, 1861-11-01

" nElQET l4AL lllQE Ut 0EEEl1ut1 u 0AAC3 |
simply question OF convenience, and
forks no injury to either party. The Govern
rent is sure of the eventual payment, and de.
ives from that certainty 80 much credit; and
; loses nothing because it gives It's bond only
then the money Is paid
Ions are as valuable to the Government dur.
1g the blockade as after it. The blockade
imply sustains the completion Of the engage
nent. It becomes the interest Of beth par
les to wait for good price, and the Govern.
rent will readily consent to po5tponenent
= Fau I @ perceive, therefore, that it is desirable
10 continue your exertions to increase me
subscriptions, and s.oqt are Authorized to soy
hat re Government tctN consent to q Teasendo&e
aezas5on Of The time appointed for sales.
s. The next inquiry Is aa to promise Of ma
terial sid from the Government to the plant
ers.
In answering this inquiry, am to speak in
advance Of any act Of Congress. What tina:
body nay see fit to do is not for me to deter-
nine. can merely express the views Of the
these must govern your actions
until reversed bY a higher authority. Il
would be sufficient anfwer to the inquiry to
say that the action of the Government is set
tied by the Constitution. No power is granted
to any department to lend money for the relief |
Of any interest. Even the power Of Congress
in relation to mo1ey is confined to borToWlng'
tion so 6tupendous q scheme as purchas-
ing the. entire crop with view to aid
its oRne1s. But it may be said that the Con
stitutlon aud the provisional Government msy
be altered by Congress, a1d it Is the duty OF
this department to prepare the Way tor such
alteration, Il, in its Judgment, the financial
necessities OF the country should demand the
charge.
am not disposed, then, to close the inquiry
with the abrupt mannec thus made By the
Constitution, and will proceed to consider the
Euhject upon its intrinsic merits.
Two plans Of relief have been proposed
The one is that the Government should pnr-
chase the entite crop Of the country; the
other that an advance should be made Of part
Of its value In either case the payment is to
be made by the issuance Of treasury notes
and, therefore, if we put aside for the present
the many and serious objections to the poss.
eseiou, transportation and measurement Of
the crop By the Government, it becomes
simply question Of amount. To purchase
the whole crop would require It's whole value,
LEES the amount Of subscriptions made to the
e. con Il 6@a5c the ae %aSi sHR
at $50, COO, COO, the purchase would thea re
quire $150, eco Of treasury notes, and if to
this sum be added the amount Of value for
ether agricultural products, which would Ger
t tsinly claim thessme benefit, thesum required
! would probably reach $175, 600. GOO.
| The amount called for BY the other plan Of
making an advance would depend upon the
/ proportion Of that advance. Few OF the ad-
vccates Of this plan have put it lower than
! five cents per pound on cotton, and at the
came rate on ot4er produce Il may,
t5eEedoTea fer a1H b vs 'ss'y SIT down at aooat
! II We consider, fret, the 1east Objectionable
Of these plans, it is certainly that which re-
quires the smaller sum; and, if this be found
impIscticable the larger must, OF necessity, be
rejected Our inquiry, then nay BE- narrowed
should issue one hundred millions of Treasur,
notes, to be distributed among the planting
community upon the pledge Of the fortncom
irg crop.
The first remarkable feature In this echem
get struggling for existence, should reject al
The lessons OF experience, and undertake tia
Which no government, however long es:at
Ished, has yet succeeded in efiectlng. III
"o1ganiza.ion of labor'' has called forth man
ingenious attempts, both speculative gu
} practical, among well established goYerr
, ments, but always with disastrous failure
, With us, however, the experiment is prc
) posed to new government which Is engage
in gigantic war, and which must rely G
t credit TO furnish means to carry on that wa
> Our enemies are in possession Of all the . 1nr
I nitzons and workshops that hsve been colec
= ed during forty.tive years Of peace; the
: fleets hare been built up at our joint e5pe9s
t With al1 these On hand they yet are obliged
= expend nearly ten millions OF dollars p
z Wetk to car1y on the war. Can we expect
s contend with them at less than half that C.
!. pe1ditures supposing thot 1t may requil
< two hundred millions of dollars, then Il
It proposal is that, at q time when We are calit
3 rpon to raise this large sum for the suppo
d OF the Government, we ehau raise turth
?. sum of one hundred millions fer the bene
u Of the planting interest.
u Fer It must be observed, first, that the 60
4 eminent receives no benefit whatever fro
y this advance. The money is paid to each
a dividus1 planter, and, in exchange the Go
r. ernment receives only his bond or note-:
n, il the cotton be purchased, the Governms
ID receives only ce, tain bales Of cotton. That
III to say, The Gore4ntnent pays out money p'tsch
IS ateedjM to its very eristence, and rsee.ues IN
change planters notes or orodasce. tc}aseh It d
.; Il must be observed in the next place, tt
Id treasury notes have noW become the curren
. of tie country. They are therefore, the me
8: ures Of value. In this view, It is the dt
og Of Government to limit their issue, as iar
n. practicable, to that amount which Ia the LII
with this branch Of political science Is aT
ae that, it the currency passes this point, 1t
Us. only becomes deprecated, but 1t diaturbs
is just relations Of society, precisely rs thor
~ sn arbitrary authority should change
weights and measures OF country II
- y
:en tended from one hundred tu two hundred +
In horB dollars, that which vas measured by
are dellar is now measured By two, and every
:, ticle nust be paid for at double it's for1
lty price. The Government, from the nece
= ties Of war, is the largest Of all purehas
ere itself to pay two dollars for what one VIC
on formerly have purchased, and at this rat
,io, advance two hundred millions OF dollars
u.s. effect no more than one hundred nillio
lid dollars would have effected before or, in
res er words, one hundred millions OF dollars
lew actually sunk in the operation.
rest Such condition Of the currency the {
NIL Ell nent has an1iouElJ endeayored to g
re- against. The war tax Was laid fer the pnr]
raft Ct creating demand for treasury notes .
and dancy has been carefully guarded agains
} be allowing them to be funded In the eight
in cent. bonds. II necessity will compel
the Government 10 Issue, for the defence Of
alts country and to keep out two hundred mill
The it Is plain that every accession must in
aese AID will defeat all the precautions.
Or Ii the Government should undertake
post the sake of private interests, 30 large q
= crease Of issues, 1t may hazzard Its e
Two credit and stability. The experiment i
asal dangerous, and relief for the planters mu
ssue Ihaf reme6y be founds
With II The iret place, let the planters i'm,
% be 1ieye lie demand for eraIn and proyis
the LET them proceed to divert part of their
has from cotton and make their own c1othin}
:, supplies. Then let them apply to the
!oula RESOURCE presented by the money CAPT
b re banks and private hands. Let this 9:
$ the come forward and assist the agricultural
ect it est Heretofore the banks have emplo.
total large part Of their capital In the purchs
'oTer NoIthern exchange Let them apply
8 are portion to factorE aaceptAnces Of pla
and crafts secured by pledge ofthe produce
onize tlantere' hands, An extension Of the
scrip usually allowed Oh these drifts would
come most Of the difficulties. This exte
res to could safely reach the probable time {
rested of the crpps, ipasmuch as the suspeua
er be | erecie payments throughout the entire
e rails federacy relieves each bark from cal
corn. The banks are accustomed to m
T this loans OF this character. and will condus
ass Of operation With such skill as will make
!, and mufually aiyautsceous. The amount
a and yarce esked from the banks would be 9
'a1adA leEe thsn # adyauces were offered by the
Worse eminent, and all the abuses incident to
Z pre- er1ment agencies would be avoided
to be It stems to me. therefore, that 1t is r
such necessary nor e1pedient that the Cover
about should embark upon this dangerous
ch NC ment. It ia far better that each class
rood community should endesvor to secure
batter istence By It's Owl e2ertions, and, # Al
IL and he at once made By 80 Intelligent els e
,ut 1t planters, It will result in relief. D
these these efforts, occastoned by vague 9:
ationR. tiors Of relief from Government, which
lguage be realized, nay defeat that which u =
o keep tIcable, G. G. MEMMlsG
Of de- Secretary Of the 1rea
m ever useAd p.rrof Cuu
pie had Me1 Wo1n1ed.
> > !o4 n4ak This morning, while Edwards's Bait,