Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1861-11-06
COTTON DETHRONED.

effects of the blockade. Our readers will re-
collect the appeals made by Southern leaders
to the planters to subscribe part of their forth
coming crop of cotton to the National loan,
and to take Confederate bonds in pay These
bonds, they were assured, would be at pre-
MUM, while the Government, armed with
King Cotton, had no fear OF Delng aole 10
command the sinews of war, and maintain the
credit of the Government. Cotton was to
work wonders. Everybody had faith in cotton.
Cotton was king.
The plan took with the planters. They had
no money, but they had cotton growing, and
this they could spare to sustain the Govern
ment,and the Government bonds, they thought,
would doubtless sell on pinch, though we
think there must have been some suspicion
that they would not be very easily negotiated
at par. The Government got the promise of
cotton, and the planters the promise of the
bonds, and here matters rested until the crop
began to come in, when the planters became
anxious to realize. Their necessities were
urgent but the ports were blockaded, and
orders had gone out that no cotton should be
shipped to the seaports, or Memphis, where it
might fall into the hands of the Federal troops
What was the planter to do? He had been
struggling through difficulties all summer, and
now winter coming on, he must provide for
the wants of his family and of his slaves.
There were his bales, but they could not be
eaten, and were not useful for clothes in their
crude state.
In despair, the planters go to the Govern
ment for aid, and offered to sell their cotton
for Treasury Notes. Here was arare opportu-
nifty for the Government to show its faith in
King Cotton.
Treasury Notes could be turned out by the
thousand, with little trouble and expense, and
the cotton would belong to the Government.
Was ever such an opportunity to prove the
legitimacy of King Cotton. SO thought the
planters, but SO thought not Mr.. Memminger,
the Secretary of the Treasury. Treasury
Notes were valuable, because negotiable.
They would pay soldiers, and buy food and
clothes for the army but cotton, under a
stringent blockade, was worthless. Cotton
was dethroned. 1t was not worth as much as
linen rags-the promises to pay of rebel gov
ernment. The Secretary had no notion of de-
preciatlng his Treasury Notes, and thus de-
stroying his only resource, by an issue of fifty
millions of this paper, to relieve the planters.
He can hardly maintain their credit now, as
they are at terrible discount for specie. So,
the poor planter, who has so long trusted in
the potency of King Cotton, finds himself alb
solutely turned out upon the cold charities of
the world for subsistence. His case is
hard one, but it is only the beginning of his
troubles. His slaves must be fed. This ne
cessity is imperious. He cannot turn his back
upon them, as the Secretary turns his back
upon him. Cotton will no longer feed them.
Food is scarce and high. The Secretary tells
them to quit raising cotton, and turn their
attention to corn. He ought to have told them
this last Spring, while he was glorifying King
Cotton. 1t is cold comfort now when the
slaves connot wait until corn grows.
Already accounts reach US of slaves put on
half allowance. There must be terrible suf-
fering among the planters, as the slaves must
be fed somehow, and unless market is found
for cotton, they must be ruined. The only
hope we can see for them, is in oul great naval
expedition. If that should succeed in captur-
ing New Orleans, and opening up Southern
port, their cotton might reach a market. In
any event, ,one thing clear, Cotton is no longer
King. The Yankee tars have dethroned it.