Evening star. [volume] (Washington, D.C.) 1854-1972, 1861-10-30
FROM THE SOUTH.


The Southern papers publish circular of
Mr.: Memminger, The Secretary of the Treasury
under the Confederate government, relative to
the produce loan, and the appeal of the cotton
planters for relief. The circular is in reply to
Tie following inquiries:
l. Whether, durilg the continuance Of the
blockade, efforts should be made to procure
further subscriptions.
2. Whether the government will authorize
promises to be held out Of aid to the planters,
as an inducement to such further subscriptions
Mr.. Memminger, In reply to the first query,
ressserts what he has said in several previous
communications on the same subject, that the
subscription is confined entirely to the pro-
ceeds Of sales, and amounts simply to an agree
msnt on the part of the planter to lend the
government so much money, the latter making
no pretentions to exercise any control over the
produce itself. The Secretary advises, there
fore, the continuation of all efforts to secure
subscriptions, despite the existence of the
blockade, inasmuch as government derives an
available credit from the certainty of eventual
payment. Commissioners are authorized to
say that reasonable extension of the time
appointed for sales will be allowed.
de then takes up the second query, and dis
cusses lt at length. We quote as follows:
Two plans Of relief have been proposed The
one is that the government should purchase
the entire crop of the country; the other that
an advance should be made Of part of its value.
In either case the payment is to be made by
the issuance of treasury notes: and, therefore,
II We put aside for the present the many and
serious objections to the possession, transpor
tatlon, and management of the crop by the
government, it becomes simply a question of
amount. To purchase the whole crop would
require Its whole value, less the amount of
subscription cotton at $500 900 600, and the
subscription at $50, 900, 900, the purchase would
then require Sl5o, ,000 of treasury notes,
md m m ne haa a .L
for other agricultural products, which wosId
certainly claim the same benefit, the sum re-
quired would probably reach SI75 Geo 900.
The amount called for by the other plan of
making an advance would depend upon the
proportion Of that advance. Few of the adyo-
Gates OF this plan have put it lower than five
cents per pound on cotton, and at the same rate
on other produce. 1t may, therefore, be very
fairly set down at about Sle9, 600 600.
III We consider, first, the least obiec
Of these plans, it is certainly that which re-
qulres the smaller sum; and if this be foand
Impraetlesole, the larger must, Of necessity. be
rejected. Our inquiry, than, may be narrowed
down to proposal that the government should
issue one hundred millions Of Treasury notes
to be distributed among the planting commu.
nifty upon the pledge Of the forthcoming crop
The hrst remarkable feature of this scheme
Is, thatit proposes that a new government, vet
struggling for existence, should reject all the
which no government, however long estab-
tablished, has yet succeeded in effecting. The
organization Of labor" has called forth napy
ingenious attempts, both speculative and prac-
teal, among well-established governments. hut
always with disastrous failure. With rs, how
ever, the experiment is proposed to a new gov
ernment, which is engaged in a gigantic war
and which must rely on credit to furnish mean,
TO carry on that war. Our enemies are in DOS
session Of all the munitions and workshops that
have been collected during fOrty-fye wears of
peace; their fleets have been built up at our
joint expense. With all these on hand thew
are yet obliged to expend nearly $40 OOO 0G0
per week to carry on the war. Can we sTpsct
to centend with them at less than half that ex.
Pendlture! SQpposing that it may require
S2OO,OO0,OOO, then the proposal is that, at
time when We are called upon to raise this large
sum for the support Of the government, we
snsh ralse Iurtner sum of one hundred mil
mons 2e Ior the oeneht Of the planting interest
Ii the government should undertake, for the
sake Of private interests, so large an increase
oi Issues, 1t may hazard its entire credit and
STABILITY. The experiment is too dangerous
ana relief for the planters must be sought in
some other directioni and may not that remedy
be found?
In the first place, let the planters immedi.
ately take measures for winter crops. To reIieve
the demand for grain and provisions. Let
them proceed to divert part Of their labor from
cotton and make their own clothing and snn-
plies Then let them apply to the great re-
source presented by the money capital in banks
and private hand Let this capital come for
ward and assist the agricultural interest.
Heretofore the banks have EMPLOYED a large
part OF their capital in the purchase of north
ern exchange. Let them apply this portion 70
factors acceptance Of planters drafts secured
by pledge Of the produce in the planters hands
An extension OF the time usually allowed on
NhA1A ARnke kea -.,l1
cultles. This extension could safely reach the
probable time Of sale Of the crops Inasmuch a.
the suspension of specie payments throughout
the entire Confederacy relieved each bank
from calls for coin The banks are accustomed
TO manage loans Of this character, and will
conduct the operation with such skill as will
make them mutually advantageous The
amount Of advance asked from the banks would
be greatly less than if advances were offered
by the government, and all the abuses incident
to government agencies would be avoided
1t seems to me, therefore, that it is neither
necessary nor expedient that the government
should embark upon this dangerous experi-
ment IL is far better that each class of the
community should endesyor to secure its own
existence by its own exertiOns, and il an effort
be at once made by 50 intelligent a class as the
planters, Ii viii result in relief Delay in these
efforts, occssioned by vague expectations of
relief FROM goVernmsnt. which cannot be real.
The Memphis Appeal of the 18th inst. has
the following editorial in reference to the
address -
The address of Secretary Memninger to the
commissioners appointed to raise subscriptions
to the Produce Loan is Of especial interest to
the planting portion Of the southern commu-
nifty. He reasserts what he has said in several
previous communications on the same subject
that the subscription is confined entirely TO the
proceeds OF sales, and amounts simply to an
agreement on the part Of the planter to lend
the government so much money, the latter
making no pretensions TO exercise any control
over the produce itself. The Secretary sd-
vises, therefore, the continuation Of all efforts
to secure subscriptions, despite the existence
OF the blockade, inasmuch as government de-
riEes an available credit from the certainty of
eventual payment. Commissioners are author
II sd to say that reasonable extension of the
hue appointed for sales will be allowed 1t
N ~ oe made very nice question as to whether
tais address dos not siksRtiy rink at the ez-
p2rtgtson ot cotton during Lks continuation
Of ths blockade. Mr. Meninger presents a
c9gent argument against what he tarms the