occupy. The portion of the field thus occupied depends again upon the amount of the debts for which they are receivable; and when dues, not only to the Confederate and Stat governments, but also to corporations and individuals, are payable in this medium, a large amount of it may be circulated at par. There is every reason to believe that the Confederate Treasury not is fast becoming such a medium. The provision that these notes shall be convertible into Confederate stock bearing 8 per cent. interest, at the pleasure of the holder, insures them against a depreciation below the value of that stock, and no considerable fall in that value need be feared so long as the interest shall be punctually paid. The punctual payment of this interest has been secured by the act passed by you at the last session, imposing such a rate of taxation as must provide sufficient means for that purpose.
For the successful prosecution of this war it is indispensable that the means of transporting troops and military supplies be furnished, as far as possible, in such manner as not to interrupt the commercial intercourse between our people nor ptheir productive energies. To this end the means of transportation from one section of our country to the other must be carefully guarded and improved. And this should be the object of anxious care on the part of State and Confederate governments, so far as they may have power over the subject.
We have already two main systems of through transportation from the north to the south-one from Richmond along the sea-board; the other through Western Virginia to New Orleans. A third might be secured by completing a link of about forty miles between Danville, in Virginia, and Greensborough, in North Carolina. The construction of this comparatively short line would give us a through route from north to south in the interior of the Confederate States and give us access to a population and to military resources from which we are now in great measure debarred. We should increase greatly the safety and capacity of our means for transporting men and military supplies. If the construction of this road should, in the judgment of Congress as it is in mine, be indispensable for the most successful prosecution of the war, the action of the Government will not be restrained by the constitutional objection which would attach to a work for commercial purposes, and attention is invited to the practicability of securing its early completion by giving the needful aid to the company organized for its construction and administration.
If we husband our means and make a judicious use of our resources it would be difficult to fix a limit to the period during which we could conduct a war against the adversary whom we now encounter. The very efforts which he makes to isolate and invade us must exhaust his means, whilst they service to complete the circle and diversify he seeks to effect by arms becomes daily more and more palpably impossible. Not only do the causes which induced us to separates still exist in full force, but they have ben strengthened, and whatever doubt may have lingered in the minds of any must have been completely dispelled by subsequent events. If instead of being a dissolution of a league it were indeed a rebellion in which we are engaged in the scenes which are ow being enacted in the United States. Our people now look with contemptuous astonishment on those with whom they had been so recently associated. They shrink with aversion from the