The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-07-16

SsspKens or TIE snbjsct Of cotton or pro
ince loan to the aoyernmsnt. From report
Of his remarks In the Augusta Constitution :
list, we 81. tract the following z
do not know, said the speaker, whssh
Mr.. Lincoln can raise his required amount o.
men and money but il he does, we must Dc
-eady to meet him, with men and money, ano
irive back his myTmidons from our soil We
aave.ssRta least, upon q reasonable estimate,
7t0 GOO fgh ting men. and, If necessary, every
nan must 90 TO the battle field. Mr. Lincoln
should renenn6er, and we, too, should RIVER
en- TALLY remember, that the race Il not always
10 The swift nor the battle to the strong, but
hat 1t is God who gives the victory to the
right.
Six hundred thousand Persians, led by Da-
rius against the Confederate States OF lfreece
furnish an example CT freemen hxhting
against greater odds than in our case. When
this vast host invaded Greece, those small
States could raise but IL coo men; these met
oa tile and put them to fight %. eco Persians
icing left dead upon the field.
Men OF the South let this war assume its
most gigantic proportions, let US remember
hat we are fgEtiGg for verifying that Is
iear-iet ms, like our fathers. appeal to the
God of Battles for the justice OF OR cause
and nerve ourselves for the connict--renem-
oering that "thrice armed is he who hath his
quarrel just
This is really and In truth the second war of
Independence. The fundamental principle OF
American Constitutional Liberty is that an
uounced in the Declaration OF Independence,
proclaimed on the 4th of July, l,'6, by the
deputies Of all the thirteen Colonies, which,
from that day, constituted the original thir
teen States-,hat all Governments derive their
Just powers from the consent of the governed
Massachusetts,, Connecticut, Rhode Island,
New York, and ell the other Northern States
united with Geoig ia and all tie ether South
ern States in proc.aiming this great principle
to the world, Oh that ever memorable day ;
and for its maintenance they pledged "their
lives, their fortunes, and their sacred honor"
and yet, strange 10 say, Massachusetts and all
the other Northern States are to day putting
forth their utmost energies to coerce, suhju-
gate, and govern eleven States against their
consent and will. We stand where our fathers
stood, battling for the sama principles, and
prepared 10 risk, as they did, everything for
their maintenance.
Whatever mum Der OF meu shall be required
they must be raised, equipped, and sent for III
to battle snd whatever amount of money
will be ueces sary TO support them III the field
must be raised whether II be nifty millions,
or Il hundred millions, or two hundred mil
lions per annum. The resources OF the coun-
try are ample. The taxable property of the
eleven Confederate States, upon \ reasona bic
es timate, cannot be less than four Thousand
millions of dollars. The taxable property OF
Georgia alone last year WAS six hundred and
seventy MILLIONS OF dollars. The requisite
might not be easily or Ieadily raised
by taxation The wealth and resources Of oar
do not consist in money; they consist
chiefly in productive capital The ability of
a people TO main tain wars, depends greatly
upon the annual yield Of iis productive CAPT.
the same number in population in the world,
are superior to US.
Our wealth consists mostly in agriculture.
Onr products command money. We grow
S taples OF immense value, both intrinsic and
e@trinsic This is esuscially tue of cotton
it is the great motor OF commerce. lis money
value, upon "a average estimate, is about
t NO hundred millions of dollars per annum.
But it e1eIts a power far above its money
value. 1t puts into operation thousands OF
millions ct capital i'll Europe, to say nothing
Of the large amounts lately tand until this
war was waged upon us,l III operation by it
in the Northern States.
This staple must he had BY other nations,
by England and France, especially, Or the
greatest distress will be felt by the millions OF
their people who are dependent upon it for
their daily bread.
The plan of the Government for raising the
means to carry on the war, which is submit
ted 10 you to day, is 10 take loan from the
planters OF the nett proceeds or such portion
Of their crops rs they can spare. III other
sections, loans on the proceeds OF grain and
surplus is cotton.
Should the crop amount in value TO the
estimate of two hundred millions of dollars,
and one half be loaned III this way, the sam
within the control Of the Government, which,
upon the basis of present 6srimltes, would
support an army Of two hundred thousand in
the Geld. This process could be kept up for
years, il our enemies ars so disposed, without
serious Injuries TO our resources and should
Heaven favor US, as heretofore, with seasons
with the early and the latter raiG-we
should have to resort 10 taxation only 20 pay
the in teres's on the bonds, and maintain the
pu bile credit. The interest will have tn b..
paid by taxes and ii the plan proposed by
the Government is not sustained by the plan
tiers, the money will have to be raised by tax
a ton. Even before this loan can be made
a AVAILABLE, tax OF fifteen millions, 10 meet
necessary wants, may have TO he ievied.
1t is believed that the planters couid do this
without any sericus inconvenience. For the
proceeds OF that portion OF their crops SO con-
tributsd, they will receive Government bonds
bearing eight per cent. interest, payable semi
This they will receive instead of
bank bills. The subscription is in the follow
ing words: Here Mr.. Stephens read the form
of subscription to the lCan.l
In answer to numerous inquiries, it might
be proper TO state that these bonds were rot
intended TO answer the purposes of currency.
They are rot in tended to pass as money. Upon
their face they are transferable as notes made
payable to bearer, but they are unsuitsd, in
ia form ard size, for a currency or a circula-
ting medium. That is not their object. They
are only in attended to be given for the surplus of
the crop-that por tiOn which the plan ter CAN
spare over and above his immediate wants
that which he is able to lay up ms cad of vest
ing in other property.
Whether they will pay debts or nor, Will de-
pend very much upon he nature of the debts.
All " no hold notes upon money ient-iOOking
TO annual interest, will doubtless take Con-
federate bonds in payment OF such shts, and
be glad ~ get them. Fer the bonds will bear
eight per cent. interest, instead of seven and
the interest will De paid every six mon tbs -
Those, however, " no are in debt, had be tier
first see their creditors. and know whether
they will take the bonds in payment. On this
point it is important that no one should be
no is taken the bonds are not suited or intend
ed at a currency. TO meet the ordinary current
ex psnse. and dc BITS Of the family aud plaEta.
ton. And yet, there can b3 bat little doubt
that if any one should sell his whole crop for
bonds, snd should wan, tbe money for them,
he could easily and readily dispose of them TO
some person, who will have the money to
lend The entire amount Of the money on
private loan Ia tn country Will soon seek
these boIds as an Investment. The Legisla-
ture WILL doubtless, at an early day, au thor'ze
all trust funds to be vested in these stocks,
which will cause a great demand for taem.
Should the war be a short one, the bonds at
no distau day will very certainly command
a premium-tkat is if we succeed In the war
and establish our independence. In that al
ternatiye, they will be the very hest security,
and the very best inves tnieaL. The other al
tentative he did not take into the account
that is, the contingency OF our being beaten in
the contest. Should such calamity befall US,
candor required him 10 say that the bonds
would be worth nothing. But even then they
would be worth RS much as anything eiss we
have. In that event LANDS would be woDth
nothing, plan tations would be worth nothing,
cot ton would be worth nothing. So that il
we succeed, the bonds will be- - good in vest
ment and if we fail, they will be just as good
as any thiHg else.
AS to the duration of the war, we could not
give them even probable conjecture. In
every view Of the subject, it was most IRA.
tionai aud unnatural war. Those who were
waging i, would, npon all reasonable princt-
piles, be the greater sufferers from IL. They
lived by their trade, their commerce, their
navigation, their man u fac tories, all OF which
they enjoy ed chic fly with US. The Northern
States sold to the SortDern not less, perhaps,