Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-10
Ihn.Produce Loan.

We suspect this scheme Is IN aiar way OF ianure III
the present condition Of the country, we do not see how
the Government to reaz, any money from IT, or how
the people can afford to make 1t. An individual mere
and there may DO able to make over to the government
large portion of his crops and with the remainder de-
FRAY family expenses aud meet the taIcolector But
these are exceptions The community at large will hnd
Il next to impossible pay the taxes; and the Govern
ment no more than individuals find purchasers fer
the cotton or tobacco loaned. In fact seeing the dill
Guilty Congress at its last Session. authorized the secre
tary Of the Treasury proong the time Of sae-an sc
Acknowledgement Of the failure of the produce loan.
In view of the blockade-the mpossbility the part
of the planter to get money for his cotton tobacco and
-four We cannot see the means by which ths people can
pay their ordinary taxes much lees those imposed Tor
The war. Some mode of relief by through the Gov
eminent, pressn.s the only alternative No country
more abounds in the substantial, elements OF independ
cnce-in the means Of subsistence, and in articles,
there be Market which will command money or specie
But these articles, without foreign mrke are value
ss or wholly useless to us in making good our defence
against the Yankees There Ia not money or its repre-
sentative within the Confederacy TO exchange for them
Il has been suggested that the Government should buy
the cotton and Tobacco crops, and pay for them IN
Treasury notes But to this proposition, Is objected the
want of Constitutional power. The objection, If well
founded ia entitled to consideration and respect But
the safety Of the Commonwealth IL the suprsmest law
and If there be 70 other eIpediont for preserving our
iodepepdeuse and our btr.ies and carrying this war
N successful ISSUE Ne for one willing to set aside
the Constitution in this particular and for this emer-
psucy. We incline to the opinion, however, that the
NJ
scheme involves 10 piracon Of the Constitution The
Government can buy whatever Il may need; and though
il cannot make any thing but specie legal tender cen
auborx, tho recspt Of taxes paper any other rep
rcsen.ative Of value, 1t may choose to designate.
The power conceded further difficulty arises. 1t is
that issue Of treasury notes large enough
I, meet the wants Of the community may lead TO their
d,rreeiaton. There is no doubt OF this danger but
while the blockade continues, are cut of from the
world. our currency yil come in competition with no
other currency and during ths state of things it will
serve all our purposes, and there will DO 20 foreign
standard BY which to mark its depreciation In this
snest re are lar more advantageouy situated than the
Northern States who in direct intercourse with hu
rope and the value Of Stose treasury notes Will be
regulated by the value Of bills on london.
But II our Government Is honest and enjoys tbs conn
dance of the country its treasury notes. based upon cot
ton and tobs,eo E posse,s as much intrinsic value and
have as good credit any paper money in the world
With Government bonds at per cent IN which to in
vest them, whenever they become redundant we doubt
# they ever would experience any serious depreciation
Certainly that would not be the during the oonnu-
aaee Ct the blockade.
We are OF tbose who believe that some other articles
besides gold and silver have intrinsic value in this
world The value which they bear conventional and
sve-and originated 10 their scarcity and the
convenience Of their transportation. substitute can
be found for them and country IT, at this time hap
PLY situated for furnishing that substitute. The block
ds and the cotton and tobacco combined enable US to
dictate our terms.
Unless something 10 done, We shall come to dead halt
Direct taxes and nothing selling. and three or four hun
bred millions of dollars Of annual expenses than
any nation can stand. We must break DOM. But If
we bring our united into action, from feeble
ness we spring a, once into irresistible strength. All
the people are willing sell all they make to their Gov
ernment and take payment In the notes Of that Govern
,uent Tha. is as good money as they want; end with
IT, hsy will pay and receive debts, and fight the Yankees
to the end Of time.