Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-08-23
SaiIe Appea(,


ted paper, TO can vac o'1-4 =,
to the Importance Of subscribing to the i0an'
and also 70 answer some Of the objections 70
the plan OF raising mesns to carry On 1niS
great war Of independence
. That we are in the midst Of a great revolu-
ton. none will deny, but that we are at waf
with mighty and Formidable foe, with those
who were, as it we're, bu. yesterday our broth
era. and that the present ia perhaps tno last
great struggle that ever will be made upon the
continent Of America for honor, Li6eTty, ana
the Constitution OF our country, III. .aThisheo
bv the hand Of aboliiionism, with all OF its
guarantees, oe the equality Of the States, the
rights Of he citizen, in the enjoyment OF bis
property, 10 the protec ion Of his person, from
arrest and confinement in dungeons and JANIS,
and his houses and private papers from seiz-
ure and search, except By due process CT law
We say all do not or cannot realize these
great truths, and Of the great importance OF
action on their part. Yes, We say action, for
the day Of talking is past, and the time for
action has come. Yes, action, individual ana
collective, is now necessary, and every mau
and. indeed, every woman in the land, should
feel that it is necessary for them to 90 some
thisg.
Is not ike an oid-and well esta blished govern
ment, having been duly recognized By all the
greas nations Of the earth, with an army aBc
navy, and credit abroad, so that it can 60 into
the markets Of tie world, and borrow money
upon its bonds. And, again, the people OF the
SoutA aTe not a manufacturing people-aeiIbeF
are they a commercial people; they are en-
phaticaily an agricultural people. lhelT
wealth does not consist IN banks and bank
stocks, but cur wealth is in land and slaves;
We are a predicting people. And such being
the case. it is to the great farming interest OF
the country that we appeal, to come up 70 Lns
aid and assistance OF the governmeit ana
when we say the government, we mean Simply
the agents OF the people, whom tney nave
selected TO carry on the machinery OF govern
ment, for ours is government OF the people
The plan. then, BY which the government
proposes to raise the the revenue 70 carry oh
the war, is that which we propose to explain,
go that an may understand it, and understand
ing il, thst they viii hen apply to the agents
of the government who have the subscriptions,
all over the country. (or soon will have them
without waiting be specially called upon to
subscribe, for will here state that those having
the subscriptions are not paid agents, tut are
acting for the good Of the cause, without Zee
or reward.
The plan is that, A 3 comes forward, sub
o
the time and place Of deverv-saY memphis,
aud In whose hands be viii place it, to be
soit-on OF before the first day Of March next.
The proceeds OF said cotton when sold to be
paid over to the agent OF the government, and
then and there, 70 receive the bonds Of the gov
eramsnt, having twenty years to run, bearing
eight per cent. Interest, the interest payable
semi annually, no bond TO b. issued for less
amount than one hundred dollars. An indi-
vidual may also subscribe wheat, -four, corn,
tobacco or anything else that will bring
monev-the proceeds OF which, when sold,
tie subscriber agrees to loan to the govern
uent and receive in lieu thereof the bonds OF
the e svernmsnt as aforesaid.
We are often asked why not let the govern
rnent purchase the cotton at oHca, and pay for
it in treasury notes. L is OF would be all the
same to the Government Our answer to this
is 20, because in the first place, the loan is
that upon which the treasury notes are based,
ami it was this fact that was before the con
yeution Of bankers, who met at Richmond on
the 25-n Of july last, that caused them to
agree 10 take on deposit and in payment Of
debts due them, the treasury notes Of the
government. II now tie government was to
change its policy, and 60 into the market,
buyilg up all TIE cotton and paying for it IN
treasury notes, the notes would soon become
deprecated, the banks would no longer receive
them at par, and neither the government nor
The planter would be benefited.
Yes, ve are told, the governmet viii have
fhe cotton. she can sell it to England and
France, or rsbe can borrow money upon it. We
ask how can we d. either, SO long as our ports
are biockaded? We cannot borrow money until
tits manifest to all the world that we are able
to maintain our independence as nation
amcng be nations OF the earth. And again,
suppose we could, COW could we get it, with
all oUT ports 5iOckaded
Then, agsln, We are asked, suppose the
blockade is not raised, and there is no market
for our cotton, how are We 20 sell it TO get the
proceeds 90 loan TO the government? Our an
So er TO this fs, il the blockade is not raised,
let every nan keep bis cotton at home, under
his own gin-hoUse. When you shall have sub
scribed your cotton and the return Of that
subscription is made to the Treasury Depart
uent, sne government is then enabled to asceT-
tam the amount of cotton subscribed Gin ba esl
and to estimate ils value, say at $40, or $50
as the case nav be; tneB upon that the COVE s.
ment can Issue ito treasury notes, which caI
be used az money to purchase everything nee
esssrv to carry on tbe war, and the ends OF tht
g0vsrumeut, for the time being, are accom-
piished inst as well as if the money was paiC
over at the time OF subscribing.
But again, we are asked what is the differ
eDce to the government whether she pays
treasury n0fes or bonds? Well, the differ
eDce is that the treasury notes, or most OF
them, as we understand If, have only two yeaIi
70 run. while the bonds have twenty yea rs.
Yet there is still one other class Of persons
who say, well, il the goveEnmeniiwiii net pa
Us IN treasury notes, then let it purchase on
cotton, at oDce, ana pay US for it at price t
be agreed upon, in bonds. Well, our objection
70 this is, that it is always best for govern
rrents to let the trade and commerce OF th
country alone, giving only such protection a
may be necessary to facilitate its operations.
Secon9iv-that there would necessarily hav
to be a deircry Of the cotton az the yaTiou
rcrts- where it would be subject to the torch 0
tbe iucendiary, and sn inducemeut to our enc
mics to make an effort to get possession oft
Tbirdv-that il would cost the goveTnmen
at least ten per cent. to take care Of it, aud {
have it sold This weuld be Z great loss, an
that loss would eventually have to come out
the usople, to say nothing Of the many agent
tbst the government would have to employ
attending to the great machinery Of the pun
chase aud sale OF only one single crop Of co
tor.
Aud lastly, suppose the government was t
become the purchaser Of the entire GRO
amounting in value to $500 O0O,O00, T.
government could not torn merchant, an
% to buving whatever the country may nee
Il could only take OF receive in payment f
the cotton gold ard silver, and It would hot {
70 drs v that amountat once from the banks
FUroDe. Two hundred million would baDl
TUnt the WH0le OF Lltllg OF GcNsb b4SAAg AoA a
time, TO suspend specie payment
again, man says ] ala in debt, aud unle
those bonds will pay my debts, / cannot su
scribe to the l1an. Well, let Us see bow To
is. Suppose that the blockade g kept Up, W
there be any market FOR your cotton? n
Then bow are you going TO convert your cote
in money! The answer is, you cannc
Then, as you cannot get any money for yo
cotton TO pay YOU de5Ls with, bad you not ju
as well subscribe it all to the government, al
let the government have the use Of it, as a bas
uuon wAich to carry On the war, for the Teasr
that SO soon as tie war shall De over, then Il
bonds viii be just good as gold, because th'
fsn hr sold in any market for the gold at pa
IL not at premium, on account OF the high IA
of interest 7hich they bear?
In case the blockade should be KEEP u,
might be nothing bat right, and, in, fact y
think IL would 5e nothing but justice, for q
government to issue 20 prevent subscribing
tbe loan. bonds to the amount, say OF S3Ol
on ia. bale Of cotton, these bonds could al
yyouid be used in many instances in the pa
rpept Of debts, and to some extent as circul
fig medium; this, boEever, Will depend up'
tbe future action Of Congress, inithe premise
This article is already longer than inten
ed. add | will close for the present. l ma
bo;yeveF, say more at another time.
S. P. HOLLINGSWO ORTIZ,
Q (