, 1864-11-18

The attempt Of the rebel government to
create perpetual motion in finance By issuing
treasury notes and repudiating them, and then
Issuing more treasury notes, has not met with
the brilliant SUCCESS predicted for 1t by the
juggling fraternity. Mr.. Trenholm exposes
the workings Of the system as follows:
"Thc currency demands the immediate and the
carncs: consideration Of Congress. Un1eas uni
form and stable value Ian be giycn to the treasury
nUft +, Tic effort 10 carry on the Nur through their
ins'rG1ncntalty must OF necessity be abandoned
AcGulteerNce in its deplofable depreciation Is to
coGi1 1hc rain 10 which 1t leads. One hundred
ai,d ttir, -lHc dollars In currrncy the price OBJ
tai'''f lor one hundred dollars il SIX psi cent
hons Is equal TO SIX dollars only in sp:cic and to
Ell ie boaids ut tins rate Ia in reality to.dispose
ol lrlE Ct ninety t-iour per cent discount; OF in
o'ltr "':Gs, 10 give bond for one hundred dol
la,s IN consideration Ut the loan Of Etx dollars,
hrrr II mol nan OF property In the country
WHO sDEiu rot prefer any lair ncasurc Of taxatjun
1usher 1!lnh procure n temporary and trc,chcrous
pI,;pF::. bs thc s2le Of mortgages on Ills estate
Tic depreciation Of the currency, proeeedip.
irGa = srl.tialcy, eid tA< sS1aa Of eoafdsnet "a
rlcasur.- that bhal bo.h diminish it. volume and
tu-l:.fE tho public confidence. THE measures
ndortrf! }y C0ngrcss to rcdncs the currency did
nut CONT Inc these essential elements OF succes5
Iho-e rlo had taken the pld notes, rtlyiu. On the
good fail. Of the Government, on finding them
suddenly d,prfvcd Of one lhird Of thHir nominal
m<asr-t- Al the 1!nc, too, that the cur
EEcy, act proriecd for = circulation c1ceed-
cir.1Anlscribtd lnd reduced the demand f9s tie
nots* by making tile four per cent bonds rec,iy-
nhic tn The a. nscnt Of taxes. Dy the frst Of Au-
E1'tt sltc.UN,0 Of the new notes had already been
issurd. md less than S1u,uoo,010 sutGced for The
lnsliclt of the tases collected at that date. Dc.
pf"Ciauon commenced 1t once, mud proceeded at
~ r'i''d r.,s tnt by At Gr1 day 81 octol<r goIi
zt0s *ttti'G af ttrt afg:nee dollars j1r oAe.n
No adverse criticism could 50 abundantly
demonstrate the futility Of the rebel scheme
10 get something out Of nothing as the con-
lesion OF their own Secretary Of the Trcasu-
ry, who merely rccites the facts that have
come 10 Ills knowledge. The case Ia like TINT
ofa Lank which rcdee1ns It's own notes at ffty
cents on the dollar On The plea that It's circu.a.
tion Los become redundant, and st Ii strives
to nut out new issue at par. The peop1e
" Ill not take 1t at cycn at the discount fixed
u,>on II at the place Of Issue, because tlt
whole scheme Eayors Of swindling. Jamel
1hc Second tried the samc process for carrying
on his war in Ireland. Gold and silver 1eint
scarce, lc put copper md iron cxtensivcl,
in circulation. &c believed as sincerely ii
the SUCCESS of his new .co1nnge as the rehc
financial advantage by destroying their ow1
credit. The results were alike. James
iron g1ineas, buoycd up by the confidence o
his Irish subjects, went well for = few weeks
and then they "lost their purchasing power
without anybody being able to explain th'
phenomenon. The Confederate currency ono,
rested upon general belief that it would b,
,,1t;uo4n1y redeemed which, 1,r1ief nrsveraa