Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-19
The American Question AhfOaG-EngIIsh
View of the Rebel Finances.

The circular of their Secretary Of the Treasury
gives no very encouraging account Of the pecu'
| mary resources Of the Confederate States, Sc
complete il the ofcis silence of the rulers of the
commonwealth that we have now, for the first
time distinct account Of the nature Of the cotton
loan, of which 30 many vague descriptions have
been hsZarded. lasa--- @. ~ E.-. srts
In the first place, il is not aloan, or "subscrip.
ton" OF cotton at all Il gives the government no
right to any specific bales whatever. 1t s only an
engagement on the part Of the planter to subscribe
for the use of the government a certain sum OF
money out of the proceeds of 3 certain number OF
bales when sold. The planter retains the produce
in his custody, has the exclusive right Of declaring
when he will sell it, and at what price he viii sell
it. The government gets nothing IN present., and
it open to the obvious effects Of many contingent
cies whether the government will ever get any
thing The planter may become bankrupt, and the
cotton hs estate may be seized by his creditors
or he may be needy and fraudulent, and dispose Of
the crop surreptitiously.
All the government appears to receive Is an or
der on the factor or commission agent who is to
conduct the sale but the factor can have no pres
ent possession of the cotton for the government will
not permit it to be brought down TO the seaport
town where he conducts his business. He cannot
only pay the government when he receives and
sells the cotton and especially if the Confederate
government should chance to be unsuccessful, ne
may never receive or sell it. Some other broker,
who has no cognizance of the Transaction, may be
selected to sell the cotton and to transmit the pro
ceeds to the planter. From other parts Of Mr. Mem
minger's circular, it would appear that just no
the planters are extremely desireus of cash
What, then, it may be asked, do the government
get by this uncertain promise to make loan at q
distant period They gain, or hope to gain, pres
ert credit. They bind the mOst wealthy part Of
the population to give them aid, not indeed now
for even the richest plaSters bave now little mon
ey, though much cottOn-but a. soon as it is in
their power. The government gets all il can from
its future subjects and it must do with it IS best
it may. eenI. sn s ~ j.
The government must want credit exceedingly.
It is issuing prOmissory notes, which Mr.. Aemmlng
er officially tells have Eupplanted all the other
rency of the country. 1t is carrying on war for
existence upon credit and the sole wonder that il
is 80 successful as il has BEEN Probably rather
stringent measures would be put in force both by
the government and the populace against any eau
tious person who objected to take treasury notes.
As the government are issuing vast paper curren-
ey, it naturally wishes to hare some vague conusc-
ton with real wealth and asks even the present
promise of nominaly secured loan at an indefl-
nitely distant period. 81
Such is the glimpse which Mr.. Aemmnger affords
of his own Treasury. The account he gives of that
of the planters is not much better Itsppears they
want a loan too As they are to lend to the gov-
eminent somethiBg hereafter as soon as they have
sold their cotton they ask the government to lend
them little now to carry them over the trying inS
teTval previous to its sale.
The government il Issuing countless promissory
notes. and the planters would like not unnaturslly,
some for their own use. But upon this Mr.. Mem.
minger is even amazingly stern. He Is not deficient
in political economy. He says he wants his notes
for himself. he has very expensive war to carry
on, and his resources are tried to the utmost and
no portion Of them can be squandered' If ne help