Year: 1861




per Potomac was, to bring into our posses
sion copy of the Leesburg (Va.) Wash
ingtonian, October 10th, sound Secess-
ion journal, of course. The following article
containing u singular expose of the financial
difficulties of the rebels, is copied by the
WashIngtonian from the Richmond Whig:


There is growing feeling of uneasiness in
the country regarding the conduct of our
public AFFAIRS Many letters we receive ad
monish US of this fact. One correspondent
goes so far as to say, that this feeling of un-
easiness is augmented by the silence of the
press. For months, while the War Depart
ment was in hands utterly incompetent, not
murn er of complaint found its way to the
public ear through the columns of the pa
pers. The apprehension exists in view of
the slugg: shness of our operations, that sim
liar imperfections still continue, and are
smothered over by the remssness of editors.
There may be something in this We, in
common with the press and people, received
the administration with open arms and un-
bounded confidence. We all felt that our
destinies were linked with it, We had faith
in its zeal we had an aversion to distrust-
ing its capacity for promoting our common
wishes. The deplorable consequences.
which resulted from the mistaken confidence
IN the War department, are still felt. and
may at this very time be causing the embar-
easements which shed such gloom over the
land. There Is however, another branch of
the public service, little less important than
the War Department, which attracts public
attention and excites anxiety; that which re-
lates TO the ways and means of defraying the
expenses of the war


1t is evident that our expenditures cannot
fall short of $500, ,000,0 600. What expedi-
ent has the Secretary of the Treasury pro
posed by which TO raise this amount of mon
ey? We are only aware of the loan for
SIS, ,0O0, 600, authorized by the Congress at
Montgomery-of which only ten millions
have been taken; tie produce loan, which
has yielded only some Thousand bales cotton.
not yet sold, and not likely to be sold soon !:
the 500, 000,0 treasury notes, authorised
by the last session of Congress, and the d
rect tax, which may yield fifteen million.
This is the sum total ard on its face. it does
not reach one half of the inevitable expendi
ture. The failure to realize the loan for the
whole Of the fifteen million proves, not a
want of zeal am ng our people, but the alb
sence of money. No people are richer in
property, necessary 10 the support of life,
but not convertible into specie and none
have more valuable products, when the mar.
kets of the world are open, but valueless
under existing circumstances. As to the
Produce Loan, we suppose every man in the
Confederacy. except the Secretary of the
Treasury andDeBow, is conscious ofits utter
failure. The direct tax, when collected. NAV
produce fifteen millions. But that in con
nection with the State taxes, will require
more than the amonnt of money in the
hands of the people. The banks will be the
only recourse, aud they, to meet the wants
of the community, will be forced to expand
to point prohibited by their charters. ana
endangering the worth of their notes: phe
remaining and most considerable item is the
hundred millions ofTreasury notes. With
out this item, supposed to be opposed to all
Memminger's financial views, he would have
not more than twenty FIVE millions with
which to confront three hundred millions
OF expenditure with it, he can only muster
one hundred and twents- five millions. leav-
ing an unprovided deficit of one hundred and
seventy live millions of dollars. 1t will do
no harm to look the difficulty square in the
,ace. Inc war must 90 on. twill require
sarge sums oil money. The people, who have
no money, arc Wiling to mortgage every ar
ticle OF property they own, to feed c,otbe ond
pay the army. But how does the Secretarx
OF the Iresaury propose to raise the miss;n.y
lis million? The direct tax is alrea1v o..
counted for on the other side: the produce
loan cannot be relied on for dollar. ana
any other mode of borrowings wholly i'm.
practicable. If eight rer cent. stock Is M.
taken, neither would twenty per cent.-an5
for the same reason. the want of money or
the conventional representative value.


Ii will not do to postpone this vital oues
ton tlll our armies are paralyzed for the
want of money, as they were SIX weeks aro
for the want of arms and powder. IF Mem.
minger can fight the war through without
money, nobody would be more reioieed at Il
than we would be. But we do not believe
he or any one else can achieve impossibilities
We know vast sums of money will be necess-
airy to work out this great cause If he has
any other expedient for raising these
sums than by converting the production of
the country into currency, it will be great
relief to know what it is Our conviction is.
that if a wise forecast had been exercised in
this regard, the Confederate States might six
months ago have had enc hundred and fSfty
or two hundred millions to their credit in
London, and our coast might now be guar
ded at points by iron plated steamers.


Slow coaches will not do in revolutionary
times. The Yankees are issuing indefinite
millions of Treasury notes, based on moth
ing but the faint hope Of our suhjugation !;