Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-10-22

ISry 40 the O0mnsissionFs appoinIed \
RscelVe eSubscriPttons.
}, TREASURY DEPaRTMrzrI
Richmond, Oct. lj 1861. (
The Commissioners arp0intsd to TecsiUs Sa5Sc7i ipt0n
10 he Produce Loan:
/ Gentlemen Inquiries have been made from va
riuus quarters
| l. Whether, during the continuance of the block
aae, efforts should be made to prOcu, furtber sab
scriptions.
2 Whether the Government viii aulhorise prom
Uses to be held out of aid to the planters as an IN
ducement to such further subscriptions.
The first enquiry ms to imply misunderstood
ing or The shceme OF the subscriptions Many per
sons have supposed that the Government was to
have some control of the produce tsef; others tat
the time of sale appointed by the subscription
10 be absolute and unconditional The caption At
L the head OF the list, when examined will correct
both Of the.e errors. The subscriptions are con
fined to the proceeds Of sales gnd contains an or
der on the COMMISSION merchant OF factor Of the
planter to pay over 10 the Treasurer the amount
! subscribed, N exchange for Confederate bOrSs -
The transaction is simply agreement BY the
| planter TO lend th5 Government so much ncney:
and, in order 20 meet the transaction. a time ard
place are appointed when and where the parties
may meet to carry It out The important pcint is
| that it shall certainly be completed at some time
aad that is secured by the engagement Of the plan
| ter. Whether that time be December or June is
simply question Of convenience. and works no IN
jury to either party. The Government is sure OF
ty much credit; aHd iglcses nothing because it
gives its bond only when the money Is paid
IL IS obvious therefore, that the subscrptoEs are
gate as liable to the Government during the |
Blockade as after it. The blockade simply sus |
pends the completion Of the eBgage cement. It be- |
comes the interest Of both parties 20 wait for coed
price and tie Government VIII readily consent 70 a /
pOstpOnement Of the sale.
You perceive, therefore, that It IS desirable 70 /
continue your exertiOns TO increase tie subscrip~
tlons; and you are authorized 10 say that the Gov
ernuent VIII consent to q reasonable extension Of
the time spp0ilted for sales.
z. The next inquiry is to q premise of matGri- I
al aid from the Government 70 the planters
In answering this enquiry / sm 20 speak in ad- I
vance OF any action Of Congress. What that body !
may see fit to do it is not for me to determine. !
can express merely the views Of tbs Department.,
and these must govern your action until reversed
oy higher authority. Il would be a sufficient an
swer to the enquiry to say that the action OF the
Government is settled by the Constitution. No
power ls granted TO any department. 10 lend money
IOr Inc relief OF any interest. Even the power OF
Congress in relation TO money is confined 70 borrow
ing, and no clause can be found waich would sane
tlon so stupendOus schsme as purchasing the en-
tire crop with view TO aiding its owners. But it !
may be said that tie Constitution of the Provisional
Government may be altered BY Congress and that
1t Is the duty Of this Department TO prepare the
way for such alteration, if II lis judgment the
financial necessities Of the Country demand the
change.
l am not disposed then to elose the in0cf-v with
the abrupt thus made by the Constitution:
and will proceed TO consider the subject upon its
intrinsic merits.
Two plans of relief have been proposed. The
0ne is, that the Government should purchase the
entire crop Of the country the other that an ad-
vance should be made Of part OF its value II either
'ase the payment is to be made by the issue Of s
reasury notes; and, therefore, if put aside, for
he present. the many and serious objections to the
tran pCr;atiOl and management Of the
rop BY the Government 1t becomes simply ques ! q
ion OF amount. To purchase the whole crop would ,
equire It's whole value less the amount Of thc sub
crlpuOns made to the Government If we estimate
be whole crop of cotton at 200 millions and the q
descriptions at 90 !hOns, the urchase would
hen require $50 millions treasury notes. and if to
his sum be added the amount OF values for other q
grieultural products, which would certainly :,
lain the same benefit the sum required would y
robaby reach 175 millions. =
The amount called for by the other plan Of making h
a advance would depend upon the proportion OF / :,
lat advance. Few OF the advocates Of this plan hi
ave put lower than i've cents per pound on cot n
IN, and at the same rate upon other produce Ii | =
lay, therefore be very fairly set down Al sboUt h.
a. hundred million. n
If we consider frs: the least Objectionable Of y
ese plans, it is certainly that which requires the T.
mailer sum- and, if this be found imrractcaSle -
e larger must Of necessity, be rejected. Our ar
quIry then, may be narrowed down TO proposal !,
at the Government should issue 700 millions of
easury notes. to be distributed am0rg the plant h.
The first remarkable feature in this scheme Is 70
ct 1t prop 9ses that new Government vet strug- a.
ing for existence, should reject all the lessons of
perience, and undertake that which no Govern on
ent however lO9g established has yet succeeded Po
efscting. The organization of labour" has call he
forth many ingenious attempts, both speculative mr.
d practical, among well established Governments H.
It always with disastrous failure. With US how
er, the experiment is proposed to new Govern. &.
ent, which is engaged in gigantic war and which NJ
lstrely on credit 70 furnish means TO carry On ~,
at war Our enemies are IN Possession Of eli mr. c17
lions and workshops which have been collected rns
ring fOrty-fve years Of peace their fleets have
en- built up of our joint expense. With al these :
hand, they are yet obliged to expend nearly tr tc
lions Of dollars per week to carry on the war oI
n we expect to contend with them at less than gu,
II that expenditure? SuppOsiDg that Il nav re- ev.
ire two hundred millions VI dollars then the Dro r.,
sal is that at time when we are called upon 10 zi
Sc this large sum for the support Of Government nv
shau raise further sUmDt one hundred nil su.
rs for the benefit of the planting interest ST.,
For It must be observed, first. that the Gover7 ~
ut receives no benefit whatever from the 81 .iri
nee. The money IL paid to each Individual plan tie
and, In exchange, the Government receives on rr
lls bond or R0e-Or if the cotton be purchased "a
Government receives only certain bales OF cot wit
That Is 10 cay, the Government PAYS out money dec
lch Is needfu 10 its very existence and receives rt
axcbaEge planters notes or produces which it chr
5 not need, and cannot in any way make use Of b9d
: - - - 80 50 - - ~ - P4'S-' 'd%t treas | pro
L"'es 4atS No" DeGOMI 'ie currency ci the w8s
ntFy. They are, therefore, st present the | tfe-
isures of vsIue. In this view it is The duy of an
Government TO limit their issue as far As urac baa,
ble, to that amount, which is the limit Of its a.
rency. Every person &cqu lted with h branch Fre
political science IS aware that if the currency N
ses this poiat it not only becomes dsprecil.ed from
1t disturbs the just relations Of scc!ety uTe- Nv
ly as though arbitrary authority should so Il
nge the weights and measures of the country ers !
ne currency OF country should be suddenly Trai
sHaed from one hundFed TO two hundred mill fresl
Of dollars that which was measured by one ! I'm, Z
ar is now measured by two; and every article meet
I oe Ialsu q 9yce US IoTef price VI course WITH
the increase is discharged BY pgyirg one-haIf 80
ormer value; and each article purchased must IiI
AID f"r at double It's former price. The Gov -
m at.--.N = : Va war - lilS idf gest So.,