Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1861-11-16
Panic AMONG ,hs plnn,a..

Next to slavery, cotton has been the
grand card in the hands Of the rebels
WIN slavery as the chief corner stone in
the new confederacy and cotton as tho
man p'lla they have vOinly boasted their
aolly 10 erect superstructure which
snoulu place society in its true normal con.
dilion and give to the ruling race wealth.
power perpeluity and luxurious ease. All
'hey hud 10 do was to keep an eye on their
slaves aud hold on to their cotton. Eng.
land, said Governor Hammond. will topnIe
headlong from her high position in a ysar
without our cotton" Six months have
passed since there has been any movement
| Of the Southern cotton crop and vet. even
Lancashire, the headquarters of cotton
manufacturing exhibits no signs of
panic
The consplrators 10 the rebellion are be-
ginning to despair Of any interference on the
part Of either France or England with the
blockSde and are consequently greatly con.
eerned about market for their cotton.
The sine" of war Is money, and money they
cannot ge: without dsposing of their eolion.
Confederate treasury notes are not what
the planters want, but the government can
give nothing else aud eau advance nothing.
Stevens, the immaculate, truth.teling Alex.
H., some lime since told the planters that
the government wanted their cotton aud
would give 10 exchange government bonds
bearing elght per cent. interest He was
'hen asking Tor the little sum of ffty millions
and modestIy proposed TO the cotton plan.
ters 70 lead not give" Que haH of the pro.
ceeds OF the cotton crop to the government.
ne says 10 them, II tell you we intend to
nave tue money and taxation will be resort.
ed to il nothing else will raise it.
But Tie planters don't seem 10 bite very
nmply ut the eight per cent. bonds. They
are IN no OasIe TO exchange their cotton
Tor worthless script. They know, for the
aforesaid confdiug Stephens has told them
that unless they succeed, the confederate
ponds VIII not se worth single dime"
The cotton crop therefore while the block
ade lasts is alike useless in the hands OF
the government aud the planters Ii re
mains in the hands of the planters. we con.
clude, for if the confederate government had
possession Of any considerable quantity of
cotton, tobacco, rice, &C., the whole world
would have been apprised of the fact.
Hence there is panic among the plan
ters.
In this dilemma Mr.. Mcmminger, the
Secretary of the Treasury of the Rebel
Coufedcracy, proposes TO let the cotton
take care of itself as it has done hitherto.
He says that if the Government gives out
Treasury Notes for cotton il "pays out
money which is needfui TO It's very existence
(lts own notes) and receives in exchange
planters notes or produce hch it does not
need aud cannot in any way make use Of"
A new version of the fable of the fox and
the grapes. ga aaH $50
The truth of the matter is, the planters
are Just beginning TO experience some of the
i'll effects of the blockade. They are learn
ing the unwecome lesson that cotton is not
omnipoent. They begin to realize the fact
that the world can get along without them
and that England cares very little whether
they bug their cotton bales to thei7 bosom or
sell them TO a worthless Confederacy for its
worthless scrip. Stephens told them the
Government wanted one-half Of the proceeds
of the crop. Memminger tells them the
Government does not want their cotton aud
could not dispose of it if it had it. The
Rebel Secretary knows full well that the
crop would be liable to confscaticn if pass.
over 10 the Confederate Government. But
While,it remains in the hands of the planters
it will be respected as the property, in legal
contemplation of the citizens Of the U. S.
notwithstanding they are in rebellion.
Mr.. Memmiger, in effect, tells the plan
ters, 'dispose OF your cotton as you
have done heretofore--let it obey
the laws Of trade" The Expedition which
has at last started for the Southern coast,
it is expected will open some Southern port
for the outlet Of cotton. We shall soon see
whether the planters are willing to take
Northern gold for Southern cotton.