The home journal. (Winchester, Tenn.) 1858-188?, 1874-05-07
CONFEDERATE CURRENCY.
Interview with the Secretary Oh 'hs
Confederate Treasury

Interview with the Secretary OF the
Confederate Treasury
A correspondent of the Louisville
Courier. Journal gives his views OF the
confederate financial question, MS set
forth in Secretary Meminger's reply to
Gen. Johnston -,
In your issue OF Saturday, the lth
inst, / notice an article from Meminger
in reply to Gen Joseph +. Johnstons
theory of the failure of the conteder-
ate cause. viz: "The failure to utilize
the cotton crops of 1860 and 1861 AS
financial basis" -,
Mr.. Meminger does not agree with
Gon. Johnston thinks his memory in-
accurate on finances, etc., and yet argues
that 1t could uut have been doue NJ tlnt
time. / think the difficulty is that IL
never occurred to the confederate secre-
tary of the treasury to make the cotton
financial basis mt that time
His article referred 20 above brings
To mind an interview with the honora-
BILE secretary in the fall OF lS6l-ol
which | have often spoken since-lmme-
diotely after the issue Of his first SlOO,-
600 coo in paper but little better than
that on which / am writing. From the
quality of the paper used it occurred to
me that the honorable secretary must
be in q strait for silk paper, and there
might be a speculation in contract 10
furnish him. l conferred with the late
G. @. Armstrong, then OF this city, ahd
we decided to try for it. | went lmme-
diately to Richmond, called upon Mr.
Meminger, and offered to furnish nun
with as much silk paper rs would serve
him for three years, and deliver tht
same within Col. Forests lines II
/, southern Kentucky, for which and my
risks of money and liberty and my labor
he should pay me $500 900 IN ht$ p@
!, ,cr when my contract was fully com
,, piled with. l said that If successful
this would make my family lndepenoen
1 and pay for my risks, and that it woult
Y save his government $25, ,0OO,O 900 in de
a nreciation by calling in his first lssn
I, aud replacing it with an issue ON goo.
+ paper; that the very paper on winch
, was printed would depreciate 1T % pc
Il cent. in 100 days. I stated further tina
g was lust through the lines from ln"
Q ana and knew could carry this throu8
8 successfully and speedily, ,,,
Mr.. Meminger replied that they ha
! made arrangements to manufacture Il
u the silk paper they would need, "n
" did not care to contract.
,, I then suggested that he PRINT II
n money on good paper, call in this lssu
io Showing him one of his bills), chanq
o your plates and make your money n
1t dcrmdble at the Bank Of En9la'
Il hrclrc g10nihS after datC. | said yC
can. with this money, buy all the cove
1T in the coufederacy at eight cents (whl'
4. l,aI heard hundreds OF hOlucrS y
IN tacy would be glad to get in his papej
VI Bend all the energies OF your g1VGf
To- ment in getting it to the scaboard. 81
oI it. first to neutral ports nearest Eo
coast before the blockade becomes me
n, stringent, and then under foreign tia
ad TO England, and hypothecate your c
= ton with the Bank Of Eng gland hold
q, twelve months and You can make
< bring forty cents, as you control
srnniv, This will make your MOI
worth premium i'll foreign cXchah
Thot all the Jews would then be fol
m. rnnninp northern gold across the IL
ty. to exchange for your money with WI,
i've to pay for foreign purchases Una,
to would depreciate northern grconbac
me make their currency worthless
ip. break the war spirit at the north t
,st- he could make 300 per cent. proht
to his cotton aud pay his war eXpen'
an Then said |, send some OF your shfe
t. est diplomatists to Washington city "
at letters of credit ON England Tor y
ere 600 600 and buy your lndepende
of with your money and save your D'' :,
he'd Mr.. Memiuger replied that "it
own not their policy to let their cottQl it
hen abroad" and seemed TO take no lnte
yer, in the subject. l think Mr., MemmP
be- position is an aftcr-thought, and
nan he sees now much palmer than ne a.
t by that time the difficulties OF whlc'
' re- speaks. Running. the blockade
sing much easier then than later, and IN
vine trips through the cotton states
ices, New Orleans to Richmond, every, c
,s n saw was anxious to sell their cott'
and the government, OF anyone Sc, aV
IL to cents in confederate paper