| Show CONDITION 11 OF THE confederate FINANCES J 1 A A I 1 I 1 LETTER or THE SECRETARY R ETA R yort OF THE tue 11 ZT TREASURE treasury RE A SU R V TO MR HUNTER i T the whir whig publishes th the ea following W jeiter jelter t e ixer from 0 m JM 51 e emminger m minger to R M T run jiun ter on thau the hj ec t 0 of f the ibe confederate e lit e cur curt rency TREAS C S A cicil RICHMOND M oaid august t 23 1863 i ho E at HUNTER sir SIR in 14 rel rei reply to you your r inquiries inquiries about the finances financed send you a condensed statement of the itie issue pf af tred tree treasury laury notes and bathe of the funding banding t operations f the treasury you will 8 bee see ee from this statement that the fun tun funding dirig hasteen emine eminently Y ac ces cog atuf atul arid and you vill will learn also atso tb ha he the amount ot at duva outa lanam tanAm dotes notes 1 is stil athin within the dimita limita of the depreciation tv bich which I 1 report d to congress Coil coll gress gresa at a rne roe lastres last ses sea blon bion my aly report th the e amount ot of circulation which the country could bear at the statement 0 now made shows that dhe ibe the outstanding treas treasury ur y n notes 0 t c sl u used se d 3 as 81 a general argeneral currency amou abou amount n t a almost li n 0 a t e ex x e atly tl y to abree tim times e a thia this atnori nt but nglen itis ils considered that a very large portion lf these notes a ae are e I 1 across the it will be apparent that n the A at antic stages states the estimate oj oti thre three efto etto to anels one is rather over than under the mark two absorbed absorbents ants are row now ad j will keep down the excess from new issues ra namely kamely ariely the taxes and sales oi 01 cottar bonds and when the tax in k kidd kind begins to contribute its port part on to the sui suj ngit noi t of tha the army there ip 19 every reason to believe hat that the currency cui cul rency can be well sustained 4 i 1 it is obvious ohi ious lous from th this is that the populate lat e the value oe of tha the currency by a comparison with gold is altogether gether tall fall alia alous ious lous for while the accuar volume ol 01 currency ha haa baa ony only been tirres fol its proportion to kold hold rates at in more ore than double that am the fact if ip agyon as yon well know inov that situated as weare w e are goldla hotd is as much a commodity aa as plat piat a or and its prica price 13 governed bythe by the laar of supply and nd demand AS I 1 have hase already shown in the report referred to wheat anti and coin show much more reliably reli rell abla standards of value when theae ihei price it 3 not controlled by som local ob Bt st ani and by referring to thede these it will be ba geyn currency has has maintained itself at the ratio which the n issues i dacate yon yoa willi perceive by the sat ement all ahe the varlo is appI appl for f hiding theril thern babe bibe be n fundel ID jr bonds 2 to according toi tor chere I 1 is H yet to ba are yet set irl iri the heinis odthe ef the di officers rivers to arf b be L fu aided sed ded makh it ran ift al all ail I 1 about ad t to 0 this in iff the five percent call loan ioan and nd we dehava havo hava agag an aggregate regate rogate cf hemly hemiy etu ealr eair ealy w withdrawn giogi troa the f s f 1 this result is very f favorable favo tavo av orabe rabe aad I show that the mea measures burts gurta adopted by congre a i 1 hafe na been quite quitt as aa as any of joelia is ifs had anticipated it is somewhat rA remarkable that the yanke 1 e tover n me n t have adopted teethe the same med mea eura sura for withdrawing their cUcU Uon and ac sie roa foa state statement berlt bublis published abedin in hunta hunts lim ma tr iter jul they have bave funded tn fa call cail loan and anid bonds hot more than Il These figurea sho that thare is no reason for fordi dietr str a as to oun our currency and if itt ift vh hen en congress Con gresi meets you will address your yourselves nelves pelves I 1 vigorously to in asares which ivill will restrain its its further increaser we rhall be fully ablerto maln main ain our me I 1 would buga suga est eab eat to you two rne ine aures fot foh on lit ili the export deify I 1 proposed and anti tb the oiher other is 13 a renewal orthe call cail loan ioan for all al ti casary nates notes upon the same samp principle with the six P wc W c ent call dall loan ioan which aks was ie ported reported at lne lue last seggio bessi sessi ot it IB is worth the ex try tidy Nv whether hether bether by alloi alloa ng a deposit in the the tre treasury sury on in ten ter eie fio demay eLay not be aalto attract arldie and rf attain there threat th reit reil relt all ail the treasur treasury y noil noki no ii ea not net actually ilir flir d for circulation vry truly yours sll ell all it C U G ta secretary raf of the abe treasury 0 of f hotca r Tot tota alof all kinds pt ot etheral adf cur I 1 eny mes wes 1 Csir st mated on haild harld P for caiella tion ilon tf jac bor toi t ar J 1 and aad probably pro proa haby baby aby ber bey flifle alb fc lasiy on ad 1 aj A t ej baj naj 16 funded ofed 1 F product ln zon z tolaf I 1 G A n funded since fe feb b 2 r 1 1 funded af pf of 6 irn lisl 8 1 swo sto 1 t koa loa oja bandujo bandu bandi tobe be dqra d by egv egg fradel 1 4 cent ca cail call total 2 VERSION 71 the he ietter letter fram lio iio be I 1 rt which appears appears I 1 in in the autha auila coi co col i M ito itt georgia confirms uett pre ow ly received of the del dei I 1 oe th U 14 fed erate crate cur currency kency tency ba at the or hekr mehr b eat ning of t thia big bird 1 l we a large national resources reso reao abid une ua 0 led credit nea nes wealth laid Us its our fet fety fe ret ty t aid poverty its itself eg I 1 baimel la imel if atas ati ato 1 a privilege to augment ou our resources with its mite fell haa has mai coal ly contributed to diving drying up this ibis illg fountain of public apply tiie alie awn ibn BK error was in attempting to carry on ona a great reat and expensive war ivar solely on cre ere i taxation this is lh the first aidt eipl of ehi thi lb kind ever made ay b y a civilized civili bed aed people tha aba thag result of the experiment will hardy hardly in vela vein a if i repetition duri g th the first year yevra of its ext tb present congress neither leviet lor rox tox a single cent ot taxes and postponed ibe phe cor col eanon lection of othise thase leafed levied 6 fon for r t the be s drawf Y tip tim a fatally too late lite to ur etu CUT ticy acy ti second error I 1 il re guica A I 1 from the first and consummated con d tte iua delaru tion ti oa of public credit this thib depreciations barl parl b began gan t to 0 ma manifest ulfert itself in the ribe of or comine comino d iti es yet the goye rume t unwisely coli IN etue dailye dail dall yby by forcest forcett forc ett to ii x arid and CT the ibe prices of aa al commodities it is wp elt ell ed t to 0 purchase a and nd is thus t luent it dional source in the ratio of egression gres sion this thia ruinous policy would bave hava ing ing ang since had its ital cour coure e but bm for the oct pet that thab law inclination ana above all hil sincere honest tut lut tut lafr fam CC the pe pie have heen hean invoked to upheld I 1 ii 0 lut luethe t he l berns beins radically wrong ny no human r caputa ii spite of cfall all ail these powerful pi op a our C lir rency is del der depreciated reel teci abed more than aba ana abd per cent belo beio be 0 god gold nd silver r I 1 n dred per ce llo ilo prices Pric fa and payments aie ate rapidly caput adjusting in to I 1 inexorable e ac a 8 cecon li D sequences sequence sare are frig taul lit is a rosite ru sita sike site sila bile a little fur her let us suppose I 1 tuat t ve we hays uk five millions ot of lurl luri eucy tj 14 bat vj cu lation worth 0 itt tbt lion ane tit e issue of 0 an add additional itlo a give five e burtred hurda ad millions of such currency iii aill not a add dd a single dollar to its value A thousand will be worth no inor ethan five anve hudd hundred red mil lion were before the itie last a sueto gueto to wit witti millio ns of bui bus bullion lion ilon addition hag has 0 y coated thaw the whole bole currency iby by one hi hai hat 11 and thie thib thle itself in the tha rise of f 0 r W h i may nay be exchanged a toe tnt tot it i it the additional is issue sue in n loges first the whole wude of the abe n existing ising at tha the the issuer aho abo ai ki the add dional depreciation produced by byi byl ma A 1 R ita ila note hollers iasa lose oney b hf of the aralue of their notes it will nier illert fore follow hab hat habif if the market yr jr ct ce heat hect ia eight bollara dollafa ner per bushel under he isau eie eio millions oi of o i treasury notes note t will lii ill pen pep bushel issue of thousand a millious milli oes and sixten dollars ol larew w II 11 no more than and will for forc comore ir irm irr oiher bother cair ino dittel sw i A lenda his money 0 o uis uie lii lil mert and finda finds his bis natt idaa bat learly yearly I 1 early dividend fie tie he received rece reet ives ivea in baym nt tr abry acry notes notes notis worth one third ih th money inora hat ahat bat chey they weib welt sheu shea rie lie maae made the loaa vyv Y eti thi tui f wonders why the people t afify its ita wonda bonda one ond aan bin nod god fo 1 forab tur tue I 1 last six alx months havn have been the safest ana ada a aorl p t e beat best in the confederate they have raid paid one bundled per on 00 the original 0 Irrea kary tary natis 11 11 t 1 1 can r say aay tz b deex amse tha iha a folly of our prea nt financial lal ial bys rys geci seal em the of the stir i slice tile b t of f tris trig war is chiz tous ious nelt neit ri edgia tore fore foreign n cre creti elir oth both b him hin ea ab S i h d s ataw noye roye mens denb als to wo wei nied tn in war they were divided they hap hae kept itrice twice the men intaj e tint itt weme N upon n hatt haf hat halt the money ma pail tm r eold sold fera J ir hart hirt we tiami e tasir T noted notes abrat a of lewbin bit yit per ceni cent 1 rub cub more nore aban twe the rea od ori that the their i r government has bag be tr u and ara ard and m more r fi dimly Y adb ered cred to th uti wuwei ei aa pi otta in ill lii I 1 elte elje elt elj e wa efte zi had the advantage j za ed ea fo 0 od out e 1 ralz along finau financial cial P to iio af rny try at tr ta taca iced cu it 0 OJ tsai taji aue awa upa ur charca eziza encisa ia in we th t I 1 debility debi lUy I 1 will nat avia vo ya the faff t as plain AB za al every which any zan fan epply ap ply and aad n at a v a I 1 acl J v our curr e V and wi without our mort most via vig vi gruis riots fl ai juiS goton boon pats pa s away away awas tit til lir hocur ren reg rency izy ber there her efer ficie e wha a cyer cier ital ails llen lien or by sy whatever tanta hanla al l io 0 o its eano ia faur li gil st tyis 11 ti J i 1 kvil bif kif noe noc hoe m MA ab A w kes keg 1 l H A d ay 31 eley algy ry advant lagra get lo 10 to e e tr i a goj I 1 WoJ fr r ia in the of oj hobe home a 6 c ii at ern to seen saen seea la ena eno ol 1 lia fla ivi 1 sot IN fe te 0 otin qin P t d a ra at deoca pr orti oi of ft 11 peg peo ia tt ta su u a WA |
