The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-28

Virginia No matter which Is right the servos in which
General Smith 10 Engaged, whether be IN Florida oI
Virginia. will have better officer, trucr or bravcl
solder. #ns stN4
ADDRESS OF MIR. MEMMINGER ON THE PRO
DUCE LOAN.
fRrAsuRY DEPARTMENT.
RICHMOND, Oct. II, 1851. (
To TIE COMMISSIONERS APPOINTED TO IrcEyE Sussl RlpYoN
GnslIEsEN-nquries have been made from variou.
| quartefs:-
/. Whether, during the continuance OF tho blockade
enofs should be made To procure further subscriptions
2 Watcher disagreement will authorize promises {,
Do sn ont OF ala 20 The planters, as an indictment 4
! such further subscriptions
The irst inquiry seems imply misunderstanding o
tue scheme q tho subscriptions. Many persons hav,
supposed THAI The government TO have contro
q INC produce itself others that the time Of sale an
pointed by the subscription TO be absolute ard
dtional. The caption at the head OF tho lists when ex
aincd, wt correct both those The Subscription
rs confined TO the proceeds sns ard contains an ore
on Inc commission merchant factor OF the planter
pay over TO the Treasurer the amount subscribed IN
change for Confederate bonds. The transaction IS smpl,
an agreement by the planter to lend the government 5,
tne anu place are appointed when the parties may
70 carry OUT The impo tant point is that it shall
tany be completed at some timc and that secured by
ths engagement OF The planter.
Whether that time be December or Juno, Is simply
question OF convenience, and works injury ethel
pary The government Is sure of the eventual payment
ard derives from that certainty much credit; aud II
loses nothing because IT gives iis bond only when thu
money is paid.
/
valuable 70 the government during the blockade as
after it. The blockade simply susrends The completion
oil the engagement II becomes the interest Of both mar
tias 70 wit for good price, anu the government will
| readily consent to posiponement OF The SAFE.
You perceive, therefore, that il Is desirable to continue
your exertons TO increase the subscriptions and you
Authorized ID say that the government ,oiH consent to red-
snliie egt nson y The time aproiated for sales.
3. The next inquiry is promise Of material aid
from the government to the planters.
In answering this inquiry am TO speak in advance Of
any act of Congress What that body may lit to do
IL a mo n / alu q
views OF the department. these must govern your actions
untii reversed by higher authority IL would be saf-
ccnt answer TO the inquiry TO say that the action OF tho
government is settled by the constitution No power is
granted TO any department TO lend money for the relief
any interest Even the power Of Congress IN relation TO
money is confined to borrowing. and clause be
found which would sane Jon so st pendous scheme as
purchas the entire crop with view to aid its
But may b. said that the constitution of tic provisional
made 10 the governm Mt. II the Whole crop Of
government may be altered by Congress and is the duty
OF this depattn Mt to prepare the way of such acra
ua u IL lis judgment the financial necessities OF the
country demand the change
am not disposed then, to close the inquiry with
the abrupt thus made by the constitution and
WIN proceed to consider the subject upon its intrinsic
merits.
Two plans Of relief have been proposed. The is
that The cove nnen should purchase the entire crop Of
the country the other that an advance should be made
Of part OF It's value. In either tho payment is to be
made by the issuance OF treasury notes; and therefore,
If put aside for the present the many serious OBJ
jections to the possession, transportation and
Of he crop by the gvernment it becomes simply qnes
ton OF amount. 10 purchase the whole crop would re-
qure lis whole value less the of subscriptions
cotton 900 600 ana the subscription $50 COO eco
the purchase would then require ST. Of treasury
notes aud If 70 this sum be added the amount Of valae
for other agricultural products which would certainly
claim The same benefit the sum re iured would probably
reach $40 COO
The amount called for by The other plan Of making an
advance would depend upon the proportion Of that ad-
vance, Few of the advocates Of this plan have nut
ower than five ceats Ter pound on cotton aud the
same rate on other produce 1t may, therefore, DO
fairly set down at about 800 600 goo.
rot thp least oh opahl IF
plans it is certainly that which requires the sfafor sum
and, II hrs be found impractcable, the large must,
necessity be rejected Our inquiry, then may be mar
rcwed Gown to proposal that The goernmt stonl issue
htadcd millions u Treasury notes, 10 be distributed
an. ngFe planting community uen The pledge Of The forth
The rs rema kabe feature in this scheme is, that it
proposes that NV government, yct-sirrgglng for
stece should REJECT all the lessons OF experience ami
undertake that which COVE nn,ent however oag es-
tabiishe has yet succeeded In ectiEg. The storgan
zat,on Of iabor'' has called forth IN ny ingenious al
temits, both speculative and practical, among well
tabished governments, bat always with disastrous
failure With us, however, the experiment s proposed
10 new government which is engaged ia gigantic war;
and which must rely on credit TO FURNISH means car
on that war Or nles are in possession Of all The nni-
q MS and aortshoi thas desc he" effected dfa jty rc
rears u peace their fleets haze ben tiH up 1.n en-
i,Hs-. Wt o!ishee on hand g ser Obliged % erlead
aiy O.. ulittcs u do'frs Te Is 10 curry he ,ar
tan exp. ct 10 contend with them at less than h.lt
that OK enditule Supposlng that il may require two
hundred mill lis Of dollars, then tie proposal that at
a lime wh II We are called upon to raise this ia, q, am
!pr the support Of the government, shall raise Il
further sun OF one hundred millions for the benefit Of the
planting interest.
For must be observed ffst, that the government re-
ctivcs baiclt Whatever from this ad, ancc. Tie mo-
ney is paid to each individual! planter and, exchange
the government receives ony his b nj or Motor, il the
cotton be Purchased the government receives only
tain bats Of cotton. lhd is 10 sag, The government pGys
OFT chich is nee ul TO is cerg noe, ona rect,s
in escAGRse ffdtTs II fe a. p;odgce, uch does MT
'eyd, and saAaot, IN Gag Uay, mate g.e r.
II mast be observed, Ia the place that treasury
notes have nov become the currency of tho county
he ufp. Ip1 q In
) III duly Of 70, 10 limit their issue Ear
Practicable, 10 tia amount, which is the limit OF It's
recy Every person acquainted with this branch of 70
ltca science is that ii the currency passes this
polnt IL not only becomes deprecated but dsturbs the
authority should change the weilhs and measures OF
country II the currency Of country should be suddenly
cxtenccd from one hundred 70 two hundfe millions Of
dollars, that which was measured by dollar
measured by two and every article must be pail for at
double rs former price. The government from the
scs Of war, the larg OF all purchasers and thus
by kind Of suicidal act cmpes itself to nay two dollars
foi what one would formerly have purchased aud at this
rate q advance two hundred millions OF dollars
NJ more than one hundred millions of dollars would have
elected betoreor IN other words one hundred millions
Of dollars age actually sunk IN the operation.
Suc ,tion OF the currency the gnyel nmeut has
anxisusy endeavorcd TO guard against. lie wa tax
laid for the purpose Of creating demlni for treasury
notes, and security for treasury notes, AMI security
fer their Resumption Their redundancy las been
fully guarded against by allowing ihem 10 lie nied IN
eight per cnt boLds. II necessity shall cont eli the
government b. issue Tor the defence Il t comfy and
keep out two nt ed millions IL Is plain that every
accession impair and may defeat al the precautions
II The government should undertake, for &c sake Of
private Interests 50 large Aerass q issu,s, Il may
hazard Its entire credit ani stability 7he c1pepsGt
Toe dangerous and re or ne p,aarS must e s1aqhli ~
On direction; ard may not that rcaey u fusd?
N he as place, let the planters imdediatyiy take
measures for winter CROPS, to relieve the demand Tor
grain and pFovisi Let them pr, cced 10 divert rast
Of their tabor from cotton ard make their own clothing
an supplies Ihcn Jet them apply TO the great
presented by the money capital in banks and private
hands. Let this capital come forward and assist the
az cuu al interest. icro oforc tie banks have Gun
ployed large part OF her capital IN the purchase Of
Noien eXchM ge. let them apply ths portion 10 fac.
tors acccp Of planters drafts secured by pledge
Of Tie produce Ia the panters hads. extension Of
the lime usually allowed these drafts would overcome
most e tho difficulties. This cx cnson could safely
reach The probable tine OF sale OF the crops nasmuch
The suspension 81 specie ray mens throughout the
tire confeueracy relieves each bank calls for CEN
The banks omed To mango loans OF this CHI,
raccr and will conduct the opel alton with such skill as
viii make theln mutually advanta The #
alvarez asked tom he banks would be greatly less than
il ady anc,s were che ell by the government, anu all
III, abuses incident to government agencies would be
avoiled.
seems therefore, that IL neither necessary
nor ped that the government should emil ark uptn
this dams experiment. is far better that
class cf the community should endeayor secure its
existence by its exertons ami, il effort be
quco e by intelligent class The planter il
lna IN