The New York herald., 1864-09-18
Ga wey ]Ae!eds stH b. pai< sx ua'ss for rs lassr.
(ieas. heal, AID Applauss.)
Tho Rebel Treasury.
ENGLISH OPINION o. THn FINANCIAL ENDURANCE oY
TIE CONFBpRRAOY.


Tho Rebel Treasury.
ENGLISH OPINION o. rHn FINANCIAL ENDURANCE o.
THE CONFBpERAcy.
From the London Post Sept. ~
short tim since received In this country the re
port submitted by the Confederate secretary Of tns
Treasury In April last the Southern Congress, ana
although the date comparatively old and many events
have since occurred TO modify the financial oondoo Of
the Confederate government then represented, the
report nevertheless merits ar attentive perusal The
financial statement Of Mr.. hemDger s there 10 every
reason to believe accurate IN its Details aud those
who are curious in such matters may discover 10 il
the by which . young republic, whose revenue
sroseo fs' oao .ooo has been enabled 10 msst sn
ANNUAL expenditure not lar short OF el0o 900 coo In one
respect both North and South entered on the war under
conditions not very dssmiisr Both uuencumbered
by national 6et both unused to taxation, and both
compelled provide for expenditure SO far exceeding
possible they could raise that alter
left them but " raise, or indirectly TO force
gigantic loans. In respect 70 wealth and material
sources the advantage certanly lay IN favor os the
North whilst the circumstance OF its being enabled To
retain the command Of the sea permitted TO carry
without hindranee large and lucrative trade. But,
Notwithstanding the superior position which North
placed failed, through the folly Of its government
to command that credit abroad which it might
wise have secured ard, like the South, compel ed
TO borrow exclusively from its citizens for the
most part through she medium OF incouvertble pr
per currency. The Northern population, sanguine ot
expenditure which they believed they could pay out
OF the pockets OF ser Southern neghbors whilst the
latter, knowing tia y alone ioere responsible for the
obfpatins they had undertaken, contributed largely
towards The support OF the war, on the successful
Termination or which their national existence
From time to time financial s,atelepts have been
published by the respective governments and compar
son has never failed 10 convey the itea thar while the
North have done nothing than daily add their debt
10y unlimited Issues OF Treasury notes and certificates OF
indebtedness the South have conscteno,y striven to
de!ray m uch possible OF their expenditure by
alton. porusai OF the report only to confirm
impression have always armed that in regulating
the finances OF the state the Confederate government have
pursued system which Is TO ali appearance honest, and
Notwithstanding the nmeuse amount OF the liabilities
created ia, Ia all probability, as sound Is any which
But immense though the expenditure is
thai the South are incurrng does not equal that OF
their opponens Nor can the Confederate government
be jus ~ charged with extravagaIce To then nothing
be thar defeat and they fully justified
s,d,ng hundreds OF ,iios IN ne eGo, 10 estobssh their
ssdepeadsac. Taken together, the two republics have
now amassed national debt which about couals that OF
Great britain, Il the North succeeded in establish
ing the Union tho American republic would resume its
position among the States o. the world overburdeucd
by debt that alternative would be left it but repude-
tiou. But If, as there can be no doubt, tho south
establishes independent confederney, there ia no
why 1t should not be abe TO meet its pecuniary
engagements and avoid he Insolvency Nth 'Oais IL is
hreaered With open ports and ra established trade
1t would be enabled 10 raise large revenues by export
duty on the cotton which It cat produce in such
quantities. On future occasion may take an opror.
tnnv OF noticing tho different positions in which
North and tho South will be p-ced at the conc'scu OF
the in respect to their capabilities OF extiugu-hng
the debts which thoy have created. Locking however
TO the general tenor OF the report submitted to the Con
S Congress in April last would certainly seem
by means unpromsipg. Their paper was, as
might have been expected deprecated even to greater
tho country this side OF the Atlantic stands higher
than that Of their opponents There must however be
should continue much longer the debts onld become
gigantic that IL D0ad idle to hope that either North
or SoaGh mould make any attempt 10 iquaddte he1a.
There is, however this much to be said Neither the
Eortu the South have contracted considerable loans
abroad and h citizens of each republic rr the most part
ths sole creditors OF The State Under such circumstances
rpudiaon sco,ild amsat little more than the con.pa
sorry taGdtion Of e et generation and the payment
by the holders Of the State securities Of ths
entire OF the expenditure occasioned by the war.
Tho New Cotton Fields OF the World.
fFrom the Iondon Post, Sept O.
The Cotton Supply Assoc caton have Jus. offered to the
public facts Of much interest ard curiosity ad
dition to the dry Statistical details which commonly
form the staple Of their proceedings and reports The
recent changes In the tendency of the cotton growth
very remarkable seems likely, for instance that the
supply OF cotton from Egypt quarter from which so
much was originally EXPECTED vii! soon come alto
gcther to an end The Egypian climate has been
found quite unsutted TO the cutipoion Of the plant
and already IL has been almost entirely abandoned.
This Is the result which cannot iail to be serious
disappointment those who have interested them
selves in the Aexandrian trade In Turkey and in Inda
the just the Both countries have shown
themselves adapted very high degree for the culture
of the cotton plant and II is not Improbable that there
may be sharp competition between them for the supply
OF the English market with the raw material II Turkey
produce II at the cost India she will OF
have the advantage for the distance Of the Turk
sh ports from Liverpool s less than third Of the dis
the former.
pears to be OF the moet favored regions but
we'll known 1t not part OF British india and the
port OF cotton from thence is overland one through
Russia Eve years ago the exports Of cotton frm Box
hara amounted TO no more than 100000, pounds,
%r.as y are ss,,as..d for ~ pr.se. year :, 20 600
nc assI.y when they argue from the diner.
sn'e IL 1859 tho trad. w.s worn a'ey ouy So.
whereas II IL worth FL ,650 oO0 but will be seen
the ratio avoe os-he fac, being that cotton worth
four FIVE times much in the Liverpool market now
as was IN 1852 The increase, however in weight and
ceeded in establishing . thriving trade and in Guilt.
vang the cotton pont with very different results to
at present experimental but there is disposition 10
promote 1t, ana fair prospect OF successful ISSUE
cultivated with variety OF success much moro in pro
portion TO any possible varieties OF climate. We must
therefore conclude thai she soil has been Influential
the atmosphere We have already said that Egypt the
cotton cultivation is about to be abandoned In Tipoli
again. the attempt has proved itself hopeless; but
on account OF the want OF capital labor and water than
through tested Dapttude the part OF the soil
itself But 10 Algeria in tho latitude and on the
Same southern shore OF tho Mediterranean ss Fgypt,
great expectations Of success TO be
sertained. Last year nearly 900 900 pounds OF
cotton we're exported from that country; and
curing 1854 Is expected that between three and
times that quantity will be shipped. The French govern
meDt however. stil cling TO the old usage OF making
be and nearly the whole Of the Algerian produce
signed to commercial houses at Marseies and Hava
appears however that the cotton growth in Algeria has
been stimulated arti6cially by the government and
tempting premiums offered 70 the cultivator Of the
soil to plant his fields with cotton nstead Of maize No
doubt however great the Algerian produce be- the
protective and incrcoonal system still partly reoog
nized in France viii prevent from obtaining any OF t
II will, 10 all probabihty be entirely absorbed by the
French markets.
In the Turkish empire-that is, IN Europe and Asia
and excluding Aricathe OF the cuitivaors
been various rs the climates that belong It. But in
Turkey the competition has been recent than in
most Of the countries the Mediterranean and Il
has therefore, al present. had equal advantages
been developed. But the promise the whole
10 greater than 10 any other OF these lands Taxing
the central province Of Roumelia OK.
ample, i appears that the cultivation was only
begun in 1853. In the district Of Adrianopie
three thousand six hundred acres were shen
planted and during this year the amount has
been doubled This small quantity OF lana, however
the quantity Il expected during the present season
In another distrctthat OF Enos-more than times
hauh hoOu hutt tho