The New York herald., 1864-11-09
NEWS FROM TIE SOUTH.
TE1 REBEL rzrEAwcrs.
Letter from Philip Clayton, Of Georgia, Late
Assistant Secretary Of The United States
and lhe Rebel Trsasuries on the
Payment Of The Public Debt.
VARIOUS SClEMES OF REBEL FISANCIERs.
Mr.. Lirecln's Re-c|cction Expected to
Improve Money Matters in The South.
THE NORTHERN DEBT.
Distress and Anxiety Of the Rebels at
tho Rapid Increase OF the
United States Public Debt.
~~---->>~~~~>~--,-~>~-~e~>o
The Political ard Financial Panic at
Hand On Election Day.
.~y~e>~~s~e->~~~y~~~
Confusion Worse COMPOUNDED" at
the North.
>~~~-~y>--->-.~-~-~-~-~--~.
Disgust Of Yae Rebels with Yankee Political
Morality,
&c, &c, &c.
Distress and Anxiety Of the Rebels at
tho Rapid Increase OF the
United States Public Debt.
The Political ard Financial Panic at
Hand on Election Day.
Confusion Worse COMPOUNDED" at
the North.
Disgust Of Ne Rebels with Yankee Political
4 Morality,
&c, &C., &c.

&c, &C., &c.
Rebel Finances.
INTERESTING LETTER FROM TIE FORMER ASSISTANT
SECRETARY OF THE REEEL TREASURY ON THE PAY
NENT OF THK PUR!IC DEBr.
From the Augusta Chronicle
AUGUSTA, Ca, Oct. IS, 1864 Z
Ny DEAR SiR-slore than year ago you propounded to
me the quest how shall pay government
debtf From prudential considerations declined then
discuss the subject Now that in sight of
dependence, and IN more recent letter from you
tention has been called 10 the promise made, cheer
fully comply with your request, believing that the
which then invoked my silence no longer exists.
In the settlement with the creditors OF the government
Dne rule should be observed, which, in my opinion with
remove many not all difficulties, aud tha, is TO do JUS
tce alike TO obgor and oblsee II the wsest statesman
ship the trues philosophy, and tue best fahsanctoned
by wisdom sustained by experience, and supported by
ove 10 should be the aim OF government. the end Of
society ana toe aspiration OF regionbesides the pro.
phetc vision discovered it OF the triune requisites
Of mn's duty, when he tnrned from the vanity OF p-
posing that offended Diety could be appeased with
sands rams or ten thousands OF rivers OF oil the
rince OF his first born to the simpler submty OF Hea
vens requirement ITO do JUSTLY and 10 love mercy, and
70 walk humoiy with God y
In apply ing the rule the true principle, in my oppion
s TO reduce everything to specie bassn other words,
whatever relation Confederate money bore specie
the time the government security purchased pre-
serge the relation in payment OF cation
Look at my figures aud listen TO my facts.
Congress has authorized loans, and they have
been put upon the after pa sage OF the
laws as Was practicable think it would be lair and
Just to assume six months from the date of an act hor-
izing loan the liked time for scePainng the relation
between gold ana Confederate currency, d..
termine what really paid at the gold value FOR the
security and consequently should be paid to the
holder In the settlement. IL required at least that
length OF time TO dispose OF any loan which has been
taken.
The first authorized by act OF Congress in May,
1861 and generally known the fifteen million loan
equivalent and this class creditors should paid in
gold, dollar for dollar The other loans August
ruary, 1854, and April, 1864, bearing interest
n the rate OF eight, seven, six, seven. thirty,
amounts issued under each. and the amount OF Trea.
sury notes outstanding, would appear that the lisbi
ties somew In the OF 81 500 600 00o
BY converting them into bonds at gold valuation under
The rule laid down above debt Of the governmant
would oe reduced 10 slSo Suppose You put Il a.
$500 900 000 The government will then have 10 provide
$4,000 900 annually 10 pay the interest.
There another class creditors that justice requires
should be placed upon the footing with the holders
Of the SIS 900 loan mean the banks They loaned
Ihe government 80 900 600 OF their notes. thereby
panding their circulation that amount aud ncurring
obligation 20 be hereafter redeemed in specie. They
should either have Their notes returned to them for like
OF Con- nlederae Treasury be furnished
with much gold. 1t will be right aud Just to the
banks and beneficial to every individual nterest in the
sountry The demsgogue may be frightened at the idea
d excepting what he terms monopolies, but am view
ing subject from the standpoint OF handed jus
ce and seek not TO inquire the person persons en-
titled TO it,
From this you will observe that what consider.
I'd almost impossible ON account OF it's magnitnde-he
OF The public debt-assunes racticai shape.
Now, let MS apply the rule with which we started does
his scheme do justice alike to obligor and obgees BY
government security n manutacturer-ne sold his
FOODS price for Confederate money, which he would
nave gladly taken gold at the relative value IL then
Confederate currency the had been
able to purchase with gold-M he sold his manufactured
have purchased Confederate dollar that was really
he value OF the article sod and that all he let the
government have wnen he purchased the government
bond This Ia equally true OF the agricutlrist the mer
shant the common CARRIER or any one engaged in any
Industrial pursuit,
I then, the obiigee receives what be for his gov
srnment security, be cannot complain Of injustice How
IT II be demands OF the obigor all he has promised.
will the rule hold good am not arguing the legal lia-
piity. strike for morality higher than The common
aw In doing justice between government and people
bound together In struggle without parallel in hs-
,cry and united trust ia destiny without an equal
You apply OF the classes referred
TO- aud he viii Tell YOU as a paiaiou for the apparent
aeh price OF his merchandise manufactured article,
agricultural product that he will take II In gold at the
relative value bears TO Treasury notes. IL be sncere
what injustice Is done him II his government pays MIN IN
he currency he Preferred and al the prices asked
when he sold the article which procured him the lrea
may say hold the government obligation for so much,
AMI the government is in honor bound to pay IT,
Those who reason thus make avarice the rule and JUS
lice the exception in honest settlement Can there bo
any Justice In demanding of government one hundred
1oars that which cost the purchaser only four or
ave thiuk not ana such, N my opinion wiz De 'ne
verdict Of the people who have suffered most 10
he government shall be PAID out OF whom is IL to come
and how is IL 10 be raised VIII ask the soldier who
soeyed TIE nrst summons ana h served throughout the
war without taterlng, TO hep pay TO his neghoor an
obligation which necessity imposed, but for which he
paid only oue.twentieth of It's nominal vaue Would
ihere be any justice demand Ho had better
burn bis bond than harbor such thought IL the
itors themselves the proper upon whom TO levy
.hs tax, IL then becomes question OF ejaculation
whether 20 take the real value OF cost 10 them Tor their
obligation raised under the common burthen ot taxation.
nsiet upon the payment OF the nominal value, and
pay il all themselves by tax upon the securities
You desire to know after have reduced the deot
10 form which seems at least manageable, how pro-
pose 10 raise the mons which will be required even Tor
lhe reduced liabilities Of the government In the FIRST
place would TAX all the securities bearing rate OF into
rot ABOVE SIX per cent 10 brne them u that rate
making the interest in the public debt Uniform Our
pors or the hrst year or two after war put dow
" one huna ea mi'9ns-a lutte over one third ot the
exports from The slavehoding sates under the United
sates government 10 tho year 1890 The oronu of OK
ports all the laws OF healthy trade viii piyc us inn
ports OF l.c AMOUNT duty II forty per cent upor
The imports and twenty the EXPORTS will pive a
revenue of sixty millions. Before tho separation TOOK
place the United states government expended slxv mi
iion anuualy--of this amount fifteen million were az
pendcd private claims, nshng bountles, the indian
ierVce, the pubic lands aud the poet Office service
larger portion OF for tue lateruOGe u which, except
perhaps small portion Indians viii be required ior
sue expenditures of the Confederate STATES.
Under the consultation the Post Oce " solisustanng
tnd heusc We arc not called to provide any portion
u It's expenditure FROM the public money You viii
cs under the United States government tor which OF
tmar character our governmental expenditures wiz be
required tnnk, therefore, that may safely cacu-
tate that t30 700 VIII be necessary for The Conedsrae
states IA supporting the government--add 20 this
f2OO 000 the ntercst the public debt md sou have
balance OF $4,000 coo the aunua revenne oi
200 600 for KING fund to pay OIL debt Would
wise Ia Congress TO indicate such policy IN
rfovidnR tor the pay ~ udehtednessY "a wculd
scte the yahcs TO past trausact and inspire cou
aasss as 10 future operations let European capt