The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1864-01-09


has received within a fraction Of 2l2O, ,ooO, 600
while the insurgent Secretary has obtained
only 26,750, ,O00. And he is compelled to
admit that though there has been a tax law
on the statute book of his Congress- it's
provisions have been set at defiance by the
states and the people, while the blockade
has pretty efectunly dried up all those
goluen streams which might otherwise have
sladdened hiseyes in the shape Of duties on
imports.
On the other hand, Mr.. Chase feels as
sured that the receipts from customs and
internal revenue VII, during the current
lScai year, reach say from customs ST.
500, ,000, and from internal revenue SIS, ,000,-
600, being S43. .G00, ,0Oo more than was receiv-
Ell from these TWO sources the last year.
The Federal Treasury obtained from the
sale CT bonds and the issue OF certificates of
Indebtedness during the year ending June
30, Si65 ,0S3, ,232. Memminger, estimating
for one Guarter) was able to force OF in the
shape OF bonds and certificates, during his
last fiscal year, SOL ,0S7,7o0. Our Govern
ment issued in United States notes during
the year SSH ,4I ,07S, while Memminger set
>atloat OF his treasury notes So, l64,7lG.
The contrasts and ndcomparisons suggested
BY these two classes OF figures ar. full Of
meaning. The Rebel Secretary could not
persuade his conspirators to invest in his
bogus bonds beyond what they were com-
PEELED 10 do IN order to get pay for such Of
their goods and chatteis rs the Government
seized, though they bore interest at per
cent per annum; while the people on this
side oI the Potomac and the Ohio, having
confidence in the stability Of their institu
tons, purchased the Five Twen.ies, bear
ing per cent interest, by hundreds of
millions, as permanent Investment for
themselves and their children. But, dur
irg the same period, the Confederate treas
ury crowded off S2ll ,0O0, 600 MORE Of treas
ury notes than our Government issued,
merely because, though he could not per-
suade his constituents to buy bonds, he
could compel his creditors to take notes.
In the last fiscal year our expenditures
We're S7l4, 100 e95, while those OF the insur-
gents We're S692, ,49l ,4l2-our War Depart
ment requiring $3.50, ,2o3, ,6O0-theirs, $685.
9S4 ,325.
Judging from the figures he gives US, Mr..
Chase estimates that, should the wan con-
tinue to be prosecuted with its present
gigantic proportions, it will require, IN ad
diton to those sure reliances, such AS re-
ceipts from customs, internal revenue,
and kindred sources, that Congress pro-
vide S736, GAG, ,Sal TO carry the Government
friumphantly on to the opening of the year
1860. This is large sum. But, scan the
other side OF The picture. Mr.. Memminger
admits that, % carry his Government to
his present system of finance, require ST.
427 ,71S, "mhich," he says with empha-
sis, "Conyfess IS formally called upon to
proUidc."
But it is in the modes and means of sus-
tanning these vast operations-the plans
and policies for replenishing their respec-
tive Golfers that the greatest difference be-
tween the loyal and the Rebel fnancier is
discovered.
e.
of gold. In Washington, 81 30 in "Green-
backs" will procure 81 in gold, and the
margin between them is diminishing. In
Richmond Sl5 in Grey backs, is required
for Il gold dollar, and the margin between
them is wider ing. In a word, our paper
currency is, in the capitals Of the two bel
igerents, worth full ten times rs much as
theirs.
To carry us forward to January, 1865, no
novel system OF finance, scarcely any new
legislation, is necessary. Mr.. Chase in
forms us that deposits for Temporary loans
with the Treasurer and his Assistants,
will give him at least 81, ,OOV, 900, and we
doubt not it can be made to furnish him
double that amount.-The Five Twenties
vet unsold will give him more that $780,
OCO, 600, and that very speedily. He needs
war onward to the close of this fiscal year
June 30. He is certain he can obtain this
amount at a moderate rate of interest IT.
in consequence of laggard policy in the
field, the war should be protracted till the
middle of 1866, land we do not see how,
unless we so will it, the Rebels can hold
out SO long, he is equally confident he can
obtain the four or five hundred additional
millions for this object, aud at a reasona-
rate of interest and ON fair terms. So much
tor the Northern aspect of the question.
Let us turn our eye Southwark. The
report of Memminger, like the Message of
David, is a frank document. He devel-
opes the doletul condition of his Golfers,
with n sincerity that seems to draw its in
spirations from dispair. His scheme OF re-
lief is piactica, reputation. The Con
federacy' owes a debt of II thousand mil
lions. OF this sum, on the 7th of Decem-
Der, S49l ,623, $50 was in Treasury Notes,
bearing no interest, and worth in coin
about seven cents per dollar. Memlninger
proposes to authorize a Confederate loan in
the snug sum of One Thousand Millions
of Dollars, in 8 per cent 70 year bonds.-
Then, to levy "A tax of 5 per cent on .'all
property and credits in the Confederacy.
to pay the interest. Then, to compel all
persons who hold these Treasury Notes, to
fund them in this new stock by the first of
April next, or see them repudiated by the
Government, giving, however, those
luckless traitors living west OF The Mis-
bic interference of General Grant till the
lst of July to fund theirs; and six months
from the lst Of April the notes to be de-
clared utterly worthless. Those now hold
ing eight per cent Confederate Stocks
are to be allowed to take this new six
per cent stock at par, and those now hold
ing stocks drawing lesser rate OF interest
to be scaled accordingly. In the meantime
S200, ,0O0 OF new Treasury notes are to be
issued u run" the current business OF the
Confederacy. In fine, Memlninger propo
ses to create a new debt, and compel the
holders OF the old one to merge their notes
and bonds in it, on such terms ..as he pre-
scribes-one of the terms being, that the
new debt is to be smaller and draw lesser
rate Of interest than the old-or submit to
reputation. AID be promises to try and
make the new debt better than the old, by
forced levies under the name Of taxes.
Such are the reports, such the plans, such
the hopes of the two financial Secretaries.
The one, relying upon the patriotism Of the
people, the resources of the country, and
the justice of our cause, is confident, buoy
an Tho nj kar i,1tre eClI " from q,