The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-01-07
correspoqsenoe ofths Loadon lines.
Csnditisn Of inc south.
81 AxeLo-RaBEL 80 on 80 srruArro

The Coniederate States are rapidly
approaching stage in this war waicb
will test more than ever the stubborness
and tenacity Of their temper and patience,
ard can only be successfully encounter
ed by national spirit as sys' ematie
ss 10 ls rssOlute. Their enemy, with =
much pertinaeity, and far more sagacity
than hetetof0re, hens in the edges Of TIE
rebellion" on every eide, avoids the fee
quent recurrence Of pitched battles 81 d
general engagements, pounces with hsv k
IKE sWOOp upon isolated aud mad qCate-
ly supported bodies Of men, evincss pos
session Of admirable secret information,
keeps the CO0fsderste Generals constant
IL on tie racs, aud, harassed by irrup-
tions Of cavalry, makes his superiority Of
numbers, and still more his abundauCs f
supplies. for horse and man more and
more felt, and finally is investing tie
ports Of Secessia with : Gordon of yes
sells so numerous ss for the frst time in
/ so months 70 make access to the Ccnfed-
crate cOastreslly dangerous and difficult
Ga the other hand, IN rebsldom itself the
Federals have pOWerfulaliy in 6ircUm-
stances which, 20 my thinking, have
fiom the beginning quadruplsd The mag
nitude Of the Confederate task. No one
who has been converssnt with the Moth
eTn States during the last ~ years can
have failed to notice wish astoHisbnent
/ the faith stronger than death which the
Northerners have exhibited in their
"star," their "nanifest destiny" their
religion" their Alpha aad 0meg, their
/ drama of dominion from sea. and 10
quote Mr.. EVeFett's words) "from
| the icy Pole to the flaming belt
of the EquatOr" No parallel faith
has ever been exhibited By tie
/ Confederate States in their fu
ture. Six great Southern victories in the
/ field and three drawn battles, exhaust
| ing the nine principal collisions Of the
| war, the entire absence Of any such ps-
ME routs as Ball Kun or Chicksmsuga,
the tried inslicacy Of the Federal
/ blockade the unmo.ested predatory
| fight Of Alabanas and Fl0Fidas e. sea,
| have altogether failed 10 inspire the mas-
| sss of the South with 1.-THE Of that con-
fdence in themselves which neither de-
feat. nor disaster, nor hope deferred, nor
| illusions disBelied, have ever shsken Out
of the NortderneTs. Deny il who may,
there IS something sublime IN tho shad-
owy earnesinsss and misty msgnifcence
Of Northern faith and sslf-reliance.
Would that 1 conld see promise Of future
and finaI Southern triumph il any coz
respondent quality Of tls Southern
mi0d! In many fashions Southern un-
faith crops up md recoils upon the Con-
/ federats GoVernmsnt, making, for IN
sta1ce, LF. Btmminger's task, though
he takes his stand upon raw material,
worth 60 O. 20 millions Of p9unds ater-
ling, Hereulean az compared with Mr.
ChSse's, who issues vastly larger prom
ises 10 pay on 5 security Of breadstuff
fx9ort5 worth only 60 or 40 millions Of
dollars. There axe, Of course, other res
sons to account for the fact that three
dollars in 'greenbAcks" win buy two
dollars in gold, while il Fsqsires thirty
paper dollars Of the Colfederacy to buy
like sua; but the fundamental expla-
nstion Of the discrepancy 10 value OF the
irTedesmable paper issues Of the two
sections lies il the vastly supefiOr faith
in themselves of the Northern people. For
many months We have heard throughout
the C0nfederacy the cuckoo cry, "D0
something to arrest the doEFeciRlion Of
the currency, or we perish :" bat hitherto
nothing has been dOEe, and, IS is nov
seen by every body, we are On the brink
Of . precipice. II is universally admit
ted that the country is richer in every
thing that constitutes wealth than il
was twelve months ago; that there is
snfficieneY Of meat and far great T abun-
dance Of cereals than last year; that
fruit and vegetables have been granted Us
in unusual abundance that Richmond
has supplies Of coal aud wood vastly Ia
excess Of those laid in against LAST
Rinter-in proof OF which | may men
ton that TIE streets are now as vel
lighted IS thoss of London, whereas, lsst
year their Cimmerian darkness was
fsvorite theme Of the New York Hsyald
bu', in spite OF these fsctg, unfsith in
Confedera.e currency grows apace The
farmers refuse 20 part with their crops
Oh any terms; -four fetches Sl00 a barrel,
and is rising; bacon is close upOn 50 =
pound everything is prop0rtiOnalely
dear, and nothing plentiful save Confsd
crate currency, until, 81 lsst q woman
going to market bss been heard 10 ex-
claim 'I carry basket 70 market %
hold ny money, and carry p0cketb3Ok
to fetch home the slice Of beef which it
buys"
In this emergency all eyes turn 70 ths
Confedefzfe Congress-, which meets upon
the 7th Of December and never was
graver question submitted 70 = deliberate
assembly than that which awaits its im-
mediate discussion. Some eight hen ired
or nine hundred million dollars are
ahOtt IN q community which could with
difficulty sustain 3 circulation Of two
hundred millions, and, worse than aL,
Mr. Memminger's papor-miIl is harder a.
work than ever, until the dollar, which
now represents = vaIus Of fourpence En-
glish, promises shortly to BE- woTth only
four fartbiBgs. The redundant cuTrcn- /
cy bzs somehow 70 be funded, frtsh is
suss TO be suspended q limited amount |
of circulating medinm 70 Be pul firth, 4
and a Solemn pledge giys2 tha5 this /
amount shail not hereafter be exceeded. /
I am bound to record that the people are l
in > temper 20 stand exir4vagsnt taxa
ton. For many weeks past ne Confed
crate Cabinet hss bEeh eagerly engaged
in discussingRnd exeogitsdng = scheme
Of relief AID financial Convention Of
tss Presidents Of TIE Southern bsnks il
70 assemble 81 Augusta 90 the 18th inst
1 have reason 70 think ihat some such
plan IS tie following bas found favor in
the eyes Of ihfiuedtisl men. Authority /
will be given - thsI Secretary of the
Treasury to Issue ], l,O0QGO0O00 Of six
per cent coupon bonds, Ead 81
Impose an annual tax Of per cent on
real and personal estate capitalized, Of
which tax oue-hslf Is to be paid in cur
relcy and the Oiher bali inspscis OK con-
pons Of the 200. 900 loan. There will
be inducements offered (such ~ = bonus
Of 8 per cent At oncs 70 buy up q Goa
vert currency into this loan, and y iS
hoped that 50 much Of ths existing cir
euIation viii be qgicklY retired - vail /
Immediately reduce prices, and ADMIT Of
= limit being put % the ou' standips cur
rsucv. Other detailsof this scheme there
are Ia Abundance, busF oOnscIsely slated,
its outline is not far from what have
sketchsd. My own sppTehension Is that
.sl-.tf - . i ,,rr.-.snf anf Hraakfe .,,-,..L