Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-24
The Einanc. nj Question

The Financ! nj Question
II we understand correctly the proposition for buying
the cotton and tobacco crops with Treasury notes Mr..
Memmlpger wholly misapprebepds Ii. he locks upon it
as scheme for the Organization Of lbor-as sort Of
socialist prcj.ot BY which Government undertakes to
provide for the wants Of hrtess and worthless com.
nunity for and in consideration of-nothiug. This is
total mlsconoepon Of the project ard Of the deep and
devoted spirit Of patriotism which prompts 1t on the
part Of the people. It's object Is to bring the vast re-
sources OF the country lying dormant aud Inert,
into vigorous action to rspel the public enemy and make
good our independence. No land more abounts 10 all
the substantial materials for comfort aud psuderce,
and, when the markets Of the world open, In the
clements of wealth But under existing circumstances
they are Of little avail Toe tokens representatives Of
value are wanting among Us, To supply TIL, deficiency,
and save ourselves from psrshing in the midst Of sbup
dane, Ia the end proposed BY this scheme There Is
not in It. so far as we can detect symptom Of that
spirit which animated the greedy Roman mob in clam
oriug for pansm st eircsnss So far from It. the spir
which inAimes our people Is one Of ssfsacri6ce-of
ardent desire to be able devote all they have 10 the
public cause.
But Mr.. kemminger tells US that this scheme nsead
OF aiding the Government will embArrsss it. that tho
Government will have TO raise two hundred millions to
prosecute the war; that to raise an additional hundred
millions for the relief of the planting interest will be
additional burden, to tia, amount the Of
the Government II this so, bis conclusion would
be right, and the scheme should at be rejected.
But bis error proceeds from the iaacy Of regarding tie
people Of the Confederate S;stes and the Government
thereof "a separate independent aud Antagonisc enIi-
ties; that the Government Of which be is member
Is In the nature Of Tartar dynasty, equltng In the
midst Of a foreign country with no feeling and inter-
est in common with the people, AID only intent on
extracting money from their labor This idea 10 found.
ed on 'the prof sc;ion" 10 mapmakers phrase of
the old Yankee system at Washington and should not BIO
tolerated for a moment in the new Republic Of the
South For every moment Of its existence the Confed
crate Government Il indebted TO the people, whose
ture IL Is and who have breathed into il the breath Of
life. Butts the issue Of hundred millions OF Treasury
note, by the Government equivalent to the payment Of
GO much specie by the Government They may serve
the people as money, but they cost the Government
nothing but the paper on which they printed They
do not bear interest and II the article for which they
are given be ntruscaly valuable the solvency and ult
mate redemption insured, at the same time that tie
community Is relieved by timely and udcOus use Of is
credit Bat, ssys Mr. Memminger this leo millions Of
Treasury notes will como in competition with the 200
Millions necessary for the war and depreciate the value
Of the whole and enhance the price CT whatever Govern
ent wishes 70 buy To prevent this result Mr.. II. with
holds the hundred millions, but suggests that planters
&c. tho same amount Of paper money from the Bankf;
az though this paper money would not ind e prices quite
As much as the Of any other sort Of paper
money To prevent the country being flooded with this
worthless paper money which In the end viii swamp the
Banks and scatter ruin through tho land Is great
son With for desiring paper currency which viii pos
sess an Intrinsic value. 1.-The supervision Of specie pay
Dent. throughout tse entire ConfedeIaey (.sys Mr. n.y.
relieves each Bank from calls on coin" e. those ins
tutons that already have out four for one may throw
out as much more as they choose;-therc Ia no check
upon them whatever. This uufolds terrible future for
the country!
.rhe proposal Is that, at time when We are called
UPON to raise this large sum s2o 900 ooo for the sup
port Of Government we shall raise further Of 500
millions for The benefit of the psniiug interest,"" The
Treasury notes bear no interest and only cost the Gov
eminent the paper they are printed on They are sop
posed to be repres nted by cotton bales and
of tobacco FOR It must be observed, frsl that the
Government recsises NO benefit whatever from this ad
vance" rs II Of no benef. to the free Government Of
free people, that s citizens ensbsd to enjoy the
fruits Of their labor Of wbish they are deprived bys
state of blockade and war! That the Governments oan
rive 70 pecuaary benefit. its fault shall show
hereafter, "Tbe money Ia paid to each individual psH.
ter. and In exchange the Government receives only bis
bond or ;or the cotton DO purchased, the Gov.
eminent receives only certain bales Of ootton." This
than the Government gets by hs produce loan for
while the planter In that gets nothing, the Government
gets nothirg "Phat to say the Government pays out
money which nsedful to lts very existence hs cvn
notes withou, Interest," aud receives In exchanges plan.
terra notes or produce which Il does not need and can
not in any way make use Of" -.i---
is this inospacty complain Of which, along with
other evidences of ineciency exctes much disIust
s1d alarm in the country. We believe that the cotton
and tobacco crops in tho hands Of wse energetic aud
enierprtipg Government would In spite Of blockade and
war be sources Of boundless credit and Irresistible
Strength Those articles in demand all over the civ
ir,d world. Suppose our Government an months ago,
had had In warehouses and insured $500 worth
Of tobacco and cotton, bought at and 10 cents they