Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1861-07-19
THE C0wFEDERhTE LOAN.

I
We direct the attention of our readers t,
Tic account in another column of The proceed
ings of the Public Meeting un Monday, for tn,
InI'"se Of IN SIM The Confederate Loan. Thi
Is ely Il commencement Of The workl Th,
District will be thoroughly convasscd. Othc,
States have taken the lead in this matter and
have responded most literally, and we arc
sure that South Carolina will he second to
none sin this great work Of sustaining tho
Government. She will be as liberal in til.
| expenditure Of her money. MS she has been
! generous inhcr contributions of men.
The necessities Of the Government require
money in ths her struggle for Independence
and che calls upon every citizen, by every
consideration of duty, "f interest and patriot
ism to contribute the sInews of war The
money ustbesrssede either by Loan orTaxas
ton. The GOVERNMENT hns selected ,la. plan,
which is mutually advantageous to the Stat.
AMI the citizen. 1t calls for, not donation
but loan-a loan upon the very best security
anu bearing All interest OF S per Gems. 1t calls
upon the planter to furnish the required
means hy plcd:smg one half OF his crop selling
| it, and handing over the money to the Govern
lnent to be invested in Confederate Bonds.
The remaining hnif o: the crop. it is supposed,
will be sufficient In IN. ct all necessary expenses
Bat if not, the Bonds themselves, whether
they circulate currency or not. will always
command the money, from those capitalists
who desire secure and profitable Investment.
The whole scheme proceeds upon the sup
position that the blockade will be removed,
and the money realized from the proceeds of
the sale Of the crop. If the blockade contin-
ucs. the sale could only he effected at n ruin
abandoned.
a correspondent cf the Charleston IErenry
assigns the following rcasors for The subscription
Of a part Of the crop inst cad OF money nnd why
the issue Of Treasury notes under the present
scheme would he nadvsahlc:
First: The planter would. perhaps, shrink
from subscribing so much momcy. because he
cannot calculate with anything like accuracy
for what his crop will SELL cen if ,ac block
ads is removed. but he may Le willing to sub
scribe so M ch Of his crop. whatever it may
bring if he cnn Sell it at all. And, moreover,
the promise to- pay so much money implies his
ability to raise it. and pledges his fnlh Tint he
will DO so. but the pledge Of the proceeds Of
lie sale Of so mucl, of his crop carries with ii,
of necessity the understanding that lie will be
able to sell it.
Second: The planter cannot tell, On &c count
Of the accidents Of the seasons, what crop he
will make, or whether he will make any at all
Yet lie may bc willing to subscribe the half Of
whatever he does make.
Third: The subscription in crops is guaran.
tee 10 the Government Of the ability Of the
subscriber TO pay, aud strengthens its own
credit.
And. lastly! 1t distributes the loan among
individuals. to some degree, in proportion to
their property and means.
In other quarters it has been suggested that,
for the money thus subscribed (being the pro-
ceeds Of sale OF the portion Of crop pledged).
the Government should give Treasury Notes,
and not bonds. And the reason is urged that
the planter conld use The Treasury Notes ms
money. when he could not do so with the
bonds
We think this would be unwise For. let us
rcineinber, first. that under the scheme, the
crops are supposed to be sen. to marke through
our ports: to he sold through the usual chan
ne!s in the ordinary way, and upon the usual
terms Of business: and that, therefore, the
usual amount of money, and other values, will
he in circulation for the transactions Of trade.
10 add. then this additional amount of Trea
sury Notes to the current Of the country might
very seriously derwnge the operations of COM
merce. And, again: To give Treasury Notes
for half the value Of the cotton crop would, to
that extent, diminish one of the resources upon
which the Government. must rely.