Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1861-08-02
ALECk STEPHENS ON COTTON.

I uent OF the Bogus Confederacy, Is raiSinS =
subscription great Cotton Fund, to snppo'
the Confederacy. fIe ir travelling through
. out Georgia for that purpose, getting tn
| planters to subscribe bales of cotton, fo
want of money-wbich they are said to d
very literally. His plan is to have then
transfer the Cotton to the agents of the Con
fcdcracy, and take Confederate Bonds in pay
The planters very naturally wish to know
what they can do with the Bonds. Mr.
Stephens answers
Inquiries have been made of me, and take tbi
| opportunity to answer them: whether tl,es
| bonds will circulate as money-will they ma,
debts = On this point wish no mistake. The,
are not intended as currency; they arc unified tC
answer the purpose of circulation. The bonds art
larger than this paper Ia letter sheetl The
oogaton is on the upper part of it, and the whole
OF the lower part is divided into 40 shares o,
checks In each one of these checks the interes
is counted for each months for 20 years. The
checks are called coupons, and all the party hold
ing them has to do, is every six months to clip of
the lower coupon, send it to the treasury and ge,
his Interest. The bord is not suitable to carry in
your pocket-book and use. 1t would wear out L.
ii,
| nent lnve stment-just SO much as you can spare
from your cotton crop. That is ALL Instead Of
| putting your surplus in lands, negroes, houses
furniture, useless extravaganza or luxuries, lust
! put it in Confederate Bonds.
But while said il was not intended 10 circulate
or to pay debts, 1 have not the least doubt that
any body who will sell his crop entire for bonds
Wi VIII md no difficulty in getting the money for
them for they draw interest, and are better than
money; and any man holding a note will give it
up and take bond, for a note draws but per
cent, and this draws s. L have no doubt that all
minors and trust property will soon be invested
IN H. The entire amount of private funds in tbc
State Of Georgia, on private loans, / suppose is
zen EN- or twenty millions of dollars, at per cent
All that amount will Immediately find its way into
'hese bonds, and hence a planter who sells his
entire crop, aud needs money, can get it from the
money-lenders on these bonds.
have been frequently asked if these bonds
were good. Well, | want to be equally frank
upon that point. If we succeed, if we establish
our independence, if we are not overridden if we
are not subjugated, feel no hesitancy in telling
you it is the best government stick in the world
tnat l Know of 1t is eight per cent interest;
and II we succeed in short time, in a few years
II not moro than one hundred, or two hundred
millions are issued, have but little doubt they
will comm nd considerable premium. The old
United States stock (six per cent bonds) five
years ago, commanded fifteen and sixteen per
cent, and went as high twenty per cent Take
the central railroad. The stock OF that company
commands fifteen PEI cent premium now. These
bonds pay eight per cent semi-annually; there
fore, If there is short war, these bonds very
soon Will command fifteen twenty per cent;
but caDdor also compels me to state that if Lin
coin overruns us-if we are subjnglted, these
bonds will not be worth a single dime, and moth
ing else you have will be worth anything. If
We are overrun, they will be worth just as much
as anything else you have, and nothing else you
have will be worth anything. SO that is the
whole Of it.
As for the payment of the coupons, Us
they fall due. probably 1t will be by means
of other bonds. 1t will be like the boys
do- trade, in which he sold his dog for $50,
taking bic pay in two other dogs at
SO apiece. What the bogus government
is going to do to get the cotton into money,
is another affair
The New OIt,aus Delta blows upon the
whole scheme as an absurd one. Aleck
says they must have $50,O0O,O00. prob
ably 100000, ,00O,-and probably great
deal more after that. he does not know
when the war will end
When tell you it is an uncertain war, can
not account for its duration upon any rational
principle. 1t is fanatical war; and whenever
ianaticism gets control of reason, you can make
no speculation in regard to it.
What is to be the result of this war? l am
not prophet, but look upon it as fraught with
the most momentous consequences, net unto us,
but the people of the North. l have always be-
lieved that if the Union were destroyed, the
North would run into anarchy and despotism.
We are the salt Of the concern, and 1t is only ques-
tionable whether or not have quit too soon.
This is the only doubt l have. Where 1t will
end dc not know, but never again will they
enjoy constitutional government at the North.
They never understood it. Constitutional lib
erty is a plant Of Southern growth, watered by
Southern hands, nurtured by Southern hands,
and if it is TO be maintained TO live to light the
world, it is to be done in the Southern Conted-
eraey. At the North there is anarchy. Property
will migrate just it did in France. This is the
end.
THE SECOND VT. REGIMENT.
WV. G.. SHAW, ESQ, who has just return
ed from Washington, furnishes us with inter
estlng particulars about the part taken by