Year: 1863

The reader will find in another column
Mr.. Memminger's "outline Of system" for
a consolidated debt and new currency;
and will perceive from the reports that
! Congress is full Of schemes, some one OF
which must soon be adopted. In few
weeks, perhaps in few days, the question
of the reputation or redemption of our
currency will be definitely settled. The
levity with which the former alternative
has been regarded in toe many sections
and too many circles of the Confederacy is
already giving way to certain fearful
looking forward to the consequences of a
possible restoration of the currency to a
healthy tone.


The more experienced gamblers are be-
ginning to hedge, and as soon as this be-
comes fully evident, the amateurs, who
have merely followed the lead of shrewder
operators, will hasten to initiate the exam
pie of their ile-leaders. The line once
broken, the retreat will be rout. The
prospect is not pleasant to those who are
interested, hewever serene may be the con-
temptations of the lockers on, who behold
the tempest from the shore on which they
have been straddIed by the storm of war,
or from which they have nol been swept
by the tide of speculation.


1t is to be hoped that repudiation will
find no advocates from that Congress to
which the nation looks for far different So
luton of our financial problem. But repu.
diation has its Observation-Disclosures fed by
self Observation-Disclosures retained by des-
pair On the former class We have no
words to waste. There are no ears more
dull Of hearing than those of our modern
Midoses. But the latter class is composed
in great part Of well meaning men, who
have simply become sea sick in the storm
which is shaking our ship of State from
stem to stern-men who may possess am-
pie abilities for navigating vessel in harbor
and sufficient strength of stomach for hol-
iday excursion, but are sadly out OF place
in Typhoon or in that "tempestuous wind
called Euroclydon.' Now, sea sickness is
distressing malady, but can hardly be re-
gerded as tragic in its character or its effects,
unless it spreads to the crew and the men
at the helm, which Heaven forbid


To throw off the present Currency by re-
pudiation would be simple process The
let alone system would bring about that re-
suit in few weeks. Confederate notes
would cease to circulate from sheer weak
ness; would not even have validity enough
to run down hill. And hence the let alone
system is popular with this class. AS any
change of po' ition is productive of new dis
comfort to the sick man, so any attempt to
better the condition of the currency is nau-
seating to these despairing patriots. Our
Treasury notes must go the way Ct the
Continental issues and of the French assig
mats, and the sooner the better. With the
latter class We agree. lfthey must die, the
sooner the better


Murder and sudden death would be pref
erabls in this case 10 the slower process Of
dissolutions. But what j, to take their
place How can we get q healthier me
dunn Of circulation, if either By speedy
or by more gradual course OF extinction
the present currency is utterly discredited7
The source Of that currency. the Govern
nsnt, will be equally discredited, and the
new issues will deprsciate With : rapidity to
which geometrical progression IS slownsss
itself Even if We could succeed in draw
ing from the hiding places in the strong
boxes Of Northern capitalists and Southern
alarmists the State bank notes which once
constituted our circulating medium, the
amount would not be sufficient for the ex-
panded character of Government transac-
tions, no. could the Government gain Dos
session of them in time to NEE, its engage
ments. =


The same remark applies With greater
force to gold and silyer. Private trans.
actions might be carried on by barter and
although tobacco and ten. penny nails
would be somewhat cumbrous in settIin
hres balances, still men have made shift