Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-10-29
THE COTTON LOAN.

EDITORS APPEAL: As / stated in my first
communication, I had not seen Secretary Mem
minger's address, when il was written His ar
gument. it will be seen, at once closes the door
10 any expectation Of relief from the government
in the way of purchasing or making advances o
The crop of the planter. On this momentous
question we must resort to the association and
combination Of individual wills and efforts.
Union of opinion, as far as practicable, is an
essential prerequisite for any successful protec-
ton and the future maintenance OF the interests
Of the cotton planter. The day of trial for the
fate Of the cotton crop Is at hand. Not a day
passes BY that does not bring with it evidence
that consultation for concert and combined ac-
ton is now wanted 20 devise q suitable plan for
dispOsing of the crop in a way that, while it viii
draw aid to the government in its present sTug-
ole. win. at The same time, afford those mOneyed
facilities 10 the people that their necessities re-
quire.
The acknowledged inability Of the government
to buy the crop, prompts the Secretary to point
TO the monetary institutions Of the country. We
believe our banks do command the means in
abundance to discount the notes Of the planters
OF tM ntIs OF GOlLtu ~ al ALlOu4E lulN dQtQuAAt
10 the urgent wants Of the country. Let the
plan be simple with ample security of the banks
against any possible loss. We would suggest
that the planter should make affidavit before the
{ clerk Of the court as TO the number and the mer-
chantable quality of his bales of cotton, and a
/ certificate OF the same, with the policies OF
insurance attached, to be fled in the bank dis
counting his note, TO the amount Of 800 or S25
per bale-the note subject to renewal until the
cotton is sold. We believe such an amount
advanced TO the planter on his crop viii supply
all the circulation the country needs, and preserve
our great commercial staple from a disastrous
sacrifice. The mon~ey-lending power thus dis
played by our banks, on pledges of property.
viii at once relieve our home market from the
depression that necessarily results from the ab
sence Of the competition that ordinarily ensue;
between Spectators and manufacturers in pur
chasing the crop. Besides, by this arrangement.
OF their pecuniary affairs the people will b
vested with a power that will enable them L
sustain the country in all its emergencies.
In addition to their ability IN honestly dis
charging their own obligations, they can, by
Withholding portions of the crop from time t
time, guard against any depreciation in its rela
tive value, as regulated by the demands Of con
sumption. The banks of Georgia have ALREADY
signiied their assent TO the plan, with the sug
Cesuon that the cotton thus advanced Oh shoull
be- stored in the inland towns-out of the way
Of any dangerous invasion. In communitie,
contiguous to shipping points OF marts, tn.
cotton might be more safely retained ON In.
plantations. Our Legislature has recommended
similar policy 10 the banks, believing they are il
a condition to advance as much money as i
needed TO circulate within the bounds Of Oh,
Confederacy.
By adopting this plan, agriculture-our lar
gest national interest-wil develOpe its mos
important bearing upon our national strength il
the prosecution Of the war, at the same time i
viii display the irresistible power of the resouI
oes Of the pebble when combined with til.
strong arm Of the moneyed Institutions Of tp
country. In conclusion, would it not be a gOol
operation for the banks to invest the proceeds 0
the cotton notes discounted IN the purchase 0
the Confederate bonds Of the government an,
make them the basis Of an increased issue Q
their circulation. A PLANTER.