Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-06-17

Indebtedness, and every other form oI
credit have 10 like manner come to nothing.
Clearly there is no resource left. Specie is
the only money which has an Intrinsic
worth, and Of that there is none in the Con.
federacy. Credit 10 the only thing which
can give On artificial worth to paper. money,
and all the credit the ConfedeEacy has 10
gone beyond resuscitation. Ifthe legisla.
tors ct Richmond were high magicians,
they might have succeeded in putting
money into the treasury; but being simply
plain traitors, they did very well in taking
French leave of Mr.. Memminger.
The Confederate government 10 really
bankrupt. It cannot pay Its old debts,
nor can it get trusted for new. Yet It will
not do to suppose that it cannot mRnage
to live for all that. It in fact needs very
little solid cash. It has no difficulty In
paying its armies with its worthless paper.
It can feed its armies easily enough from
the heavy taxes upon the farmers, payable
in produce, and from the impressment sys.
TEN. 1t can arm, and equip, and cloths,
| and provide medicines for its armies by
Its cargoes of cotton, which are constantly
running the blockade. The calculation is
that about i've out Of six of the ships thus
dispatched reach their destination. At
present prices the cotton brings enormous
returns, half Of which 60 to the companies
or persons shipping, and the other half TO
the government II iS o great diBcredit to
our Navy Department that during the
three years the blockade has existed swift
vessels have not been built 10 render the
blockade complete. But there is no sign
that there will be any Improvement in this
respect. The department 10 so thoroughly
welded to its old notions that We may as
we'll take it for granted that the JeR. Davis
government will continue to the end TO
supply its armies with the material of war in
this mode. There can be no doubt in re-
gard to the efficiency of these various
methods of supplying the various wants Of
the rebel armies. 1t is the universal testi-
mony .of those who have the means of
knowing, that the rebel soldiers in all parts
OF the seat OF war are we'll fed, we'll cloth
ed, and we'll equipped-better by much, in
this year Of 1854, than ever before. This
Is the vital point. The life of the Oonfed.
eracy 10 In its military organization. So
long as the necessities of that orRaniza ation
can be met otherwise, the wants Of the
rebel treasury, though they may subject
the rebel Government to some trouble, can
have no fatal effect. All calculations that
the rebellion will perish for the want Of
money are unWarrantable. The rebellion
90 I0uh aa lbo E6tuAlQ
strouR; and its armies will remain strong
until they are broken down by the superior
strength of the armies opposed to them.
But it does not follow that we ourselves
are alike financially independent. Though
the JET Davis regime can maintain the war
without money or credit, the National
Government cannot. No impressment of
food can be made by it, and It has no cot.
ton or other export to exchange for cloth
ing and arms and ammunition. 1t must buy
its supplies with cash down, or with paper
redeemable in the future, and commanding
confidence. The cash it derives from its
customs, but this is necessarily absorbed in
meeting the interest paymeals on the pa.
per. Oar ebtlity, 70 maintain the war now
ipragtiraily depends entirely on our ability
70 maintain The national credit. The en-.
mics of the Government, understand this
perfectly, and are incessently working to
impair that credit. Every loyal man ,is in
duty bound to do his utmost to uphold it.