The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1861-06-11


States of America was adopted by unanimous vote
VOLUNTARY CONTRIBUTIONS IN
SUPPORT OF THE WAR.
We published, the other day. a patriotic cal
of Gov. Brown, of Georgia, upon the people Of
that great State for voluntary contributions fol-
the support of the war. The scheme was mos;
judicious one The contributions were to be
deposited with the clerks of the counties and the
names of the honorable donors were to be fled, as
perpetual records Of patriotism in the archives OF
the State While the young men we're facing the
enemy, this proposal provided means by which
their elder. might render full as effective service
though at home. But the scheme contemplated
gifts to the State, with no promise expectation
Of reimbursement.
The Southern papers bring us advices Of another
proposition to the people for supplying the funds
requisite for the war. 1t is known that the Con
fcderate Congress has authorized loans of sxtyfve
millions in the aggregate, for the expenses of the
war and of the Government. The loan is to be
based on bonds and Treasury notes. For the first
loan of SIS 900, 900, Congress levied 10 per cent
export duty on cotton and pledged the proceeds OF
that duty to the payment of the interest and re-
demption of the principal of the loan. The
security is ample, for the natural export of cotton
by the South is nearly two hundred millions OF
dollars worth year, ten per cent. on which would
pay off the loan in one year, and FIVE millions to
spare. But the war may cut down the expectation
very considerably; though certainly not to the
meagre figure of twelve and half millions Of dol
lars, which would still be enough to pay the eight
per cent interest Of the fifteen millions loan.
The ten per cent. export duty on cotton would
certainly produce a surplus over and above the
amount needed to provide for the fifteen million
loan. But the Confederate Government have
thought it prudent not to rely that duty to give
credit to the new loan that has been since author
ized of fifty millions The fact is. that the Gov
eminent has plenty of credit at home; but her
planters with whom it enjoys credit, have their
capital invested in lands and negroes and not in
cash funds. The desideratum has been how to
this credit with her capitalists so as to procure
money for her military operations. 1t will not
do to rely on paper money to carry on the war
Paper money is spurious and dangerous system
of finance, which however it may answer FOR a time,
is sure to explode, later with terrible
disaster. The object is avoid too great an infa-
ton of the paper circulation of the country by
utilizing in some way the credit which the Gov
eminent enjoys with the planters
A very simple process has been adopted by
which to effect this object 1t is this, to call upon
our planters and farmers to subscribe to the loan
and to pay their subscri ptons not in money, which
they have not, but in crops, which they have Ifa
government receives gives receipt for the number
of pounds and stipulates to deliver bonds for the
amount for which the cotton If sold when the sale
shall be made. The tobacco planters may sub
scribe tobacco; the wheat and grain growers
wheat and grain the lice growers, rice; the inland
farmer, beef and bacon, in the same manner;
though these latter articles, far required for
provisioning the army would be received at agreed
prices and paid for in bonds or treasury notes at
the time of the delivery Of the produce
But it is expected that the greater Lortion of
these contributions will be by cotton planters and
hus the Cove rnment be put in possession of a
staple which would enable it to treat advanta-
geOusly with European capitalists and Govern
mcnts. We trust that this loan will be literally
encouraged by the people of the South The sue
cess Of the loan would itself contribute a moral
force equivalent to dozen great victories Moth
ing contributed more to fixing Louis Napoleon
firmly in his imperial seat than the enthusiasm
with which the French people subscribed to his
loans. Since the result Of the first loan was pro-
claimed, the imperial throne Of Napoleon has been
the staunchest and 6rmest of all the thrones of
Europe, though some of them have existed by a
prescriptive right of centuries DISPATCH
THE CoNFEDERATE LoAN.-The Macon Citi-
says:
Col. John B. Lamar, of this city. subscribes 600
bales of cotton to this loan, Benz Locket 500
bales, Z. r. Bloom so, and L. n Whittls one half
his cotton crop. whatever it may be. The planters,
generally, will 90 into this movement as the safest
and best Investment they make, besides con-
trihuting material aid" to the Government in its
hour of need.