Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-10-31
Canfederato Elna noes.

1eo-As Hs4a-AfAAA RelAls e-l.t g.
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Confederate Flna nces.
A long circular has appeared in the South
ern papers from Mr.. Memminger, the rebe
Secretary Of the Treasury. The planters OIL
the Confederate country, finding no market
for their cotton abroad, and being forbidden
to send 1t to the seaports, have no means Of
realizing anything from its sale, and are suf-
fering for want of funds for necessary ex-
penses. All the spare money they have had,
they have loaned to the Government receiv-
ing therefor Confederate bonds, which are
WORTHLESS so long as the Government is
b.oekaded and cut of from all outside nego-
Citations. In this condition, they ask two
questions Of the government: a. whether,
during the continuance Of the blockade, ef-
forts should be made to procure any further
subscriptions to the government; and (2)
whether the government will autbOrise prom
ises TO be held ont of aid to the planters, as
an inducement to such further subscriptions.
In rsply to these inquiries, Mr.. Mem
minger issues his circular. BE says,
in reply to the first, that the idea seems to
prevail that the government has something
to do with the prOddce itself upon which
Subscriptions are made, while, on the contra
y, the subscription is confined to the pro-
ceeds of sales, and is presented to the factor
or commission merchant who pays out OF
the sales, the amount subscribed. The sub
BcriptiOns are so many promises to pay, and
will be good whenever the produce is sold
The blockade then, simply suspends the COM
ple,iOn of the contract, and therefore sub
scriptions will be received at all times.
As to the second inquiry, the Secretary
says that nothing so important could be done
BY the government without the consent of
Congress, and that even the power OF Con-
gress is confined to borrowing and not lend
ing. sun, rs the AdnniDistratlon and his
department may make recommendations to
Congress he goes into the merits Of the case.
Two plans have been proposed. One, that
the government should purchase the entire
crop; the other that an advance should be
the payment would be made by Treasury
notes. The subscriptions of cotton amount
70 about s. 900, 900. The value of the cot
ton crop Is estimated at $500, ,oOO, 900. Sab
strsetingthe subscriptions, then, the purchase
would require $3.50, 900, 600 of notes, to
which must be added s25, 600, 600 for the pur-
chase Of other agricultural products which
would claim the same benefit, making total
Of $I75, 900. The amount called fOr by
the other plan, of making an advance upon
part Of the crops is estimated at 500, 00O, 900.
Considering, then, the 'least Objectionable"
Of the plans, says the Secretary, the question
/ . narrowed down to q proposal that the
Government should issue sI0O, 900, 900 OF
Treasury notes, TO be distributed among the
Plrndng community upon the pledge of the
forthcoming crop"
This proposition the Secretary decidedly
rejects. It would be calling upon new
government to do what old and long estab-
lished ones have not yet succeeded in effect
ing. And at this point the mechanical
wealth Of the North and poverty of the South |
apPear in the strongest possible light ''Our
enemies" says the Secretary, ''are in posses
sion of all the munitions and workshops that |
have been collected during forty-6ve years Ct
peace, and yet they are obliged to expeno
nearly $40, ,OOO, 900 per week to carry on
the war" Estimating that the expenses OF
the South viii be half as much as of the
Federal Government it is concluded that the
experiment Of paying out money which is
neediul to its very existence, and receiving in
exchange produce which it cannot make use
Of, is too dangerous, and relief for the plant
ers must be found in some other direction.
To obtain that relief the Secretary suggests
that the planters divert part of their atten-
ton from cotton and apply it to the raising
Of provisions.
We have given this full synopsis Of this
document as being indicative Of the official
belief ct Richmond that there is no immedi-
ate prospect Of breaking the tlockade, and
that this is to be long and trying war.