Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-12-26
pLANrERs, AssnCIArlON.


scheme of fixing this mighty incubus uponour
State, now almost PROSTATE under a heavy Pecu-
mary load VIII you allow me, in addition to
commentator of your course, to offer some OBJ
| jections to the measured Nicholas Biddle, in
discussing the great national bank question, SAID,
On the whole, it seems wiser to retain the
established institutions of the country, instead OF
resorting to doubtful and hazardous expert
ments." Never was anything more appropriate
to our present condition; and let us ponder well
its force. Here we are, surrounded by political
difficulties never equaled since the days of our
forefathers, cut off from the whole world, with
only our own resources, our great staple, always
worth gold, without a market, except for our own
consumption, and that at a very low price in
paper money, Of lohich De hare The greatest plenty
without any such doubtful resort as the issues of
the Planters Association. Now let us look at
our resources of paper currency. Tennessee has
a banking capital of $l1 100000. The entire
circulation for 1860, one of our most prosperous
agricultural and commercial years, was $4,000
900, upon a basis of 50, 100000 of coin. This
is a half dollar of coin for one of paper, with
sound investments maturing every thirty days
in coin to pay the balance. Now what have
we? Multiply eleven by tive, which the banks
are allowed, and you have twenty-five. Now,
add to this the privilege of the Bank of Tennes-
see to issue three for one in payment of the war
tax, and you have a grand total circulating paper
medium of $25,0 O0, OOO-over six times as much
as Tennessee ever sustained in her most pros
porous condition. This amount is over one
third of the entire circulation of paper money
in the whole thirteen States now composing the
Southern Confederacy, for the year 1860.
Now, you see here is more than enough to pay
for the entire shipment of cotton from our city
the past season, a great portion of which came
from Mississippi, Arkansas and Alabama. The
coin basis (the same 81 100000 which the banks
yet hold, though small, is ample if we could
only trade with coin points, as we import coin
for exported cotton. Now, l hold that this bank
paper is good. The Confederate government will
very soon have over $500.000.O00 treasury
notes in circulationsor rather issued. Now, every
sensible man knows that will be more than the
wants of the country will demand. What, then,
the result? Why, simply this the bank paper
will all be driven home or into the vaults of other
banks, treasury notes become the medium,
millions of which also find their way into bank
vaults in the payment of debts and deposits,
the largest deposit line ever had by the banks,
which they can and will use instead of their cir
c~ulation. You know the war tax per annum will
not pay one fourth of our expenses, which will
leave millions of treasury notes out at the close
Of the war the greater portion will still be in the
bank vaults, as the government '7H be sustained.
Should commercial prosperity warrant and the
banks, as likely they will, wish to resume
before government retires the treasury notes, the
notes will be funded at eight per cent. and these
bonds viii be hypothetical or sold in Europe at
par or perhaps a premium, and our banks remain
intact ready to do the wanted business. By the
way, a foolish fear OF funding these notes at the
close of the war has made a difference of five per
cent. in New Orleans in favor of the Louisiana
banks notes, which are boarded, and even the in
Auence is finding its way here, thinking to leave
the banks with the bag to hold;;'' but the man
who sells the bank note is the sharper of the two.
You are particularly right in fighting this
monster as a monopolist. Let our merchants
arouse themselves their rights are in greaS dan
ger. A, the planter, has for years been in debt
heavily to B, his commission merchant, who
has a right to handle his cotton, charging a fair
price for his labor. The merchant already has.
at a heavy sacrifice, furnished A his necessary
supplies. A, now, innocently perhaps, hypoth-
coates his crop, at half price, to the Planters
Association for its issues, which be invests in
negroes at a low figure, and next year puts in
a big crop which he also hypothecates-
why mott everybody is speculating-and SO on.
Now the ports are opened. A has a margin,
(hardly probable, with several crops on the
MARKET and hopes to pay B. His cotton is
beyond his control-'tis a misdemeanor to mo We
1.-THE Association goes into the commission
business-pockets lots of commissions-takes a
long time to wind up notes at a heavy dis
count, provided Tom, Dick and Harry has ever
taken them on trade; if not, they are worth
less. As to insurance, one Charleston fire will
break every insurance company in Memphis,
even if they take the risk upon the cotton,
which they now refuse. Away goes your hum
bug Even if they do not get the commission
for selling, they have made a good thing by
interest-not on their money, they never put it
in, though worth $4,000 apiece, as a catch
like a man worth $4,000 is any more capable
or honest than his poor neighbor, who has had
every advantage-ercept tie advantage he 0Ould
not take!
We all know Mr.. Estes to be a worthy,
honest and sincere gentleman, but liable to make
a mistake, which he has in this measure seriously
done. Should his project pass he many not live
to see the extent of the mischief he has limo
Gently brought upon his constituents. 1 sincerely
hope, upon examination, he will not let his de-
| sire to do good blind him to the consequences of
one great misstep.
Our Tennessee planters need no such help.
The provisions of the bill do not extend reliefto
our Mississippi, Arkansas and Alabama planters
who may need some aid. Ours, not being ex-
elusive cotton planters with their own grain, etc,
are provided for. Next season is near at hand,
after which they will be the most independent
class among us, unless they are encouraged to
raise cotton, which course will be an act of great
injustice to our young and struggling Confeder-
acy, by raising supplies to an enormous price,
and will also bear heavily upon the families of
these soldiers now fighting our battles. "Let's
bear the ills and snares we now know, rather
than fly to those we know not Of" and every
one, great and small, frown down this mighty
monopoly, which will surely result in disaster to
all who touch ii, save the managers whose capital
is not jeopardized. NJ.
THE DEFENCEs OF CANADA-The London
Times adverts to Mr.. Stewards recent instruc-
tons to the people near the Canadian frontier.
The only inference was that be was about to
force a quarrel with England. The Times says
the wisest course for Canada will be to prepare
let her at once discipline her militia, and emulate
the mother country by drilling a volunteer army.
Montreal only wants stout hearts and jealous
hands to be safe until the spring returns, when
we can make it secure. The danger to Montreal
or to any other point of the frontier is less.