Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-07-17

upon ss,) IN operation by II IN the hofVnern
States.
This staple must be had by other nations, by
England and France, especially, or the great
est distress will be felt by the millions oFtbeir
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 submitted
TO you today, is to take a loan from the plan
teTs Of the nett proceeds OF such portions Of
their crops as they can spare. In other sec
tions, loans on the proceeds of grain and
breadstuifs will be taken. Here we produce
cOtton-our surplus is cotton:
Should the crop amount in value to the esti-
mate Of two hundred millions Of dollars, and
one half be loaned in this way, the sum Of one
hundred millions Of dollars may be put within
the control of the Government, which, upon
the basis Of present estimates, would support
an army Of two hundred thousand in the field.
This process could be Kept up for years, if cur
enemies are so disposed, without serious in
laries to our resources; and should heaven
favor US, as heretofore, with seasOns-with
the early aud the latter rain-we should have
to resort to taxation only to pay the interests
on the bonds, and maintain the public credit.
The interest will have to be paid by taxes
and if the plan proposed by the Government
Is not sustained by the planters, the money
will have to be raised by taxation. Even be-
fore this loan could be made available, a tax
Of fifteen million, to meet necessary wants,
may have to be levied
Il is believed that the planters could do this
without any serious Inconvenience. For the
proceeds Of that portion Of their crops so con-
tribuled, they will receive Government bonds
bearing eight per cent. interest, payable semi
annually. This they will receive instead Of
bank bills. The subscription is in the follow
H. -rvHe TETara NJ Ckanbnnu Rad fbe form
Of subscription to the loan.
In answer to numerous inquiries, it might be
proper TO state that these bonds were not in
tended to answer the purposes Of currency.
They are not intended to pass as money. Upon
their face they are transferable as notes made
payable 10 bearer, but they are unsuited, in
form and size, for a currency OF a circulating
mediums That is not their object. They are
only intended to be given for be surplus Of the
crop-tba portion which the planter can spare
over and above his immediate wauts-that
which be is able to lay up instead of vesting
in other property. Whether they will pay
debts OF not will depend very much upon be
nature Of the debts. All those who hold notes
upon money let-looking to annual interest,
will doubtless take Confederate bonds in paw
ment of such debts, and be glad to get them.
For the bonds will bear eight per cent. inter
est instead Of seven-3nd the interest will be
pdll every SIX uOuLle. AuOsCs however, WHO
are in debt, had better first see their creditors,
and know whether they will take the bonds in
payment. On this point i. is important that
no one should be mistaken; the bonds are not
suited or intended as a currency, to meet the
ordinary current expenses and debts Of the
family and plantation. And yet, there can he
but little doubt that If any one should sell bis
whole crop for bonds, and should want the
money for them, be 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 in the country will soon
seek these bends as an investment. The leg
~isiature will, doubtless, at an early day, au-
thorize all trust funds TO be vested in these
stocks, which viii cause a great demand for
them.
Should The war be short one, the bonds at
no very distant day will certainly command a
premium-5hat is, if we succeed in the war
and establish our independence. In that al
Tentative, they will be the very best security,
and the verF best investment. The ether alrer-
Tentative be did not take into accountant
is, the contingency Of our being beaten in the
contest. Should such a calamity befall us,
required him to say that the bonds
would b. worth nothing. But even then they
would be worth as much as anything else we
have. In that event lands would be worth moth
ing, plantations would be worth nothing, cotton
would belwOrth nothing. So thatif we succeed,
the bonds will be a good investment; and IL we
fail, they viii be just as good as anything else.
As to the duration Of the war, be could not
give them even a probable conjecture. In ev-
cry view Of the subject, It was a most i~Tration-
al and unnatural war. Those who were wa
ging It would upon all reasonable principles
be the greater sufferers from It. They live by
their trade, their commerce, heir navigation,
their manufactures, all of which thew enIoyed
chiefly with US. The northern Statessold to the
southern not less, perhaps, than hundred
and nifty millions of their products annually. /
market is cut of with that the resources
their wealth and prosperity is cut off. How
long they can stand this is beyond human ken
to divine. When fanaticism bears SWAY it is
useless for reason to attempt even speculation.
One thing, however, be thought be could sf-
lrm with confidence, and that was, that the
would last until the enemy was whipped
and driven from our soil-and the best waV 10
whip them soon and drive them from the coun-
~ and end the struggle, was to send men
enough 30 do it at once, and subscribe money
enough to sustain those men comfortably in
be field.
He concluded with a compliment to the
adiea-ihough the topics he had discussed
'elated rather TO the action Of men, vet, women
'ouid exert Ct at influence in carrying out the
OF the Government in its policY-the
influence OF woman was great in any depart
nent OF lIfe-sGOugh wars were not the
sphere or tdeateT for them; but ever in
var their influence Aeld sway over The hearts
nd spirits OF those engaged in battle. Many
soldier upon the battlefield would feel en-
outraged in the hour Of c~onhict-when be
bought that a mothers prayers, and the
thoughts and hopes OF some fair one were fol-
owing him to the scene Of his trials and his
He was proud to say that the men
II bis native State-Georgia-had done their
.uty and were still willing to do more: and the
women. toe, have done their part, arduous as
{ is. In several Of the counties the ladies had
lone nobly in the way Of providing garments
nd comforts for the volunteers. and Old
Richmond, too, bad acted nobly, ten companies
2 The held-nearly one-half Of her voting POD
.lation-and others still ready to go-whiIe
he women had done their duty as nobIv as the
men, This be felt was no small compliment
o them. But there was still one way more in
which they might aid the cause. PERHAPS
OF them had been promised a new car
iage, e new set Of furniture, or some other
luxury. Let them say to their husbands, | can
10 without his nOw-give it's vaiue-give all
Gu can-tO the cause Of your country. He
cit sure they would not hesitate to do this.
To the men be would say that he did not
want them to subscribe now-go h~ome-think
the matter-thiDk OF their country, their
ONES and their fresides-think Of subiugatien
and then do your duty. ] now leaV the sub
said the speaker, with you, with your
and God
Mr.. Stephens then sat down amidst the most
ntbusiastic aBDlause-