The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-03-10

Mr. Mantillina-cxeuse us Mr.. Mem
minger-has not ceased his grind. The
old circuIation-ssOe, 100000 has all
been practically confscated; and this
leaves an opening for an enterprising
young man, and such an one is Mr..
Memminger. The old rubbish has been
cleared away, and the enterprising reb-
el Secretary of the Treasury finds plen-
ty of room to continue his fayorite
amusement Itwould be a fine sensa-
ton comedy-Memminger and his ma
chine glibly grinding paper promises,
duly dubbed Confederate currency. We
would give our eviertel thaler'-thats
Latin-any time, to witness this talent
ed combination = Memminger and his
machine-for half an hour; and we
doubt not were the two to travel through
the loyal States, they would realize
more by their exhibitions, than they
will Ia Dixie by the sale of their paper
The rebel journals appear to grow--we
cont know whether to say sad or mer-
ry-over the financial situation as we
were always unable to unravel the mys-
teries Of fre-eating literature. The
Richmond Dispatch says it is "encour
aging that our (rebel) currency and ma
tional credit have touched the bottom
and are now about to rebound Well
we think it must he rather encour-
aging; to know that the main reliance
of the rebels has gone under, complete
ly and efFectually We thought, how
ever, the editor might have added, like
Artemus Ward" this is sarkasm
The act repndiating the old treasury
issues, has been represented to the
people, who are the sufferers, as one in
tended to limit the currency; and they
are assured that there shall be no more
imitation. But this, as the Richmond
Wing Justly proves, is mere pretense.
Mr.. Memminger. is authorized TO issue
two-thirds as many dollars of the new
as he redeeEls of the old; and on this
subject Richmond paper says:
The Senate Finance Committee estimated
the amount Of notes out in january last,
together with what would be issued 10 the
let Of April, at seven hundred and ninety
millions Of dollars, Of which amount fifty
millions were lost and destroyed. IL may
be reasonably calculated that twenty mil
lions more will be lost, destroyed, or taxed
out Of existence by ist OF January next,
and that fifteen millions have been funded
within the past month under provisions Of
former acts. The number of small notes
not affected by this act, estimated at ten
millions Of dollars, added to these, wall re-
duee the amount of old notes that will be
received at the treasury under the pro
visions Of the new law TO about SIX hundred
and ninety-six millions of dollars, two
of which, or four hundred and sixty-three
millions, will be the utmost limit Of the
new Issues.
If this is not an imitation, we are un-
able to understand the meaning OF that
term Long before the old issues
reached the aggregate Of $46S, 100000,
the notes had deprecated to ten cents
on the dollar; and that was before any
repudiation had taken place What,
then, viii the new issues be worth 2 We
leave it not alone to an experienced
hnancier butt to any man OF practical
comon sense, TO answer the question.
But after all, Mr. Memminger is not
limited TO this amount But IS author
lied 70 issue to those who are willing
to receive them, in case the exigeneies
of the government require it, certifi-
Gates Of indebtedness bearing per
cent interest, transferable only by
special endorsement; to issue call Ger
tihoates, bearing 4 per cent interest
and TO sell or hypothecste, from time
TO time, as the wants of the treasury
may require il, for treasury notes c
per cent bonds 10 the amount of $500
0O0000 "upon the best terms he can.
Any one who has resided long in the
South viii readily understand the pro
cess of paying over this species Of
currency TO swilling' parties. The de
mand of the robber-@ your money OF
your life was never more imperative
than the injunction of the impressment
officer to accept these worthless pro
misses to pay.