The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-31

people, N@Efh or South, are In favor OF bestoW-
ing .all th5J Avileges and rights" Of American
citizens upon emancipated slaves, and certainly
the majority has some opinions which the mi
nority ought to respect The "enlightenmen"
Of which tho 7ri6uns speaks Is quite another
matter. That cannot be bestowed; the negroes
must obtain It each for himself We are COM
PEELED to add that, rs there are no traces OF
such enlightenment displayed In the Tribune
Office, the blacks about whom the Tribune theo-
rizes will probably remain for some time TO
come equally in tho dark ..
Tho Rebel Paper Money system-A Warn-
sos ing to tho Administrstion.
The paper money Of JEFF. Davis, which about
Christmas time was worth in Richmond less
than two cents on the dollar In exchange for
gold, was boastfully quoted the other day BY
the Richmond Esaminer As having advanced
in value to nearly three cents on the dollar, In
consequence Of the fall of Fort Fisher. This
may be the "blessing in disguise" which the
rebels have pronounced the loss of that import
ant stronghold. But how has it operated to
increase the cash value Of one Of Jeff.'s five
dollar bills from ten to fifteen centss By simply
stopping those little expectations Of gold which,
before the fall of Fort Fisher, went out about
every day from "the confederacy" for England
through the Wilmington blockade. Yet, after
all, fifteen cents for five dollar bill exposes
financial system which has gone to wreck and
ruin. Herein, hardly less than in the exhaus-
ton Of its fighting materials, lies the secret Of
~ I'D y;1ofi
which mark the rapidly sinking Davis confede-
racy. moAtq 0Eo9as II #o
With the meeting Of the rebel Congress last
winter its attention was called and its labors
were mainly devoted to the curtailment of those
paper money issues which, If not arrested, from
their fearful depreciation, threatened the speedy
collapse of the confederacy. Seven hundred
and fifty millions of its paper currency were
! afloat. It was fast becoming utterly worthless,
with all the pains and penalties attached to the
refusal of the people concerned to take it The
rebel government, in this dilemma, could Dor
row no more money; for rebel capitalists had
no more to give, except upon compulsion
Jeff's Congress, therefore, adopted the only re-
naming expedients of relief at their command.
They adopted a sweeping schedule Of taxa
ton, and they invested Davis and his
military subordinates with authority to collect
these taxes in the form of army supplies at their
own valuation. Through these measures the
taxes imposed, ranging from ten TO twenty per
cent on incomes and property, were made
equal in value to ten, fifteen, and often twenty
times the tax in Jen.'s paper. But this relief
was not sufficient to rescue the rebel treasury.
It's paper money in circulation must be dimin-
ished; but how was this TO be done, when the
excess could not, even under cover Of . new
loan, be withdrawn No new loan would be
taken up. The Mississippi plan Of redemption
was the only resource, and it was adopted. A
new issue Of Treasury notes was ordered, and 1t
was enacted that two dollars Of this new issue
should be equal to three dollars Of the old. BY
this simple process the seven hundred and fifty
millions of JEFF 3 Treasury notes afoat were cut
down to Ave hundred millions. Whether the
holders Of the old scrip were or were not thus
cheated out of two hundred and fifty millions Of
dollars d question hardly worth discussing,
inasmuch as JefY's creditors have lost or are
certain to lose all their investments in their
Southern confederacy Of every shape and form.
1t is this widening conviction, as much as any
thing else, among tho rebel bond, certificate
aud Treasury note holders, that is sapping the
foundations of their confederacy. They arc
beginning to realize the fact that its debts will
never be paid, that its paper will never be re-
deemed, and that all their present contribu-
tons, voluntary or compulsory, Of articles Of
solid value to their rebel cause, are now
only adding so much more to their irreparable
losses. Hence the Generalization which pre-
walls in the confederacy; and hence the paper
money Of Davis, except under military compul-
sion, has almost ceased to be used as a medium
Of exchange in the purchases of the Southern
people one from another. They have fallen back
to the primitive system Of SO many bushels Of
corn for SO many yards Of cloth, or pounds Of
salt or pairs Of shoes. Surely another blow
or two from Grant, Sherman and Thomas will
reduce this whole ricketty rebel establishment
financial, military and politcal-to its. original
clements.
But there Is warning in the workings Of this
paper money system Of the Richmond faan-
oilers TINT should no longer be disregarded 1t
Washington. Mr.. Secretary Chase, when super
seeded in the Treasury, had gone to the
point Of extreme danger on the same read with
Memmlnger. Mr.. Fessenden, in doing nothing,
has been doing little better than Chase; bat
he still remains on The road to ruin. We want,
and we expect, change In the Treasury Depart
ment---a reduction instead Of any fnrthcr In
crease Of our "greenback" paper circulation,
and the shaping Of tho. whole System. Of the
/ Treasury in favor,of an early return, to specie
payments, and aaxed value 10 our paper cur
rency. To this end, wa are gratned with the
| prospect of the transfer Of Senator Morgan TO
The Treasury Department asmmong the Cabinet
changes that may be expected on or about the