New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-08-21
The Policy of the South.

-ANoHCcA, Miss, Ans 8, 1851.
Hon. John Perkins
Dear tSU.-At the risk of repetition let Inc urge
the policy Of giving the highest price given in Liv
erpool for our cotton. The Government of Eng
land has exerted all its power to cheaper this i'm
portant product of Southern labor-in effect to
transfer portion of its value from the pockets of
citizens Of the Confederate States to those of
English subjects and it is the duty and true policy
Of our Government to defend our interests and to
secure to the full value of all productions of
our labor. The last accounts from Liverpool re-
port the price of Orleans Fair cotton at 3D. and
an upward tendency, and lower grades as advanc-
ing more than the higher, and spectators and ex-
porters those who buy to sell again at a profit
taking unusually large proportions, in some weeks
sales as much as half This proves that the price
is below the value. The higher the price given by
our Government, the larger will be the resources
OF our Government and of our people, and il the
people are thus emancipated from debt and placed
in funds, the surplus will freely be used in the de-
fence Of the country aud in ministerng to the
wants Of the soldiers. Suppose the Government
shall even exceed the price which may be obtained
for the cotton, the money will be in the pockets of
our own citizens, and the Government can be reim.
bursed out OF next years crop and succeeding
crops. Every reason urged for issuing bonds pay
able twenty years hence equally support the policy
made up in future years. If this Government buys
at full prices it will be enabled the more readily
to sell at full prices, for all men expect to give for
an article prime cost and it is only where the ne
ceSStes OF the vendor are very pressing that pur-
chasers expect q sale at loss. The necessities
OF Government whose people are flush of money
will be less, than if their means were less. By
hlgh, prices for our agricultural products we will
be able to carry larger armies into the field, and
to prosecute the war with greater yigor. This will
shorten the duration Of the war, for our enemy has
no corresponding resource. They rely chiefly on
borrowing, while we look to the tnll development
OF our own resources, and the eXaCtion of full
value from those who need our products. If our
Government shall sell too low the loss is irretrieva
bic, but If it gives too much, have shown that
the loss may be made good out of the crops of fu-
ture years, by the assessment of low prices each
grade.
perceive from the newspapers that it is thought
that the financial scheme about to be adopted is
to issue Treasury notes and give them to the banks
for equal amount of their mixed currency of
bank notes, called specie paying and of specie
These Treasury notes, understand are to be a
basis like specie on which the banks will make
issues of more bank notes. By their charters,
believe, the banks are allowed to issue three dol
lars in notes for ore in specie held by them and
presume they will issue three dollars in bank notes
Tor each dollar IN Treasury notes held by them. |
think / can demonstrate that this scheme will
greatly increase the cost Of the war, and will per
retuate and magnify other evils without any cor
responding good.
/ teaidt!iL lHuCutu mas called f0f tOQf RunCfeu
millions Of dollars to wage n war of conquest on
us. If he succeeds in getting this four hundred
millions, it is fair to presume it may take four
hundred millions Of dollars for the defence of our
GoVernment. | will, therefore, assume four hund-
red millions of Treasury notes to be issued by the
Confederate Government. II these four hundred
millions, which, think are equal TO specie, are re-
gardeQ a specie fund in the banks, and they
issne three for one on them We will have 81 20p,-
000,000 of bank notes, and 400 600 600 of Treas,l-
ry notes, or an aggregate OF 81 500 900 900 Of cur
rency. Currency, like every thing else of value
varies in price according to the laws of supply and
demand If these 81 GOO 600 were the sole
currency in "H's'fn"H and hv tho fat of God were
actually converted INTO specie, they would buy no
more than the 100000 900 would have bought, if
they mad been the only currency in existence, and
Ia nau rot been made the parturieut mother OF the
", ,zoe ,ooo,oOo; In that case the Confederate Gov
ernment would get four times as much for its
Treasury notes as in this it will get for its bank
notes taken IN exchange. But as there is other
currency, the value of your 100000 600 would be
IN proportion to the whole amount of currency in
existence, Willie your $400,000,OO0 of Treasury