The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1864-01-09

rum THESE TWO sources, our TnVeTnIneii
has received within fraction of 2l2O, COX, O0t
while the insurgent Secretary has obtained
only $3.50 600. Aud he ~ compelled K
admit that though there has been tax Law
on the statute book of his Congress, it,
provisions have been set at defiance 10y the
states and the people, while the blockade
has pretty etIectuaily dried up all those
golden streams which might otherw Use have
gladdened his eyes in the shape of duties or
imports.
On the other hand, Mr.. Chase feels as
sured that the receipts from customs and
internal revenue VII, during the cnrren,
fiscal year, reach, say from customs ST.
6@,Ooo, and from internal revenue $4,000, :
ooo, being S4". GOO.O0o more than was receiv-
ed from these TWO sources the last year.
The Federal Treasury obtained from the
sale Of bonds and the issue OF certificates OF
indebtedness during the year ending June
30, S,s05, oS3, 232. Memminger, estimating
for one Cuarter) was able to force of in the
shape of bonds and certificates, during his
last fiscal year, sol ,0S7,1oO. Our Govern
ment issued in United States notes during
the year SSH ,id ,07S, while Memmnger set
fafioat of his treasury notes So, 1914, 710.
The contrasts and comparisons suggested
by these two classes OF figures are full OF
meaning. The Rebel Secretary could not
persuade his conspirators to invest in his
PEELED to do IN order to get pay for such OF
their goods and chattels as the Government
seized, though they bore interest at . per
cent per annum while the people on this
side OF the Potomac and the Ohio, having
confidence in the stability Of their institu-
tons, purchased the Five Twenties, bear
ing per cent interest, by hundreds of
millions, as permanent Investment for
themselves and their children. But, dur
irg the same period, the Confederate treas
ury crowded off 81 100000 MORE Of treas
ury notes than our Government issued,
merely because, though he could not per-
suade his constituents to buy bonds, he
could compel his creditors 10 take notes.
In the last fiscal year our expenditures
were STA, 100, 800, while those OF the insur-
gents We're SG92, 49l. 4l2-our War Depart
ment requiring $500, 293, 6O0-theirs, $685.
9S4 ,325.
Judging from the figures he gives us, Mr..
Chase estimates that, should the wan con-
tinue to be prosecuted with its present
gigantic proportions, it will require, in adj
dltlon to those sure reliances, such AS re-
ceipts from customs, internal revenue,
and kindred sources, that Congress pro-
vide 1916, GAG, S4l to carry the Government
triumphantly on to the opening of the year
1860. This is large sum. But, scan the
other side OF The picture. Mr.. Memminger
admits hat, % carry his Government to
the Threshold of the year 1860 will, nnder
his present system Of finance, require ST.
i27 AS, 71S, "Which." he says with empha-
sis, congress IS formally Gated upon to
proUidc."
But it is in the modes and means Of sus-
tanning these vast Operations-the plans
and policies for replenishing their respec-
tween the loyal aud the Rebel financier is
discovered.
We take for our starting point the price
of gold. In Washington, 81, 80 in "Green-
backs will procure 81 in gold, and the
margin between them is diminishing. In
Richmond SIS in "Greybacks" il required
for a gold dollar, and the margin between
them is dering. In n word, our paper
currency is, III the capitals of the two bel
Igerents, worth full ten times us much AS
theirs.
To carry us forward to January, 1865, no
novel system OF finance, scarcely any new
legislation, is necessary. Mr.. Chase in
forms us that deposits for Temporary loans
with the Treasurer and his Assistants,
will give him At least 81, OOV, 900, and we
doubt not it can be made to furnish him
double that amount.-The Five-Twenties
vet unsOld will give him more that $780,
0OO, 600, and that very speedily. He needs
to borrow some $500, 900, 900 to carry the
war onward to the close of this fiscal year
June 30. He is certain he can obtain this
amount ut a moderate rate of interest. II,
in consequence of II laggard policy in the
field, the war should be protracted till the
middle OF 1866, land we do not see how,
unless we so will it, the Rebels can hold
out SO long, he is equally confident lie can
obtain the four or five hundred additional
millions for this object, and at a reasona-
rate of interest andon fair terms. So much
for the Northern aspect of the question.
Let us turn our eye Southwark. The
report Of Memminger, like the Message of
David, is a frank document. He devel-
opes the doleful condition Of his Golfers,
with sincerity that seems to draw its in
SEPARATIONS from dispair. His scheme Of re-
lief is practical. reputation. The Con
federacy' owes q debt of II thousand mill
lions. OF this sum, on the It'll Of Decem-
Der, S49l ,623, $50 was in Treasury Notes,
bearing no interest, and worth in coin
about seven cents per dollar. Memminger
proposes to authorize n Confederate loan in
the snug sum of One Thousand Millions
of Dollars, in per cent 70 year bonds
Then, to levy tax of per cent on tall
property and credits in the Confederacy,
to pay the interest. Then, TO compel all
persons who hold these Treasury Notes, to
fund them in this new stock by the first Of
April next, or see them repudiated by the
Government. giving, however, those
luChIcSS tiaItVIS liNluS west VI TIE Mis-
siSSippi, on account of the unWarranta-
bic interference of General Grant till the
lst OF July to fund theirs; and six months
from the LIST If April the notes to be de-
clared utterly worthless. Those now hold
ing eight per cent Confederate Stocks
are To be allowed to take this new six
per cent stock at par, and those now hold
ing stocks drawing lesser rate OF interest
to be sealed accordingly. In the meantime
n n. ron ARG tn Hcl
issued to run" the current business Of the
Confederacy. In fine, Memlninger propo-
SEES to create a new debt, and compel the
holders Of the old one to merge their notes
and bonds in it, on such terms as he pre-
scribes-one Of the terms being, that the
new debt is TO be smaller and draw lesser
rate of interest than the oid-or submit to
reputation. Add be promises to try and
make the new debt better than the old, by
forced levies under the name of taxes.
Such are the reports, such the plans, such
the hopes of the two financial Secretaries.
The one, relying upon the patriotism of the
people, the resources Of the country, and
the justice Of our cause, is confident, buoy