New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-10-18

the beginning merely al 4 convenience end in good
faith, might, little By ie swell to such an amount
rs might eventually nreadice and disturb the imam
eiaf policy of the country. The proper course TOR
the banks throughout the South would be to retire
their circulation entirely thus promoting infaiby
the public good and making way pending the war,
for circulation better than theirs, because mel
liable to the same continge H5ta>r,& Is
General confidence in the Confederate treasury
notes would supereede the necessity for coin, ex-
cent In a limited degree for small change, and the
banks. on a return Of peace, might, with unna-
paired strength bei ii condition TO resume, on a
specie basis, commerce al operations It seems TO-
be admitted on all sides that the Confederate Coy
ernment must come to the relief of the planters,
and that the best mode of afordng this relief will
lbe by governmental loan or advance Of treasury
notes, secured by their property and crops, as will
enable the planters to pay the war tax and pre-
cure necessaries of life. The amount required for
this purpose might be Fifty millioiis OF dollars and
perhaps more, Let us, however, suppose fifty mil
liens as the sum needed. The same should be
equtaby partitioned among our commercial cities
according to their respective statistics, and distrib
ated, ii not directly yet indirectly, by the .factofs
who SO ereditahy and usefully to the Gevers5nent
represent the planters. The Confederate Govern
ment might confde for; safe keeping ouly to the
Governors Of the respective States the anlount of
treasury notes allotted to each State, Ind each
Confederate District Attorney, whilst representing
the interest of the Government, should haye&asso.
eiated with him the Attorney Genefal of the State,
whose duty 1t would be. to take part ia efeetiag
among the people Represented by him a Just dlstri-
button Of the treasury notes lodged for that pur
pose with the Governor. 135sS 535i,sts - 80
1t should be The dutyeof the two Attorneys above
named, to give sufficient or reasonable public no.
Ftice of the amount Of treasury notes allotted to
their locality for distribution, ard up to designa
ted time only. Apphcatio for g participation
thereon should be made through factors employed
by planters for that plrp ose. The two Attorneys
might fand III necessary under oath) decide to the
best Of theirSiud gment, upon the merits of the APP
plieations made them, and then proceed to dis
fribution upon some determined basis. Warrants
for the amounts respectively awafded to applicants
should be Jointly issued by the said two Attorneys
upon the Governor, aud payable to the order Of the
factor duly authorized to represent the planter
The Cos eminent could well afford to fix low rate
OF interest for the mere use the way of its credit
in the form OF treasury notes. say not more than
six per cent. per annutn and this would be clear
profit, earned with hardly any risk at ALI and thus
with an allowance of q moderate conn ensation to
the factors and legal gentlemen, for the expense
and labor incurred IN the distribution of the loan or
advance in question, tlesplanter would be accom-
mpdated with funds. at about eight Or nine per
cent. per annum IN time Of toar, whereas, In the
most Fosperons periods, eyenof peace, he seldom
OF ever could obtain the sane for less than ten per
cent. per annunn. In this way there would be no
multiplication of officers to incur the charge of
fattening on the public crib. The GoVernorso of
the different States would be- as it were mere idu=
ciiry stockholders; and the factors, who are more
competent and accessible than any Others, could
furnish such Information and moral guarantees as
the legal gentleInenr representing respectively the
Confederate and State Governments might require
to enable them to nakeia just distribution Of the
fostering support happily afforded by the public
credit, Pending the war; the blockade might thus
be etalmost at defiance, and at the same time our
commerce notsseriously diverted from its aceus-
toned channels. But Immediately upon the res
tofatien Of peace, the Government should abstain
from any further lnfring cement whatever on com
mereial yocations. 1t should, in that regard, re-
tire, as it were, within its own she'll and attend to
the collection in coin only Of the amount ofreve-
nue. required for carrying on The Government.
Banks, especially the monetary institutions Of New
Orleans and merchants should then exclusively
frequent as before, the avenues of business
merce be allowed to flow in its accustomed chan
nels, and currency have no other than specie
basis: All this might easily be accomplished by
the creation Of sub. treasury SYSTEM such as was
conceived by dr. Van Buren,, and which worked
such admirable results for the late United States
until its recent destruction by the Black Repubi-
cans, who could not brookits wholesome restraints
and Influences. The future of our beloved South
j. already auspicions Of happiness and glory, and
Providence seems to be smiling upon Us, and to
have decreed that after "a short hut gpurifcatory
probation, all the ways of1tbe Southern Confed-
eraey shall be wayso Of peaaantness, and all her
paths those OF peace.n J.sM.J.