Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-09-26


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- The Prsd1cs Lean.
THE RESOURCES AND FriAScEs OF TIE CONFEDERATE
G0vKRxXEzT. 81
We make the following extract from speech re.
Gently delivered by Hon. J. E. WkzD of Georgia, on
the subject of the Produce Loan. Il win be found
interesting as showing the financial resources of the
Confederate Government, and the prospects for rs
in the future Il presents the subject ia clear and
concise manner, and the portion of his speech we
append msy be.read with profit to those who seek
information of tine financial basis of cur Govern
ment: :E1
Mr.. Ward said al history teaches US the revOlu-
tons are not the work Of men, but of time and cir
eums anees anda long train Of preparation and then
traced the cause of the present revolution, COM
meuein1 with the agitation Of the slave question By
New England, as soon as she had been deprived Of
the profits of the slave trade, up 20 the election Of
A President who had announced that ''this Covers
ment could not eBdure permanently half slave aud
half free" and had called TO his councils only those
who endorsed that sentiment -
When the Southern States, finding that the Gov
erunent Of the United States no longer esablished
justiee, insured domestic tranqHilitys or promoted
rhe general welfzre" they resumed the sovereignty
Ehich they had delegated for those purposes, and
den it was that LlncoIn and his apostles sought %
ezery usurpation Waa to be peFpetrated And every
Tfter living history of the establishnnent Of the
Confederate Government. Mr.. Ward ssksd Are
we capable Of sustaining that Government Spring
aeld Manassas and Great Bethel have Answered
hoEefhs foe viii be met in the field. The drmaess
and wisG1m Of our rulers fully attest how the Gov
ernment uin be conducted. The people must an
sWer how hat army is to be sustained and that
Government supported. = -
The Coafederate Governments sprsng into exist
ence without money and without credit The cap
italists of the NortR were our foes. We had been
80 belied ard sianderSd by the Northern press,
Through which almost sniirely we were known to
Ear0pean capitalists that the; sad learned 20 con
nider US as repudiators. There !. - No recourse
oar % me people, to secure whose righ,- ' 49,
sill,is'-s mo seen established. In April last
meehng OF railroad presidents. represenfing a. -
s109 600 OF capital and coo miles n -a5l.I
was convened &C Montgomery at the ;nv;sss5, - /
lse RostmAster General. That rspe+ipo r,- - -
and with entire unanimity net the views of ft:.
'llcl1l ana agreed 20 carry the mails upon terms
'uggested BY him. and to take their nly,-f,, f,fI
rate bonds and Treasury notes. u sg,ssi =
rams pert troops, ,nunit ons Of wars-3 pro vs;-s f
be General GoTeTnnent at half tbs ,snsI 49,.
nd 70 take pay in Government paper. Cftbe vei1.'
= '1is scuon the FIesieent Of TIE Confederate
e-.ss hns spoken n ieehng terms OF gratitude as
lFlng ne and vigor 70 the Administration Tho !
anks haTe met, BY their DELEGATES. ana ggresd - |
eceiFe the paper Of the Government ii, Savr1est |
I'd ON deposit, ard 10 pay it cue again thnssvied
g to ne Government the Circulation of he c2un-
at subsequent Convention The railGoad coupa
es agreed 70 take Treasury notes for fares and 1
eng ghs The banks Of Georgia and South Caroline. !
10 OF ether states have subscrbed with great lib
atty to the Sl5,060,000 loan, receiving Confsder.
e bonds the banks Of Savannah alone taking !
er soOOOOy ana Tor this support the President
g expressed his warmest thanks :
When, upon the surrender Of Fort Sumter. the :
eslcent OF the United States issued his infamous 2
defamation, and it was seen that war was lpevita =
2, voluntary subscription was called for from
planters and farmers Of portion Of their crop .
: the Confederate eight per cent bonds the Ser y
tary of the Treasury desiring 4 subseriution Of %
,VVV,eVO bales OF cotton, worth $4,000 ,0OO To =,
9 call the planters have generously and nobIv / q
'ponded Since the victory Of Manassas Che / = =
ter mnlignity Of the North has been increased =
q more determination manifested to subdue us q
re money must be raised and more men placed %
Now, II The planters subscribe 1000 Gee bales
ton, Zone half the usual erOp,) the Government
L get Sl00 GOO 200, and the debt for the same will l.
Ianaeo oeot AZ eight per cent the interest pay -
{ semi annually and the principal at the end Of =
These bonds win be paid by the export drtv upon A
ton, which has beeH fixed at one-eiehsh Of one %
cent TINS export duty at this rate viii amount ~
> ,z5O,OOO per annum, sum sufficient to pay ~ ~
interest accruing thefeupon, and the bonds 81 81
uselves as they become due. oe
SUI II may be 2sked, If the blockade eOnsAues Il S
the cotton cannot be exported how Is the "
'serlption 20 be paid to the Government and ~
are the pianterl to obtain funds for the Ordi~ -
y transactions Of life? ! can only give the 81 81
MON OF private citizen, in no manner connect W
with the Government and having no official in IA IA
nee or position with it Ps
he Government having wisely determined that le
long as the blockade continues there shall be no "a
ort Of cotton except by sea my judgment is VI
there will be an imperative necessity for the lgT
'ernment to interfere in behalf OF the planters 9.
Giving from them their subscriptions in cation So
taking the residue Of their crops at liberal ", ~
e, paying IN Treasury notes. By this means W W
'uatng medium will be furnished to the people Is
the Government by showing to the world that -
as the neaRs and that it intends to control the va
on crop, viii speedily obtain a recognition N .1S
a The Governments of Europe, SO dependent for ~ ~
T prosperity upon Southern products. ~ ~
I'll this circulating medium Of Treasury notes say say
n II. fa value the cotton cannot be sentiOr eS
hat Is it that gives value to bill of anv bank7 loe
the knowledge that there is specie or its equiv pE
s in the vaults of the bank by which the bill ri
at any time be redeemed. Whenever the block. me
Is rsmeyed, in one, or two or Are yeazs, the W
On viii be exchanged for its value in specie Il ~ ~
It an article liable to depreciation by being kept -
ong ~ we are shut up among ourselves, the M M
nlanng medium established by the Governments ~ a.
lived fer taxes, received by the banks and rail- ~ ~
s. will paRs from hand to hand at its full value no
receiver conscious that as soon as the blockade 4h
moved the cotton upon which the circulation is ~ e
d will be converted into speeie and the notes ~. "a
1T will this blockade be eontinueds England = 4
keenly alive to her own interest and perfectly q.
less in asserting them. With New England she 10
been ever ready to unite in noisy denuuciatiou
be fa1oied wrongs Of the African race. whilst ST0
inflicted upon the Asiatie every species of mia, Hh
and degradation, their philanthropy, in the lni lni
hattie language of Junius resembling the terni- gre
chastity Of prade who proseeutes one lover IMeL M
ape, while she solicits the leWd embraces Of 81.
her. aei
e may not break the blockade, because it is to
interest Of England, with slI her Colonies to are
tain the doctrine Of blookades. Her immense sls
force enables her to require that this should LOT
sintained in all Its strietness. Whenever her con
ests require her to assume hostile attitude to ees
nation, her statesmen have ever been wise mel
Oh to place her cause upon plausible grounds zee
her army and navy strong enc ugh to enforce Ie
demands. How long. then, can England main III Q
her own prosperity without the cotton CROPS Of il
outh? rev
ere are within her borders more than $780, Toll
90 invested in stocks, wholly dependent upon Gen
otton crop for dividends end 600, 600 of her airy
e alike dependent for their support Her grsat WIN
with China Is dependent upon the cotton crop. T