Arkansas true Democrat., 1861-07-11
To the Merchants and Shop-keepers in Little Rock.

GENTLEMEN: Selhshness Is poor econ omy--such of you as are appreclating specie and dcpreciating confederate and state bonds for a supposed benefit, are ig- norant of simple truths in political econo- my, and lose sight of certain facts peculiar to the times.
 If you tell the farmer that these bonds are not as good as specie, he will require gold and silver for all he sells. But, show him that they are safe and current, and he will let you have produce for them. That produce, sent to New Orleans, can be ex changed for goods.
 There never was more specie in Arkan- sas than there is now. A great many merchants failed to buy goods this spring, and the money they collected yet remains. a Srrae many payments are made, eve,s spring and summer, to northern merchants, for goods bought during the winter on three, four, and six months time, but these are now estopped, and the gold and silver remains here. When Gov. Conway went out of office he left in the treasury, in gold and silver belonging to the different funds, nearly, if not quite half a million of dollars. This has all been paid out, besides about the same sum since paid in.
 For few years past, the people of Ar kansas have paid in specie from four to five hundred thousand dollars q year for theiI lands. This drain has been closed, and that money remains with us. Taking these and like facts into consideration, and we are warranted in saying, that in.., July, 1861 we have two millions of dollars more specie than we had in July, 1860. Remembering this, let us also remember that the crops this year are enormous. More ground was planted and the yield, so far, is bountiful. The vast surplus must be disposed of, and if you appreciate these bonds, the farmers will take them for their produce. If you depreciate them they will absorb the gold and silver. If you want to make gold and silver plenty, hold up these bonds. The statement that they will crowd gold and silver out, is a foolish one For in stance, suppose a man has ten thousand dollars in gold, and you lead him to be- lieve that his gold is more valuable than other currency. As a natural consequence he holds 1t fast But if he learns that these bonds are safe and bearing interest which will be promptly paid, he will buy these bonds and draw on them every six months, four hundred dollars in specie. The bonds are better to him than gold, for the cue bears interest and the other does not.
 Some persons suppose that in what are called 'hard times, man can lend specie at heavy rate of interest and make money by speculating. Is this so? When money is plentier and times easier, then money commands the highest rates. In Calitor- mia during the flush times, parties paid ten per cent month for the use of money. It is when trade is brisk; when property changes hands frequently, and men think they see chances to make fortunes rapidly, that they will pay high premiums. But now, no man sells anything, if he can avoid it. unless it be for full price. There is very little trading or speculating. When the planters, farmers and stock raisers find these bonds are secure and if you will give currency to them they will receive them. Such as are disposed to hoard up money, will lay by these bonds because they bear interest. The specie is kept in the country and ahoat and you can always secure enough to buy such groceries and other things as you must pay specie for, though in reality, you can obtain such things readily by barter of produce; the cotton. corn, bacon. wheat and other pro duce ol the country.
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