The New York herald., 1864-10-27

The recent letter oi MI Trenh olm the Secrctary Of
the socaIed "Coniedsrate States Treasury, the
imssseosrs appointed 'ro nx prices" for four Of the
Etates . remarkable commentary on tho condition Of
Ahe finances Of tho rebel government and should act
warning 70 ourselves Tor both North South made
grave financial mistake at the Commencement Of the
war and only the superior material and political re-
sources OF the section over the other prevented the
Quilted States from suffering the monetary disasters which
have preysd upon the rebellion. The policy Chase
Was virtually that Of Mr. Memminger, and rjce rsrsG;
but the former had fresh and almost bound,css
resources at bis command while those OF the other
vastly inferior and confined within limits. The
NORTH could therefore flourish under what sufficient
n ruin the South. But when currency has been
tnced 10 thir,yeight cents tho dollar and 10 stiu
worth less than forty eght cents cannot but that
our finances have suffered severely. eN
The fact that commissioners have been appointed
FIX the pricos produce to the rebel government in
Favor Of Southern States shows the desperate cond
sQn OF the finances OF the confederacy for
pleteacs Of despotBn could hardly be psrperas But
ths was nevertheless to be expected and it ID only in
keeping with the general conduct Of the rulers at Rich
vnond.
The ebf op,eot o. Mr.. trenholm in writing the letter
question seems 70 have been 70 remove che prevailing
dlstrust a rebel sseurses TO which he attributes the
osprscaaioa Of the currency and he makes speclous
krgumsnA In thar favor which, for all she good viii
DO he might well bavs omitted. Tho people OF the
Bouth hxve Only TOO strust their govern
ns0t sssuriss Ths rsbsl authorities have evidently
lost oontt d their oDstary asirs any reasonable
basis. and ars seeking by arbitrary provide
bubstsuts Tor popular conndssce which longer exists
Had s ecsth not resorsed 70 large Issues Of rredeem
able papst money would have been comparatively sol.
ssat to day, and ns currency would bs the nearly
WORTHLESS ssua u. The plan o. issuing currchcy
Afsr funding the old did much under mine public con
nAeaos; end thh san error which mda be ssudiousy
guarded aeass - the North. with the surplus of
purrsucy vhen once funded, must mover be replaced,
Ind people be assured that this wiz b the
M satRt rsbsl debt, fnndsd and uirnded. was On
lhs lss et jolly q 40 0co and the estimated
up 70 ths suA oe Dscsmbsr 1a2s 000 making an a.
regate q o0o own on the 2sh OF Juue
was 81 $40 osS $50, which, after allowing for the debt 1t
lbe time 60 commenoed, and considering the work
shAa has bssa don, Of COURSE proporonAsiy far less
bhsn thss Ol the South but at the time greatly 10
rxcess or what would beeu had the ev policy
b. ourrsccy imitation been pursued That policy must be
reversed G NJ dsastsss which have oyertakeu the
eouth await u, the war only asts long cuoagh. Bat
1ithout relying upop early Termination Of the war
"a to b hoped that Congress, % meeting, viii adops
lboee sasarcs nec.ssasy 70 restoring fiscal affairs TO
souHAee basis than thai upon which they at present
tsGt,
tslssram from washuston Informs us tka, the last
repor, Of the Commissioner Of Internal Revenue shows
shas ths income TAX Law about $e COO 900
month Or Sip2, OCT, 600 year. This amount, which Is
probably rather overslaied than otherwse. 10 not in
rxact narouy with she OF Mr. Fessenden, IN
Es appeal 10 she people he placed the thirty
curreacy loan on ths market. He then said
sm happy 70 say shss from tho internal revenue,
under the new law which went into operation the
Ers, day OF the month u'y the Treasury fire.
nusntly receives one million dollars per day.
The Receipts q, the sub-Treasury in New York were,
however only So7s 7uS July aud 81 sos IN August,
nud New York ia an Important district The new law 70,
practically dead letter; many where those
liable 70 saxsiou neglect TO pay they enjoy perect i'm
munity.
fnsre u no change 10 record In the money market.
rhs demand from the stock Exchange light and easily
n Al seven nor cent Lenders reluctant TO discount
uuy but p~sns psp preerrng TO 10 employ their capi
La tina. they can recall a. short notice. Tho rates
ranre from mise TO twelve per cont with few srcep
llcus a. ssht; but owing the difficulties attending hs
negotiation very little commercial pspcr Is Offering
FOREIGN exchange is dull Al yesterday Is quotations
namely iQq,z bankers sterling at sixty days, and
lIox for three days from sight The currency rates
vary wn6 the price cf ecid
1ne sarnlugs OF tbs Chicago and Northwestern Railway
Tor the third week IN October t1Ts,ss2 showing an
Increase over the corresponding period Of 1864 Of
BAL ,2sA
The earnings ef the Ohio and Missss pp Railroad IN
EStsmbsr ws $3.50 400 showing 40 ocrsase over thoee
Of u,s came moalA last year Of e3es,3&S.
Tie highest cusb prices OF ihs leading railroad aud mis-
cssucoa snares at the 6rss session OF the Bosrd o.
brckes to-day, ccmpars with the quotations on woA.
6sda n isSt eoIloys.--