The New York herald., 1864-10-22
Gen. Mcclellan a Dangerous Man
for the South.
CHARLESTON DAMAGED BY CUR SHELLS.
gKIRMISHENG IN EAST TENNEsSE,.,
&C.. ke.. Es.


&C.. &e. &s.
The Rebel Financial Situation.
ATTEMPT OF TnE RkBEI. sECaETARY or ThE TREA-
suKY TO BoLsrER Ur THE CREDIT OF THE CON-
FEDEnscy.
lfrcm tho Richmond Hispatcl Oct. 1871
Secretary Trenholm has written letter to tho com.
msslocrs g. fir f OF me States of ne confede
'acy. which viii be read with interest and, we hope,
profit 1ne Chief Of the depreciation of the
repcy he d.S,nt OF gpUe,nmc, ies; and tho
ry undertakes to chow that this distrut s with
out reasons bic foundation. Tie says:-
The entire public debt, funded and unfu ded, was, on
the ist Of july last about oco The expenses
the lst July TO the 3lst OF December est
ma cd At about Ss25 0oooo Masking an aggregate or
Sl575, ,0o0.G00.
bonds to he ssaed In place OF like amount OF old cur
rency funded under tho act OF February III lS6f but
considerable portion this sum III be tho
Treasury under the Tax act; or other words, tho
whole produced by the tsxaton Of tue present
win be applicable the reduction this aggregate OF
81 57a, GOO 900. let iiberh allowance. however, be
opposite tngeBcics and let the debt the
first Of January 1865 be down in round numbers
81 SEQ 900 oco be supposed continue aud
In lis progress add 500 0G0 COO to the national
debi making the 6uaiiy 81 600 0c6 600 lhs
would entail upon anpual interest SI4O COO 000
Why should abtsy 10 bear this burihen be doubted?
Before thus war It was alleged (and in my opinion with
great truth that folly great this annually
paid In irbnte to the r,bcrn statos. Why should It
not be pid with clna case 10 our own government BY
wh IN II viii tie returned to ds 10 the payment Of Ia.
Il may be supposed by somc that the magnitude OF the
and bsnk'upcy Let us examiIe the grounds
Of this posibc sp,arhrnson. planter, whose prop
progress ~he.t cpn, &c To the value OF 500 COO, and
iaxe government bo, ds fer the amount. how does
the risk Of bong runeds And what Us true Of
citizen ~ this pcct or OF one class is eiuly true OF
the whole community.
The alarm must from inat,ention to import
ant consideration III ceiling to the government,
year BY only the surplus OF annual productions
There is way, however. IN which the debt may be
made oppressive, rs the following transactinn viii show
The government paid on one OCCASION $500 goo
tosn srpe and the party who received this sum bought
with IT, from foreigner. $4,000 in gold deIvcrabe in
England With The 500 600 thus obtained tho foreigner
then bought squn amour, OF government bonds bear
ing seven rer ccut per aInurn interest
Il follows that si the end OF this war. fer si5C Geo thus
acquired b. the citizen the government will deot
The citizen will receive annually 81 O50 interest," tho
government will pay annually s2l, ,ooo Had be, on the
contrary bought the bonds himself S2 600 annually
paid By The government would have been received by
OF It's citizens, and the country, whole,
would havo been neither richer poorer. l would
earnestly moress upon your consideration that when
traced through all their various rami1caons this n
last the uniform every which supplies arc
sold 10 tho government aud property OF any description
bought with the money to the exclusion OF government
Il should he borne In mind that ,o hare now no com,
class in his country; that the banks have limit
cd capital Of shout $40 oco, and beyond this sum-
have power purchase government bonds. The
OF citizens, then, OF every class must combine
and take government securities, and nothing cse in
change Treasury notes the public debt must pial
libby 60 abroad. There Is no single class Of our
citizens who naye toe power 70 purchase and hold
public being taken by entire population OF all
classes b, foreigners In the manner and the terms
already Indicated. Judging from present indications
there will be difficulty in finding purchasers for our
bonds amohg those who are seudng them abroad. shall
from ultimate pa the debt held by foreign.
ers, could not evade II If we would; II held by
own people, we would not II we con'd and under no cir
cumstances trust. would suggestion SO dishonorpble
be gravcy entertained.
TIE rap ndisres depn,d, in g,ec, d'Grse, upon fs
yrce you saaH Gr 10 you alone have Congress coundcd
the power OF exercising any control over this question
And through you may those engaged in furnishing sup
plies to the government, aud FOR the payment oi whom
the public deb, created, most easily naturally
learn how much better they are served when your
moderation 10 restraining the public exyedurts confines
within more prudent limits the mortgage upon your
estates, and with how much greater 81 city they may
themselves become the purchasers o those mortgages
than permit them TO PASS into the hands OF orcgners
The whole question: complicated as IL may at 5rst ap
pear Is perfectly sirnnie lies in mitchell. Con.
grcss has ordered the following expenditures 10 DO made
For pay OF the army 80. s.5 900 COO
For clothing, snrcs material, ransporta
tion, &c. $4,000 oco
For prov sions .or the army .......... l00Qo00 0Q9
Total. .................. ........ $500 ooo oco
Thoy have directed these expenditures to be paid for
bearing six per cott interest from ,axnion aud
FOR the security and ultimate redemption OF the Treasury
notes have provided non tsxabe rcr cent bonds
which iisy dlfecl me 70 Ss:II FOR Treasury no,es
we supposc The purcnas,s 70 have ossi h,ade ard tho
Community 10 be In possession Of the $500 0o0oco Of
about from hand hand in exchange for property a.
travsgsnt prices unt thoy gradually fall the hands
OF foreigners and exchanged BY them Tor Confederate
bonds or will livery citizen trkc tho scvernment bonds
bmse have endeavorod 70 prove Tint 1r true inter.
est consists 10 following the latter course.
The Rebellion Not EHcctuany suIs
prcsscd-Ths Winter 20 nc Employed
In necnperattng-ncGroc 10 be Placed
tn tho Ranks.
From The Richmond Enquirer, Oct 1911
The Official intelligence from the OF ia Georgia
IL OF great interest The state road Ressacca TO
Tunnel HIN has been utterly destroyed This is the only
line Of rarSad that connectod Shermnn's army AZ
lanta with his base at Chattanooga. Shrsdn cdnnos De-
ON 70 Tspar TIC railroad pitoa rs marching 10 Chad
noopd, bcnrS he has rails at fGon'd, and toe
presume the desirUcfSon Of The railroad tDipiies Uc
reiaopd Of Me ,Giis He 10 thus forced 10
wagon his supplies after bis army, which, marching
upon the country roads, will prolong the time and
consumption OF his sepplies Ho will have to fight
battle, in all probability, before be rcsches Chattanooga
and Chattanooga, his army must be destroyed. With
every allowance therefore, for the uncertainty OF battle
we cannot bet regard the position Of tho enemy Ia
Georgia as worry perilous, and with every reasonable
prospect OF the total ruio aud destruction o. his army
The garrison lett IN Atlanta may be strong enough 10
nod the inIenchments against assault but n> main
body Of Shermdn's dtmyn dfedied by Hood, there no
escape for hs rc,u,'dn lcfi in atlanta
is not proper 10 cay where Hoods army 10, or what
Us movements will be; but u has not merely torn up
the rails, has literally sol down the railroad aud
must DO defeated before the work Of repairing caa be
began.
Saoh u the condition 10 GeorRa where the enemy had |
full success, and where Tho rebellion has been pro-
noupced suppressed. After nshtnR four months 70 get
into Atlanta Sherman n compelled 10 begin new cam
paign 10 got out OF the city He captured Atlanta and
there every prospect that Atlanta VIII capture nn