Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1864-01-23

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from the N. Y. Herald.]
The Rebel Finances as Contrasted with
Those Of the United States.
The Richmond Enquirer of October 27,
in review of the condition of the rebel
finances, is driven to admit that the financial
system Of the confederacy is an utter and
absolute failure, rendered not 90 by Mr.. Mem
minger, but by the people themselves" "The
people," says this unwilling witness, " have
not and will not fund the currency" The
rebel journal attempts to explain the fact by
asserting that " the people of the confedera-
cy have never been bond-holding popula-
tion." 1t was not polite or perhaps safe at
Richmond to give the true reason, which is
that the people of the States in insurrection
have not confidence in the rebel government
to subscribe for its bonds, even in their de-
preciatcd currency. Bad as the paper is-it
takes twelve dollars of it to buy one dollar in
gold-thc bonds are worse, and the rebels
will not touch them at any price. The rebel
journal suggests as the only remedy a forced
Loan 1t is the impression hcreabouts that
this simple and patriarchal' system of finan-
cicrirg has been in operation in Sccessia for
some time past. When Mr.. Mcmminger, to
borrow the words of the Richmond journal,
"stl grinds out, night and day, currency
of which it takes two dollars to buy pound
Of pork, and one dollar to buy pound of
flour, and the people can get their pay in no
other money than this, the rebel government
would seem to have nothing further to learn
or attempt in the shape of a forced loan"
No wonder the poor deludcd people of the
Southern States, who were tricked'and bull
lied into this war by knavish leaders, have
not confidence enough in their government to
subscribe for its bonds, and see its currency
steadily sinking lower and lower in the scale
of depreciation without much concern.
When we turn from this spectacle to our
Northern finances, the contrast is most re-
markable. Within seven months the people
Of the North have subscribed and paid for at
par over $3.50, 100000 of six per cent bonds.
The bonds were not very desirable invest
ment, according to financial rule, as it is in
the power of the government to pay them off
in five years nor was the interest as high
as paid by leading railways companies and
banks to their bond and stock holders. Yet
for The last two hundred days the people Of
the loyal States have absorbed these bonds
at the rate of 81 500, 900 day. And the
rush for them now is so great that the sale Of
the whole issue of $50O,OOO, 900 before New
Year may be regarded as certain. Orcr $780,
600 900 werc sold on Saturday last. and orer
$3.50, 100000 acre disposed Of during the
recA and the agents state that the sales
would have been even larger had the bonds
been forthcoming for delivery. Such an OPP
Grafton may fairly be pronounced without a
parallel. When the Emperor of the French
called for 500, 100000 for the Italian war,
and his people offered him 81 &c, ,O0O, 900, the
event was deemed little short of miraculous.
But we have given our government thrice
that sum in a single season. When the
British government asked for 1926, 100000
to wind up the Napoleonic war, they got it,
at Sc, the payment being made in deprccia-
ted paper; and Alison tells US the negotia-
ton was considered uncommoniy successful.
But we, in the third year of the war, after
absorbing probably $3.50. 1000, 900 Of seven
thirty notes, two years notes, debt certificates,
&C., have still been willing to give par for
$325, 900, 900 more Of our national bonds.
The reason simply is that we have conf
dencc in our country and our government,
while the rebels have no confidence in theirs.
We believe in the United States of Amer
ica, and feel satisfied that every dollar they
owe will be honestly and faithfully paid. A
great many subscribers to the fve-twenty
bonds arc doubtless opponents Of the Admin
istration, think very little Of Mr.. Lincoln
and Mr.. Chase, and object to the way the
war has been carried on. But they all be-
lieve in the country, and are willing to trust
it. We have no doubt that the copperheads
themselves, if they have any money, are put
ting it in these bonds; for man may be
very wrong.headcd and absurd in politics
and yet be shrewd enough in money matters.
These simple facts reveal the story Of the
future. Money is the sinews Of war; and,
though war may be carried on long time
by desperate leaders with forced loans" and
such temporary expedients, there must come
time when the longest purse will carry the
day. That time is not now very far distant.
When Congress meets Mr.. Chase will be able
to tell members that he has money enough on
hand and secured to carry on the war until
June or July, 1864, without issuing much
moro legal tender currency, and that he
wants nothing except perhaps authority to
sell $500, 900 more six per cent. bonds
at par He will be able to assure them that
gold has seen its highest point. that the gov
ernment is no longer at tho mercy. Of banks
or money lenders. and that the people are
eager to lend all the money required for the
prosecution of the war, receiving in return
bonds of the United States at par. And he
will thus demonstrate to the understanding
of every one that the question of the finan-
cial ability Of the government to carry on the
war for an indefinite period of time is set at
rest, finally and forever.