The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-14
will be repaid for their labor aud capital I've
hundred fold. 14F W9NE ~gm

will be repaid for their labor and capital I've
hundred fold nQF W0nW wsa
Ths Rebel Finances The Dostom EaiI-
tng DAT Of shs rus.
Mr.. G. A. Trenholm. Secretary Of the rebel
Treasury, may be very smart man Is the
manager Of small South Carolina bank, or a.
blockade runner; but he makes . very poor
exhibit as government fnancer. His state
ment to the rebel Congress is about As naive
and bungling document - has ever been sub
nitted to government that had need of brains
to drag 1t out Of insolvency. The picture
which il presents OF the condition of the rebel
finances is only to be matched by its recon-
mendatiOns 1t would be difficult to find any
thing more visionary or impractlcablc In the
wild schemes suggested during the bankrupt
era Of the first French revolution.
In one respect the document is invaluable,
and that is in its admissions. They furnish the
best commentary that could be framed on tho
manifesto Of the rebel Secretary Of State to the
agents of the rebellion abroad. Placed in
juxapositon, the two statements will convince
the most incredulous of rebel symp athizers Of
the monstrous character Of the falsehoods on
which 1t is sought to maintain the credit OF the
South in the European markets Benjamin's
despatch was intended, evidently, to pave
the way for the damaging character Of the
revelations which this financial expose would
have to make. By giving gloomy and per-
verted picture of the financial position of the
North, it was hoped that the impression created
Hr 80 -
bankrupt condition Of tue South would be in .
measure counteracted.
This, however, is but poor expedient.
The memorable logic of figures will force con-
viction even upon the most prejudced. In Eu-
ropean countries, where skilful management of
the public finances is the only guarantee fer
the stability of . government, the facts OF Mr..
Trenholm's statement will have powerful
effect. Our military and naval successes can
be ridiculed and made light Of, for but few
there understand their Importance; but there
is no explaining away Misunderstanding the
desperate financial straits to which we have
| reduced the rebellion. What hope, it will he
| argued, remains for government whose cur
rency bears the relation of one hundred and
| tbirty-fve dollars in paper to six dollars in
| specie, and whose plans to meet this deprec;a-
ton have all signaly failed. When faith is
once broken with the public creditor it is fl
| cult to restore confidence, and it was to be eX.
pected that the rebel Treasury would find j,
impossible to palm any more of its issues on
the people. The plan by which it now pro-
poses to sustain the credit of the government
| amounts to little less than coniscation of the
entire property of the landholders, by impos-
ing, in addition to their existing burdens, a
tax of ten per cent on wheat corn and cotton,
to remain charge upon their estates until the
whole debt of the South is repaid. a
further tax of five per cent per pound is to
be imposed on the expectation of tobacco
and cotton, and the attachments at
present allowed on the property and
| income tax are to be repealed. 1t is obvious
| that these measures will be resisted by all
whose property will be affected by them, and
that there will be thereby drawn into the class
OF malcontents great majority OF those who
were instrumental in commencing tho war
The burdens sought to be imposed on then orc
more than they can possibly bear, and if con.
iscation is thus to be the order OF the day, both
in regard to land and slaves, they will be led
| to consider whether 1t would not be better for
| them to return into tho Union willingly and so
save half their property, with the chance of get
ting some compensation for the remainder.
But the hopeless character OF the measure is
| further demonstrable by the fact that no GER
| tain basis can be fixed for it.
| The area of the rebellion is daily be-
| coming more contracted by the progress
| of our arms, and another year of war
will leave it but little land to tax Be-
sides, it will merely suffice for the Union stand
ard to be planted on any part of a rebel State
! to render it impossible to collect the tthes
! which it is proposed to levy from it. Dir
| Trenholm's recommendations like the sug-
| gested arming OF the slaves, are evidences no,
only OF the desperate condition to which the
South is reduced, but are so many powerful
agencies brought to bear Tor the restoration oil
the Union. That the rebel rulers do not see
this, can only be set down to the infatuaton
which has all along governed their actions.
The LATE ACCIDENT ON THE SHORE LINE RAIL-
RoAD-THE DUrY OF RAILROAD CoMrANns.-We
| publish communication from correspondent
iu New Haven rejecting upon the statements