The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1874-05-08
CONFEDERATE CURRENCY.
Interview with the Secretary OF the
Confederate Treasury.

| Interview with the Secretary of ths
Confederate Treasury.
A correspondent of the Louisville
| COurier-Journal gives his views of the
confederate financial question, as sci
forth in Secretary Meminger's reply to
Gen. Johnston:
In your issue of Saturday. the 4th
inst, 1 notice an article from Meminger
in reply to Gen. Joseph E. Johnston s
| theory of the failure of the confeder-
ate cause, viz "The failure to utilize
the cotton crops of 1860 and 1861 as a
| financial basis"
Mr.. Meminger does not agree with
Gen. Johnston thinks his memory in
accurate on finances, etc, and yet argues
that it could not have been done at that
time. I think the difficulty is that it
never occurred to the confederate secre-
tary of the treasury to make the cotton
a financial basis at that time.
His article referred 10 above brings
to mind an interview with the honora-
BILE secretary in ihe fall of 1S61-of
which / have often spoken since-imme-
diately after the issue of his first 500, =
600, 900 in paper but little better than
that on which am writing. From the
me that the honorable secretary must
be in strait for silk paper, and there
might be a speculation in contract to
furnish him, I conferred with the late
G. Q. Armstrong, then of this city, and
we decided to try for it. I went imme-
diately to Richmond, called upon Mr..
Meminger, and offered to furnish him
with as much silk paper as would serve
h o,,1 I 41a
same within Col. Forests lines in
southern Kentucky, for which and my
risks of money and liberty and my labor
he should pay me 100000 in his pa
per, when my contract was fully COM
piled with. I said that if successful
this would make my family Independent
and pay for my risks, and that it would
save his government $25, 000,O in de-
probation by calling in his first issue
and replacing it with an issue on good
paper; that the very paper on which it
was printed would depreciate it % per
cent. in 120 days. stated further that
was just through the lines from Indi-
ana and knew could carry this through
successfully and speedily.
Mr.. Meminger replied that they had
made arrangements to manufacture all
the silk paper they would need, and
did not care to contract"
1 then suggested that he print lis
money on good paper, call in this issue
Showing him one of his bills), change |
your plates and make your money re-
deena6Ie at the Bank of England |
t1OeLUe months after date. said you
can, with this money, buy all the cotton |
in the confederacy at eight cents (Which |
I had heard hundreds of holders say |
Trey would be glad to get in his paper. |
Bend all the energies of your govern
ment in getting it to the seaboard. Ship |
it, first to neutral ports nearest your
coast before the blockade becomes more
and then under foreign flags |
to England, and hypothecate your cot
ton with tho Duuk of England hold IT
Twelve months and you can make it
bring forty cents, as you control the
supply. This will make your money
worth a premium in foreign exchange.
That all the Jews would then be found
running northern gold across the lines
20 exchange for your money with which
20 pay for foreign purchases that it
would depreciate northern greenbacks,
make their currency worthless and
break the war spirit at the north that
l0 COulu mdhS OOO per Ctut' pIOub On
lis cotton and pay his war expenses.
Then said I, send some of your shrewd-
,st diplomatists to Washington city with
etters of credit ON England for $780,
100000 and buy your independence
With your money and save your blood.
Mr. Meminger replied that "it was
lot their policy to let their cotton go
broad" and seemed to take no interest
n the subject. think Mr.. Meminger's
POSITION is an after-thought, and that
Ie sees now much palmer than he did at
hat time the difficulties of which he
peaks. Running the blockade was
1uch easier then than later, and in two
rips through the cotton states from
lew Orleans to Richmond, every one 1
aw was anxious to sell their cotton to
be government, or anyone else, at eight
ents in confederate paper.