Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-10-09
The ..staqaafa.
: = -',7-I7lf ~ For Tue SthndHtu
The War Debt Paid-The Planters Relieved
And the South supplied with Gold and Silver.

z ~ u For the Standard.
The War Debt Paid-The Planters Relieved
And the South supplied with Gold and Silver.
Mr. EDIroa: Being actuated by feelings Of deep
interest in the welfare Of the South, hope you will
give place in your columns 70 the following sugges-
ions:
The suggestion which now propose to make is
IN regard to the Cotton Policy" Of the Confederate
States, The plan adopted by the Confederate gov.
ernment in regard to that stape--the great Snew o,
the South--is in my humble opinion defective, ana
will not accomplish the purpose for which 1t was M
augurated, except perhaps, it may lead 10 ll,o.o
effective system. Now the idea clearly man'lest ~
this plan is to bring to the aid OF the ooneu.a
States during its present struggle TINS grea. ost
of strength. think this can be done ana do"' ''''''
effectually. ,oso
But some reader may say. before you propose
new systam or nlan let MS hear your objections to
the present oney will give them Orieny, VIZ: Dy
the nresent pan it is proposed that the farmer sen
the cotton he subscribes and invest the proceeos Ill
Confederate bonds, bearing interest at per cent
Now maintain that the farmer cannot do So at isif
md remunerat,ng prices during the blockaae' !or
he will be necessarily compelled to sell at some price
norton of his crop to enable him to pay MS taxes
and other necessary expences. In otner %oros' tle
crop. In the next place, can he sell his cotton to
average more than eight cents per pound so long as
the blockade is kept up? think it must be aPpa
rent to all that he cannot Into whose hands does
the cotton fall at a sacrifice to the producer! INTO
the hands of spectators and capitalists, VINO 10 Cal"
afford to hold it until this bockadeis opened iheSe
spectators and capitalists having poSsesseu ,.eu-
selves of the strcngt of the South by nonopoliznS
the cotton crop, will exercise more influence upon
manufacturing nations than the government itseli.
Another objection is that attempt to disguise It as
we may, there are men, not patriots, among US VINO
know not how to make sacrifices in advancing so
righteous cause as the South is now engaged in,
but will follow the almighty dollar. Such men will
whenever an opportunity presents itself let slip their
cotton to the spectators, or to New England Great
Britain or France, supplying them to some extent
with cotton, without which they cannot exist, and
to this extent diminishing their desire prompted by
selEintereSt if not from sense OF right to break
down the Lincoln blockade We read of instances
almost every day of attempts being made to get
cargoes of cotton and tobacco to the North. Ano-
her great objection is the high rate OF interest or
the Confederate bonds. As it may be some time
before they are redeemed, the amount OF interest
that would accrue would be enormous. BY dividing
the farmers crop it would deprive the government
of the power of controlling the market And the
last objection shall name is, that although patriots
would not hesitate to invest in those bonds, yet 1t
is probable that cold hearted capitalists will do so.
Now, Mr.. Editor having stated my objections IN
candid manner, to the present cotton policy which
may also apply to Tobacco &C., as it now exists,
| will suggest plan which think will accomplish
the object sought to be obtained much better. do
not set it forth expecting 1t to be free from ohec-
lions, or unexceptionable in detail, but with the
hope that it may be considered and the objections to
1t pointed out or that some other plan, which would
better accomplish the purpose be to consummated.
For in times like these We should not only give to
our country our strength and our money, but also
such ideas as we may think calculated to promote
the best interests of the great Southern cause. Nor
should we be deferred from so doing through fear
Of the critics eye
My plan Or the plan which l would respectfully
suggest is this: The cotton CROP well as To-
bacc0 &c Of the Confederate States say at 10 cents
per pound for cotton, is estimated to be worth two
hundred millions Of dollars. Let the government
become the purchaser of the whole crop at ~ cents
per pound, which is as much if not more than can
now he realized by the grower in consequence Of
our being cut Oft from the markets. and it is besides
fair re'nunerating price to the producer. Much
better than the grain grower get, and in fact is
over an average price at which the whole cotton
crop of the South has been sold for several years
Treasury notes drawing no interest. Let those
notes be of the denomination of fifty dollars and up
wards. This would give Us Il good circulating cur
rcncy, which would be upon sounder basis than
bunk notes. For the banks permitted to issue
their notes two and three dollars for every dollar of
specie in their vaults. These Treasury notes would
bc issued upon the basis of dollar for dollar; yes
for every dollar of Treasury notes, the government
would have to secure the payment thereof, its in
trinsc value in cotton. The government could hold
this cotton as long as it thought proper, for the
Treasury notes would not draw interest; it could
force the price to twenty cents per pound for cot
IN is now selling for twenty-five cents in New York
Why is this? for the simple that unless they
let 1t at some price, their manufactures will be stop
ied-a large portion of the New England popula.
lion thrown out OF employment, and her dense pop
ulation be- without food and clothing. She manu-
features only eight hundred thousand bales in twelve
months. What will England do, who manufactures
over three millions of bales annually? What will
France do? | do not propose monopoly of the
cotton 10y the government as settled policy, but
only as necessity may require it, and this is the
time when think it should be done. If the croI
of cotton is worth two hundrt millions of dollars
at ten cents per pound, and the government could
hold 1t and force to twenty cents that price woul
secure four hundred Millions nett profit of two
hundred millions of dollars with which to paw thu
expenses of the war, and which, if not made by tn,
government would be made by spectators and cap
italists. The government when it did sell, could sci
the cotton for gold its equivalent, and thus ever,
dollar of her Treasury notes be redeemed with spe
cie Bankers and capitalists, knowing that thes
notes would be paid i'll specie so soon as the cottor
was sold, would be anxious to obtain them anc
that would give confidence to the whole system, an,
there would not be felt the Want of good circulat
ing medium.
But again Perhaps some would say that ten cts
per pound is not enough to pay the farmer for hi:
cotton, and the government must not force him t.
take less than he asks for his property In answer
to that would say, as have already before sta ted
think ten Cents per pound already higher, Ly tw,
cents, than could be now obtained, or at any tim,
before the blockade is opened realized by the pro
ducers But should it be thought that ten cent
per pound is not high enough then let the price b.
WE'VE cents per pound, or whatever price it NAV b.
tnought TO be worth. Even at twelve cents unde
tne system proposed, it would yield profit to tn
government OF over one hundred and fifty million
Of dollars Again, it might be asked, how we ar,
oprevent those men, if any there are ' who , o.
money better than their country, from running tn,
n.oeSaee' ana thereby getting large price for thei
cotton? ] would saw hv N,..;o 'O' WIZ