Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1861-11-07
CONFEDERATE SCHEMES OF FL
NANCE.

Mr.. G. G. Memminger, the Secretary
of the Treasury of the Confederate States,
has published an official circular relative
to the produce loan and the appeal of the
cotton pla nters for relief. Mr.. Mem
minger, in the name of the Cabinet, de-
clines to grant any relief-either by the
purchase of the cotton crop or an advance
upon its hypothetical value. He declares
that the South, being now engaged in a
gigantic Wa If, needs money, and no plant
er5' notes or produce, and explains that
what the Government requires is a loan
from the planters, secured by treasury
notes, which now form the currency OF the
Confederate States. He advises the
planters to apply to the Banks for relief,
and recommends them to apply them
selves in future to the cultivation Of
grain and other products, rather than that
of cotton. On this point his suggestions
are important enough to be quoted in
full -
Let the planters Immediately take
measures for winter crops, TO relieve the
demand for grain and provisions-Iet them
proceed to divert part Of their labor from
cotton. and make their own clothing and
supplies. Then let them apply to the
great rcsourse presented by the money
capital in bank and private hands. Let
this capital come forward and assist the
agricultural interest. Heretofore the
Bank, have employed large part Of
their capital in the purchase OF Northern
exchange let them apply this portion to
factors acceptance- Of planters drafts, Sc
cured by pledge Of the produce in the
planter, hands. An extension of the
time usually allowed on these drafts would
overcome most Of the difficulties. This
extension could sately reach the probabl-
time of sale Of the crops, inasmuch as the
suspension ofspecie payments throughout
the entire Contederacy relieves each
Bank from calls for coin. The Banks are
accustomed to manage loans Of this char
acter, and will conduct the operation with
such skill a. will make them mutually
advantageous. The amount Of advance
asked from the Bank would be greatly
less than if advances were offered by the
Government, and all the abuses inciden-
tai to Government agencies would be
avoided"
The Boston Daily Advertiser Of Mon
day has an article copied from a late num-
Der Of the Richmond Wing, which pre-
sents a remarkable exhibit Of the ways
and means and probable wants Of the
new Confederacy. In this article the
Advertiser says the expenses Of that gov
eminent for the current year are set down
at three hundred millions. To meet this
there are. ten millions Of the eight per
cent. Confederate bond,-alI that could
be issued. out Of fifteen millions there Is
the produce loan, which, a, the candid
Richmond editor declares, everybody but
two finah tai enthusiasts know, to be a
failure th+rr j, a direct tax which may
WELD fiftetn millions and a hundred mil
lions Of Treasury notes. the issue Of
part Of which ha- already driven specie
out of circulation st the very best there
Is deficiency Of one hundred and seven
tv-fve million, to be provided. and no
visible mran- for doing this The inquiry
i therefor" naturally addressed TO AIr.
Nemminter wha, he proposes to DO:
x-y-I. ....I -. ,,,;-,.'I1. ,Lo. = a.