The eastern clarion. [volume] (Paulding, Miss.) 1837-1863, 1861-11-08
The Produce Loan
ADDRESS FROM THE SECRETARY or THE TGEt-
suW TO rHE COMMISSIONERS APPOINTED no
RECEIVE SUBSCRIPTIONS.
CONFEDERATE STATES or AvUurA =
TgEASUBy DEPARTMENT, y
Richmond. Oct. lj, lS6l

Richmond, Oct. lj, 1861.
u The Commissioners app La P.e
Subscriptions % he Puiea LaH:
Gentlemen Inquiries have been mad,
from various quarters
|. Whether during the continuance o.
the blockade efforts should be made &c
procure further subscriptions.
,. Whether the Government will au
thorize promises 10 be held out OF aid "a
the planters, as an lndacement 20 .suci
further subscriptions.
The first inquiry seems to imply a mis-
understanding of the scheme oil the sub
scriptions. Many persons have supposed
that the Government was 90 have some
control OF tbs produce itself others lhal
the time of sale appointed by the sub
scription was to be absolute and uucondi
aonal. The caption at tho head o
the lists, when examined, will correct
both these errors. The subscription /.
confined to the proceeds of hesales, and
contains an order on the commission
merchant or factor Of the planter to pas
over TO the Treasurer the amount suh.
soribed, in exchange for Confederate
Bonds. The transaction is simply an
agreement by the planter to lend Tho
Government so much money and, III
order to complete the transaction, time
and place are appointed when and where
the parties may meet to carry it out. The
important point is, that il certainly shall
be completed at some time, and that it
is secured by the engagement OF the plan
ter. Whether that time be December or
June is simply q question of convenience,
and works no injury to either party The
Government is sure OF the eventual pay
ment, and derives from that certainty 40
much credit and it loses nothing, be-
cause it gives its bond only when the
money is paid.
1t is obvious, therefore, that the sub
scriptions are quite as valuable to the gov
eminent during the blockade aS after it.
The blockade simply suspends the COM
pletion Of the engagement. It becomes
the interest Of both parties to wait for
good price, and that the government will
readily consent to postponement of the
sale
You perceive, therefore, that it is de-
slrable to continue your exertions to in
crease the subscriptions, and you are au-
thorlzed to say that the government will
to a reasonable extension Of the
time appointed for sale.
2. The next inquiry is as to a promise
Of material aid from the government to
the planters.
In answering this inquiry, am to speak |
in advance Of any action Of Congress-
What that body may see fit to do, il is |
not for me to determine. can express
merely the views of this Department and !
these must govern your action, until re-
yersed by a higher authority. 1t would
be sufficient answer to the inquiry to
say, that the action of the government is
settled by the Constitution. No power is
granted to any Department to lend money
for relief Of any interest Even the pow
er Of Congress in relation to money is con
fined to borrowing and no clause can be
found which would sanction SO stipend
Gus a scheme as purchasing the entire
crop with view to aid its@wuers. But it !
may be said that the Constitution of the
Provisional Government may be altered |
by Congress, and that it is the duty of this |
to prepare the way for such |
alteration, if, in its Judgment, the fuan-
,ial necessities Of the country demsnd |
.he change.
- am not disposed, then, to close the in
luiry with the abrupt answer thus made |
~ the Constitution and will proceed to
consider the subject upon its intrinsic
merits.
Two plans Of relief have been proposed.
The one is that the government should
purchase the entire crop Of the country
he other that an advance should be made
If part Of its value. In either case the
payment is to be made by the issue Of
Treasury notes, and, therefore, &c We
Jut aside for the present the many and
erious objections to the possession, trans
and management Of the crop by
he government, it becomes simply ques-
ion Of amount. To purchase the whole
'rop would requireits whole value. less the
mount Of the subscriptions made TO the
government II we estimate the whole
rop of cotton at 200 millions and the /
inscriptions at 50 millions, the purchase
would then require $50 millions Of 1rea.
ury notes, and, if to this sum be added
he amount of values for other agricultt-
al products, which would certainly claim
he same benefit, the sum required would
robably reach Us millions.
The amount called for by the other
Ian of making an advance, would de-
END upon the proportion Of that advance.
lew oil the advocates Of this plan have
nut it lower than five cents per pound on
otton, and at the same rate upon other
'roduce. 1t may, therefore, be very fair
Y set down at about one hundred mil
ions.
If we consider, first, the least objection
BILE Of these plans, it is certainly that
rhich requires the smaller sum and if
his be found impracticable, the last must
f necessity be rejected. Our inquiry,
hen, may be narrowed down TO q pro
,osal that the Government shall issue one
hundred millions Of Treasury notes. to be
distributed among the planting com
nunity upon the pledge Of the forthcom-
ng cop.
The first remarkable feature in this
eheme is that it proposes that a new Gov
rnment, yet struggling for existence,
hould reject all the lessons Of experience, j
nd undertake that which no Govern
1ent, however long established, has yet
lcceded in efiecting. The Organization
t labor" has called forth many ingenious ]
ttempts, both speculative and practical,
mong well established Governments, but {
lways with disastrous failure. With US,
owever the experiment is proposed TO a
ew Government, which is engaged in
igantic war, and which must rely on ]
redit to furnish means 10 carry on that z
'ar. Our enemies are in possession Of
II the munitions and workshops which I
ave been collected during forty-five years
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