Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-18
,ovsvnrp .rE STATES OF AAERIoA.
TREAsURT DEPAkTNEsT, }
RfcauoSp. October 10 b, 1861.

"a ConpissionSrs appointed 70 hses''s
10 che Produce Loan
|GnILExES:
P-opir;s, lave teen made from various quarters
/ whether, during the continuance oil me p'eea1ue'
"A ,s should BE- made 20 procure further seoerPonr'
- VSs,hs, ,he Goverpuent will authouEs pFomises
a, Ia ned out Of aid TO the planters as an inducements
10 such further subscriptions, --....-.,.,1;,, If
,hs sAsme of the subscriptions Many parsons nave sup
posed that the Government vas 70 nA'e
- oSuee iseG Others that the time Of sale appointed
- = bsriptiou ~As be absolute and unconoitionAl
:! s a. he head of the lists when examinsd, viii
80 tbsse errors The subscription Is confined 10
~. sd, of sales and )ntains sn order on the Com
-, ,srchAnt factor OF the planter to pay over 20
L. Treasurer the amount subscribed, exchange Tor
'ss5ers,e Bonds The transaction Is simply an agrst-
"e1t by the planter TO lend the Government muoh
onsv and ia order TO comp the transaction, n
80 mace are appointed when and where the parties may
he'd 70 carry Is out The important point =, that u
~, eer,aialy be completed time, and that u
|seeared By the engagemsn: OF the PAn'er. "ne'ntf
Ib,t tina b, December or June Is siupy question OF
convepjeuce and works no injury to either party The
ovsrngeot a sure Of the eventual paymen. and derives
r. that srtsrty 50 much credit; and il loses nothing
h. use il gives s bond Only when the money Is paid
Is obvious therefore, that toe Subscriptions are qate
d valuable 10 the Government curing 'he oioeNAGe,
khsr il The blockade simply suspsnds the completion
ia the engagement Il becomes the interest OF both
TO wai, for good pre and The Government Will
Eeaily consent TO posiponeuent OF the sale
You perceive ber cre that il is desirable TO continue
sxetOns 20 increase the subscriptions and you are
borEsd to say that the Government vii consent to
Reasonable extension Of the time sPPonsed for sails
The next inquiry IS "a 10 promise Of material aid
|ffom The Government 70 the plAnters
10 Ans~srDg this enquiry an to speak IN advance OF
action Of Congress What tha, body sec 70 DO
n no, for NE TO determine. can exp ess merely TIE
"a. n, nd
,. Until reversed by higher authority. Is would be
M ient answer TO the enquiry, 10 say, that the
h. Of the Government IS settled hy the Consti-
|so1 No power Il granted to any Department to
had money for the relief Of any interest. Even
H. poser Of Congress in relation to money Is con
lsd 70 borrowing, and 10 clause can be found which
|sond sarCtion % stupeodcus scheme as purchasirg
h. entire crop with view to aid It's owners But il
h. be said that the Constitution Of the Provisional
M s umens nav be altered BY Congress- and that il l.
as duy Of this Department. TO prerare the way for such
s.srauou it. in lie Judgment, the financial necessities Of
h. country demand the change.
an not disposed then, 20 close TIE enquiry With the
b.up, answer thus made by the CoastituroD and Vil
bOcsed % consider The subject upon It's intrinsic merits
4 fso Plans OF rViet have been proposed. The one
h hat the Government should purchase the entire
-op Of the eourtry the other that advance should
H. ulAde Of part Of It's vaus. In either the
b,yment Is to b, made by the issue OF Treas
E,v no,es and therefore, II We put aside fer the
prsenL the many and serious objections 70 the posses
son transportation and mspag ment Of the crop by the
h )yeri iasnt il becomes SIMPLY question Of smount-
70 purchase the whole crop would REQUIRE its whele
sSus sss the amount Of the subscriptions made 70 the
IA ,ver1pept II re estimate TIE whole crop Of cca3n
y. 200 Millions and the subscriptions az So mlious the
b. chase would then require lao nillioGs OF Treasure
Soes and e this sum be added The amount Of vslles
o. other agricultural products which would certainly
lain the me esasai, the sum required would Pro6a'
~ reach rs Millions
Toe amount called for by the O:hsr plan Of makrg
D. ADVANCE Uouli depsnd pon the proportion Of tbst
aivaree Few Of the advocates Of this plan have pu'
lover than Eve cents per pouLd cotton and az the
ADs rate upon other produce. IL may, thers'OEe be
b. flirly set down AZ acCu, enc hundred millions.
II cor sder first the leas, obi cionAble OF th'se
ma Il Is certainly that which requires he smaller
aad If this be ioUnd mprsc icAbls the larger rust
y necessity he sctsd. Our inquiry, the, may be
tarroEcd down 10 proposal that the GJVernment
iou ssue ore hundred millions Of Treasury notes to
dist iou.sd anorg the planting community upon ths
te5gg Of the tartheoliny c'cp
rs ARSE remarkable feature ia this scheme H. tta Il
8roposss that Government Yet struggling for S1
renee shOud rsec. al the lessons Ct experience, and
"a rlaks that Which &C. ,rnment however ony IS
III seed has vet s-ccssted in ,tsc;irg. The organ
Iaion OF labor" has called forth many Ingenious at
snps both speculative aud practical, auo0g well es
bst ed Governments hu: always With disastrous fall
b. VIII Us, however, the experiment s proposed TO
aeE Government which Is engaged in gigantic var,
which nust rel on credit &c furnish carry
bat var. Our enemies are 10 possession Of al the
laaidons add workshops which have been eolec.td
Enrg iCriy.6Te years OF psaee-their 4 .ets have
e-n bull. 10 At our Joint expense. With all these on
,d they yet are Obliged 10 eEperd neatly ten mlions
dollars per week 10 carry tue war. Can We expect
coniend With them az less than half tha, expenditure
9po-irg that it may require 900 millions Of dollars
% the proposal - that AZ time when We are called
On 70 raise ths large for The support OF Govern
s1s re shall raise further OF 100 miions Tor the
lnss: Of the planting interest
g5r IL must be OBJ .erved 6rs that the Government
10 benefit whatever from this advance. The money
paid 10 each individual planter, and in exchange The
oyernment receives OILS his bond or nOts-or II The
.O1 be purchased the Government receives only eer-
bales Of cotton. That il TO say, the Government
Tvs o., money which Is neediul to s very existence,
nc ives In exchange planters notes or produce,
Cd il does noe need and cannot in any way make
Of
L must be observed in the mex. place, TIA Treasury
YES have now bscone the currency Of the country.
beg are therefore prs,nt the msssuTes OF value.
this ueE il Is the duty Ct the Government TO limit
er issue, as far practicable, 20 that amount
tCt q the limit Of us currency. Every person
;1lia,ed with tbs branch OF political science Is
hNe that II tie egfreGey Tases this point, Il 20;
" becomes 6epreciated bot 4 dissurbs the just
l.ions Of society, precisely a. though an arbNrsry
ihoiiy should change the weighs Aad measures
ne country III the currency OF country s1oull oe
ideny extended from oCe hundred TO two hundred mil
pas Of dollsrs hat which measured by one dollar
sOw measured b. tuo and every article must be rated
twice s former price. OF course all contracts are dis
bed Tue debt incurred before the increase "a dscharg
by ta,iug one-hAf is former vslua and each article
ehsssd must be paid for at double is former price
be government from The necessities Of var ia the largest
ali purchasers ana by kild Of suicidal pels
elf 20 pay too dollars for vita, one woUi have for
ery purchased And this rate Of advance two hua'
a millions Of dollars can effect mere, than one
pdred millions Of dollls would have cted before;
IL other sords, ore hundred millions Of dclars are
eiaAly sunk In the operation.
ileh condition Of the currency, the Cover nment has
hHio1sy eadesvored 10 guard against The var tax
pas laid for the purpose Of crCarg demand for Trea-
ry Notes, and security for their redemption Their
tuodAney has beCn carefully guarded inst By allow
g them 10 be funded in eight per ut bonds. Hnsets
by shall compel the GSvernmen; issue for the de-
knee Of the country, and 70 keep hundred mil
ons l is plain that every accession must impair and
bay defeat al these Precautiors
II the Cove nmen, sheP'd undertake for the sake Of