Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-08-06
COTrON InAN.

! EDITORS APPEAL: Ne were not little sur
| prised to see the dogmatic manner in which an
! editorial article in the Bulletin denounces as
extremely visionary, the resolutions reported
| by committee, few days since, at the Mer-
chants Exchange meeting. Many a good
cause has been ruined by hasty denuuciation,
and We need not consider ourselves beyond the
reach Of churches attacking to human agairs.
/ In point Of material wealth and resources,
a doubt no longer remains that our new Con-
/ federate Government is fully competent 70
maintain separate nation alive. The taxa
! bic property Of the ncw Confederate States is
ascertained to be not lees than S35, 600 0OO, ,OOO
! With such resources alrsauy a. our command
withproductions which control the commerce
of the world who can entertain an apprehension
that any amount Of treasury notes, or bonds,
that an emergency may inddce the Government
to issue, on the sound basis of value represent
ed by the cotton crop of the country, could
result in any disastrous failure of national
! credit It has been apty said, thatihe fields
Of California yield gold-in the South they
| yield cotton.
The gold is coined and becomes currency at
OHCCy 50 a. UuCe We may coin COLlOn ana ma ke
/ it currency; and supposi4g the present block
ade TO be coatiHued, in which case the planters
could md no sale Tor fis cotton, why may not
| the crop 60 into the possession Of the Govern
.nent as the purchaser, and by it held as the
| equivalent Of a specie basis, and security for
! the par value of the notes and bonds it may is
sue in payment fer be same? The cotton crop
Itself in the hands of the Government is a basis
| OF impregnable solvency. On what basis has
/ hn Of fkn h1p % 4
! been sustained for the last century? The taxa
/ ble resources OF the country and the only con-
/ ssTVatiVe principle Of commeTce-natonal
| credit. I would ask, on what is the recent war
/ loan Of $3.50 000, coo Of Lncoln's government
based? Is it on the banking circulation or the
mere expansion of trade, or on he capaci Of
the aggregate wealth of the fed raj States Z?
Let the man he least conyersant with finance
| answer the simple question. The mystery is
explained and triumphanty revealed in that
noble impulse Of patJ Sn that prompts the
planters Of the nth, at the mo-
ment they feel the prosperity Of the country is
threatened to be blasted, 20 place at the dis.
posal Of the Government their entire crop,
knowing that cotton is money, easily converted
into currency, alike avallabla for Government
disbursements and for all other purposes Of ac-
tual circulation. Supposing the purchase of the
cotton crop cost the Government $500 coo, ,00J,
why may 1t not, in accordance with the le-
gitimate practice of all solvent banking,
issue addit onal 500 600, coo OF its post
notes, to defray the expenses Of the wal? 'fhe
idea of healthy expansion Of trade, will only
sustain paper currency Of S7O,OO0 600, and
that double that amount thrown into the
channels of trade world Justify the entire
mass, is all twaddle. Let Inc cite you to the
taxable property Of only one Of the Confederate
States, Georgia, S672 000, 600; place by the
| side OF that the recently reported dest of
seven of The Confederate States, aIlsummed up,
$4,000 900 holding the cotton and toba cco
crops as a controlling power-whether the
government disposes of a part or not during
the present year, will not it's credit be suffi
ciently fortified to sustain an issue Of from
$3.50 coo, 600 to $500, 900 600 Of its notes and
. bonds a paper currency? The man who
doubts Il, is but luke warm advocate of bold
experiments in war times, and in his rigid
= 6nancieTBg views. he fails to measure tue
! magnitude Of the contest in which we are en-.
! gagged, inasmuCh as the property Of the whole
South is peTiled in the present war The in.
= stinct Of popular patriotism irresistby urges
us at once % put u der the control of the gov
eminent that portion of our property that il
T acknowledged to govern the commerce of tn,
world, TO be turned to the best account in pres !,
cutting the war, at the same time sffordi III tht
necessary facilities for internal and domestic
trade.
Believing the Charleston M.rcary to be th'
fair exponent Of Mr.. MemmingeI's fnancia
+ views on this subject, beg leave to insert th,
following elaboTa extract from it:
, "The people Of the Confederate States mus
j DC furnished wilh money-they need it as muct
G as does the Government, and they must have
f it. In cotton, they furnish a basis better thar
= 1ld, for an amount Of money, or currency
. equal to the whole crop.
n owe urge on the public, aud on the Govern
a. Ds,F,r, r., 1 r J,
t following plan OF suggestions, Instead o.
d issuing bonds for cotton, let the Governmen
B purchase, at given rate, all the cotton Offered
q for sale; and, as there can be no market price
g when there are no buyers, let price, say tel
n cents per pound, be fixed for mIddling cotton
d ard grade the prices sbove and below from
g | that. Let cotton be sent to market as usual
e so that all branches CT business may be bene
> htted. Railroads, commission merchants, Cray Y
e men-al would have their usual labor to per
b form, and all would be paid. Government, By
e its proper agents, should buy the cotton as
came ID market, paying for it in treasury note
It OF small denomination, say So to $50 bills
4 and, to make the work complete, Congres
d should prevent the export OF a bale to an,
It place on earth until this war comes to an end
t "NOw let US glance at a few of the result
Y which would follow this movement In th
Il first place, the crop, instead of being locke
It up in 'bonds,' or in warehouses, without sa le
: would be sold, and the proceeds would 90 a
5 once into the active circulation of the coun
: try. Next, the proceeds Of this one comm
l. crop, at ten cents per pound average, paid fo
IT in treasury notes, would furnish the best pape
Y circulation ever used by any nation on eartn
g for cotton isgold. Next, the circulation woul
P. be uniform and good in every Confederat
e State, from Virgins to Texas thus relievin
II the people from the annoyance of depre
i ciated bank currency, and thus furnishing
r solution to the question nov before The bank!
10 Of how 'unforn currency can be secured.
le eve will suppose the whole crop is wort
g S200000.000, at the average of ten cents. Gov
d ernment issues S300, 100000 upon it, thus fpi