Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-12-11

GOVERNMENT FiNA NeEst. pRo6JICE LOAN.

| -" thS pOsilOu tdhcu Oy SeCretafy
in regard to the government purchasing the cotton
crop, He -6rst opposes it upon constitutional
grounds, but seems to admit that Congress has the
right to authorise it as are yet under 2royis-
ional government He says the government has no
! right to loan money. The purchase of the cotton
crop by the government is so far from loaning
money tits actually borrowing from the planters
the entire crop of cotton. 1t pays for il in treasury
notes bearing no interest, which is in my view Of
the matter, much better than borrowing money at
eight per cent, to be paid semi-annually for it is
beyond Question of doubt that the cotton can be
con7eited into money at no far distant day. In the
next breath he says be prefers thatthe government
make an advance OF live cents per pound, and taking
lien on the cotton to secure the payment-of it.
This is clearly loaning money. In the next place
he seems to think that such large issue of treasury
notes would cause depreciation in their value and
initiate the prices Of necessary articles to supply the
demands of the government Now, if the govern
ment issues its notes upon the faith and credit of
the government alone they may .depreciate, but if
1t issues upon the faith and credit of dollar for dol
lar IN cotton as basis they never can. And have
yet to learn when there ever was the first govern
ment that had too much money when they were
engaged in righteous war in defence of their rights
and liberties 1t IS the supply and the demand that
| govern prices. Why is salt pork, and goods of all
kinds so high? 1t is not because money is so pler
| ty, but because the demand is greater than the
supply Why will the price of corn and rice rule
SO low? Because the supply will be greater than
the demand. lie says no power is granted to any
| department to enter into so stupendous,a project
for the relief Of any interest. 80 -. r,r
Now, Mr. Editor, contend that it is the govern
inent that receives the great benefit in this trans
| action. 1t enables it to negotiate loan Of about
| two hundred millions of dollars on which it pays
no interest 1t gives the country good currency;
1t enables planters to pay their taxes, and contrib
ute largely to the support of the war, which they
| cannot do without such uOlIcV iS adOnted
For the planters have no means of getting hold of
the treasury notes nor specie to pay their taxes,
| and to defray their necessary expenses, without
they can effect sale of their cotton and it is we'll
known that the present cotton crop cannot be sold
at anything like fair remunerating prices SO long as
| the blockade is kept up. The wealth of govern
ment depends upon the wealth of the governed.
Labor is wealth, if its products properly used;
but 1t aborer receives reward for his labor he
! has tendency to impoverish rather than to enrich
his country. How many of the planters are there
| who have labored to make q crop of cotton with
the expectation of buying their meat for their
slaves, to pay their taxes and support their fami.
| lies, but for the want of market they must let
their slaves suffer- their property be sacrificed to
pay their taxes, and their families left in a cramped
condition, which makes them poor indeed. The
larger number of slaves man has the poorer he is
For the want Of proper legislation made
| wretchedly poor; but by prudent legislation we
! may be made the richest and most independent ma
/ ton known to the world Our resources are mex
| haustiblc We have no need of offering our bonds
in any foreign markets. Give the planters the me-
cessary facilities to enable them to carry on their
farming operations successfully and they sustain
the government in prosecuting the successfully.
| There are two main sInews IN war. They men
! and money. We have now the best army in the
field ever known to the world-patriotic brave and
well disciplined. Bonaparte nor Wellington could
not have boosted of their superorS in their pamieSt
nolic or,H ho.a al,
Now Mr.. Editor, showed you IN a former COM
! munication that the government could make nett
profit by buying the entire crop of cotton two hun
! dred millions of dollars (my calculations We're in
| round numbers) by selling it at twenty cents. Cot
ton is now worth twenty-five cents both in old and
| new England, and cent or two would carry it to
either market but say it will do to extor-
! ton on England and France; we might give offence
Then, this is too high price, say fifteen cents;
| do not think England and France would get very
mad at that price; then the government would make
nett profit of one hundred millions of dollars
| do not think England or France could complain at
doing an honest and legal act for our own pre-
| servation; we make no discrimination consequently
could take offence. Fifteen cents is not an ex-
orbitant price, but, suppose the government pays
ten cents and sells ten cents Mr. Memminger saws
| the government would make nothing This theory
! would hold good in ordinary transactions but not
| 10 this I think have shown you in this comnnu-
the loan without interest giving us good circula-
ting medium and enabling the planters to pay their
taxes and sustain the government, besides it would
| add millions upon millions to the wealth of the
country. Large portions of the amnunt paid to the
planter in treasury notes would go back to the gov
eminent in the way of taxes and the balance applied
to the carrying their farming operations so as 20
! enable them to support the government. Mr. Mem
Ininger suggests the buying of the crop if he
! buys The cotton. This object to for two reasons,
first corn cannot be held for any length of time,
and might fall on the hands Of the government with
! heavy loss the second is, we could not make
monopoly of it, the United States could sup
ply the demand but the world could not supply the
deficit in cotton without our aid. The corn grower
can convert his into pork and feed the soldiers
while we expect to open the blockade with cotton
and give them a market abroad. respectfully sug
geSt that bonds for the respective amounts SubScr
bed in the cotton loan, be issued bearing per cent
! interest payable within ten or twenty years By do
ing this and paying the Subscribers for the balance
of their crop in treasury notes. would give them all
the facilities they could ask for am satisfied that
the cotton cannot be sold at fair price during the
| blockade, consequently the subscription would do
neither much good; and if the government attempts
to force sale at the time specified in the contract
planter and without some such policy is adopted,
! do not see how are TO carry the war. Can
| it would cause great specified on the partof the
we bear up under so oppressive tax without giving
! the planter any money to pay-will it not lead to
| much embarrassment and a great depreciation and
sacrifice of property? . .r........ ..-'
Politicians may talk about political science, but
we had better establish permanent government
before we talk about the best mode cf administer
| ing one 1t would De a of great qualification
! to every true-hesrted Southerner to know that we
could carry on this war without expressing and dis
| tressing the people %-s ."'1,F.
Mr. Editor, am pleased to see the favorable view
taken of my policy by the Editor of the Raleigh
! Register and the correspondent, Roanoke of
forth Hampton" am in hopes they will do their
duty and bring their influence to bear in its favors
! - .... A COTTON PLANTER .
Roanoke, Martin County, N. c. 80, .-er
p = .-.r.-. For the Standard