Staunton Spectator

It is a curious fact that though the Yankees promise themselves an early conquest of the South, and a speedy termination of the war, they are unable at this time to show decided demonstrations of fight at but two point in the Confederacy--Charleston and Chattanooga. They have just been whipped out of Texas, been terribly defeated in Louisiana, are fully matched by the indomitable Price in Arkansas, and are standing stock still before Lee in Virginia! Even at Charleston, they and their approaches to the city contested and ostructed [sic] at every point with no early prospect of securing their much coveted prise [sic], and at Chattanooga the great army of the Cumberland is beseiged [sic] and threatened with disaster by Bragg. Really the Yankees must be the most hopeful or the most blinded and deluded people on the earth, to anticipate the early conquest of the south, in the light of such a condition of things as these facts present. A cause was never more hopeless--never so desperate and impossible of accomplishment as that which they have so rashly undertaken, nor has there been a time since the commencement of the war, when the prospect of the South were so bright and cheering as at this moment.

In our last issue, we adverted to the present depreciated condition of our currency, as being the question above all others save the failure of our arms in the field most fraught with danger to our cause, and most urgently demanding the serious consideration and prompt action of our Confederate and State governments. The opinion expressed that the excess in the volume of the currency, is the original and persistent cause of our financial difficulties, will not likely meet with a single dissentient [sic] voice. That the depreciation in the value of the currency is attributable directly to this cause alone, we do not think can be confidently asserted. We know that those who write on the subject would fain [sic] attribute no importance to the want of confidence of our people in the ultimate success of our cause, for fear of fostering such a spirit by holding it up to the people as an existent fact. But, although they are right in the assumption that the people with great unanimity confidently believe in our final success, yet the human mind is prone to view the events of the future as probabilities, which seldom partake of the nature of what we term moral certainties. The views of the future too, are altogether different according to the intelligence and disposition of the individual, whether he be the sanguine enthusiast, who can see already a people basking in the sunshine of prosperity, and peace and plenty, or the poor dupe of his own dark fancies, who sees the evidence of ruin, and desolation and starvation staring him in the face at every turn. People will calculate chances, and though the cause to which we refer has its effect in making men prefer real estate or property of almost any kind to treasury notes or Confederate bonds, yet the most prominent cause of the depreciation of those notes must be attributed to their redundancy. But there is another cause of still greater moment and which now, beforehand, exerts its baneful influence in its effect. The people can't see how the Government is to pay its debts save by repudiation, a word which is the embodiment of so monstrous a heresy in national morals and national policy, that even before it shows its hideous form in the noon-day sun as a national act, it exerts its influence for the production of evil. But more of this anon.

There is, however, another cause of the depreciation of our currency which is not often considered. It must be remembered that prior to the war the whole South was literally flooded with products of Northern and European manufactures, embracing the whole amount of its imports, and requiring a certain volume of currency to effect the exchanges in their distribution to the farther limits of the Confederacy. The staples of the South usually exported to meet these demands exist at present stored away in its warehouses, and are not changing hands as they do in times when their [sic] is an outlet for them in foreign trade. It follows, that even if the volume of the currency had remained the same as at the beginning of the war, it would have depreciated in proportion to the excess it bore to the necessities of trade under a system of blockade, and much more when the volume was further increased by the issue of treasury notes. In addition to this fact the first issues of these notes were distributed through the States of Missouri, Arkansas, Kentucky, Tennessee, Louisiana, and in fine all that portion of the Confederacy now partially or wholly in the hands of the enemy. As in our defensive policy we gradually withdrew our forces from these regions, the currency becoming useless was also contracted within narrower limits for effecting the exchanges for a less amount of property and fewer business transactions, where by its excess was made still more manifest. We have thus adverted to the principal causes of the deplorable financial condition into which the country has been plunged. That it originated in bad policy when we were entering upon the war, will be generally conceded. Instead of levying a tax sufficient to meet the expenses of the Government in the very commencement of our struggle, for fear perhaps of producing discontent amongst some portions of our people, or for other reasons, we have incurred the responsibilities and dangers of a financial system calculated to embarrass the wisest legislation. If an issue of treasury notes had then become necessary, the Government had it in its power to supply itself with an amount of specie at low rates sufficient to pay the interest on a corresponding issue of its interest bearing bonds, which at that time would have been in great demand at a much higher premium than any other stocks in the market. From the sale of these bonds large profits would have been realized, directly, owing to the high premium at which they would have sold, and if the investments thus made had exceeded the issue of treasury notes indirectly in the effect of the consequent check upon the prices of those articles necessary to carry on the war. But a different policy was adopted--The Government committed its first great blunder in attempting to wage war upon a credit system simply, and that too of a kind of credit which in expanding the volume of the currency gave origin to a rise in prices, and consequently to an increased expenditure demanding a still further issue of its notes. Thus at every increase of the circulation the prices rising correspondingly, the issue of treasury notes and the increase of expenditure became alternately causes and effect. No timely legislation was afterwards adopted to arrest the progress of the evil, and thus we find ourselves, when its deplorable consequences are becoming intolerable, obliged to discuss the means by which successful [illegible] may be applied.--The remedy we

We trust that our farmers to a man will concur in the action of the meeting at September Court, and sell their produce to the government at schedule prices. The producers in other portions of the State are coming up to the work nobly. Surely, old Augusta will not suffer herself to lag behind in this glorious cause. We had better give all our surplus grain and meat to feed the army, and thus enable our gallant soldiers to drive back our enemies from our soil, than to starve the army by withholding the necessaries of life, for the purpose of accumulating money, that will inevitably to swept away in the general ruin that must follow our subjugation.

We understand there are many of our farmers who devote all their produce to support the army and the families of soldiers; and their names deserve to be inscribed high upon the roll of honor, when this cruel war is over. In regard to them, we heartily concur in the suggestion of the Richmond Whig, that the history of transactions so honorable, and so worthy of being preserved, should not be left to the uncertain preservation of the newspapers. The County Courts should be requested to have them entered upon their record book, with the names of all who bind themselves to be governed by the resolutions adopted.--Let this be done, and their descendants for generations to come will look back to these records us their patent of nobility.

But we regret to say that there are others, abundantly able, who will furnish the government nothing except what is worried out of them by impressment. Shame! shame!! Let everybody cry shame upon the men who are found so sordid in this hour of their country's peril, as to refuse their government the necessary supplies, because speculators and extortioners will give them a little more.

We have been requested by William A. Burnett, Deputy clerk, to give notice, that a requisition from the Secretary of the Commonwealth has been filed in the Clerk's office of Augusta County Court, for 80 male slaves, between the ages of 18 and 55, for labor on fortification of Public defence; and that all the acting justices of the County are requested to meet at the Courthouse on Friday, the 16th day of the present month, (October) for the purbose [sic] of making the levy for said slaves, as is required under the act of the General Assembly passed March 13th, 1863. The term of Service required is 60 days, and it is desirable to have a majority of the justices present to make the draft forthwith, as winter is approaching, and it will be better to send the negroes immediately.

The worst enemies of the South this moment are the heartless beings within her own borders, who are withholding the means of existence from her people, and charging such exhorbitant [sic] prices for the necessaries of life that not only the poor, but the great mass of the community must starve and freeze. What spectacles of horror must be witnessed this winter if these adversaries of the country and of humanity itself cannot be reached either by the laws or the melting appeals of the wretched and despairing! Thus far al means of inducing them to have pity upon their fellow men have failed. The time may come when that mercy they have denied others will be denied to themselves.

The Petersburg Express is informed by Lieut. Daniels, who has just arrived at Petersburg from Fort Norfolk, that some 35 or 40 Southern negroes, captured at Gettysburg, are confined at Fort McHenry. He says that they profess an undying attachment to the South. Several times Gen. Schenck has offered to release them from the Fort, if they would take the oath of allegiance to the Federal Government and join the Lincoln army. They had peremptorily refused in every instance, and claim that they should be restored to their masters and homes in the South. They say they would prefer death to liberty on the terms proposed by Schneck.

In looking over a religious paper a few days since, we were struck with an article entitled "Lessons from Jewish History," which contained some things applicable to our times. We give a brief extract:

"A wedge of gold concealed in the camp of Acham defeated the army of Israel. This ungodly greed of gain led them anciently, in selling their corn and wheat to make the ephah small and the shekel great and falsify the balance by deceit." That is, they lessened the measure and increased the price. This was one of the great sins that destroyed that nation--the sin of dishonesty.

Are not our people doing the same thing upon a most fearful scale? And is this a sin less offensive to God now than it was then? Unless this spirit is averted it will work its own cure by superinducing desertions from our army and turning loose a lawless mob at home that will take summary vengeance upon the authors of their suffering.

A lady in Monroe co. furnishes the following explanation of the phenomenon recently witnessed in Greenbrier.

It is well known that an army of Yankees, several thousand in number, have an ecampment [sic] at Fayette Court House, in the county of Fayette, which adjoins Greenbrier county. At the very hour mentioned, namely, three o'clock, P.M., they are daily subjected to a drill, in which they go through all their various military exercises. Is it not probable, & more than probable that these serial soldiers were produced by the same cause which produce the spectre [sic] of the Brocken, and other similar apparitions? That owing to the accidental condensation of some atmospheric vapors at the precise time they were drilling, on the evening particularly specified--an atmospherical speculum was formed by the hand of nature in the mountainous locality of Mr. Piercy's residence, and that the figures seen by Mr. P's family were the images of this body of Yankees, who were then marching in regular order, and reflected in the air in their natural color and forms.