing them under llhoreut light, tae
authors designate as mastery AMI tie victims
dcnounc. rs raecally. Finding itself in debt
over One Thou and Millions OF Dollars, most Of
il in the rorm OF Treasury Notes, which had be-
come as Numerous, omniprcsert, and loathaome
O.. the frogs OF Egypt, the Government called
them all in, subject 10 mr OF :ril per cent, TO-
placing them IS new issue Of two-thirds their
amount. The calculation WI. That the Debt
would tAus DO J, luccd moro than Thee Hun
bred Millions. while the Notes would thereby
De appreciated 10 similar cxicut--in other
words, That the Rebel Government would owe
Three Hundred AMI old Millions less, Bho It's
creditors would be az wei or as before. Bat,
though it thus reduced is Debt by no less nm
than $32i 209, Sir, the Secretary reports spre.-
cnt aggregate At 81 ,91O, 2O5, while hsozpen-
ditues for the current SIX moLth5-es.imalcd Of
Si37 ,039, 3iJ-iaust carry this aggregate con.
siderably aboyo Fifteen Hundred Millions Of
Dollars on the lst day Of April next.
The one cheerful feature Of the Secretary b
expose l. his statement that tho debt was only
increased s97, $50 $50 during tie last half year;
but when it is considered that tie Dobt has
been kept down by tho process Of "scalmg'
the Treasury Notes as aforesaid, there is little
room for congratulation Oh this head
This experiment Of " scaling " has the one old
result. When the Regent OF France, b. al mr.
bitrary edict, reduced hy onc-half the nominal
value Of the shares in John Laws Mississippi
scheme he did not reduce their current value
merely to that e1tent-he destroyed it alto.
gether. Holders saw at once that q prop
erty which might be reduced in value indcii.
ntoly at ano,hcr's caprice was in fact no prop.
erty OF oil. And % Secretary Trenholm is