New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-08-06
Letter to the Ifon. John PeFfrizss.


ability ard high social position, designate yo as
safe representative Of the planting ptsEesf shere-
iore ! address You.
z Tie iawiess war waeed on the South VII pos
sibig be Of long duration. The present Gnanciaa
plan Of the Confederate Government IL I0t
into permanent resource, and neS tfee rom
objections The desideratum Isl ho7y te gys e. re
resources OF the country daring the var, and dur
ing our necessities people deternine3 at Oh rs
cost to oe independent, and yet to rlaae these
productive resources an nnInpaifed res61rGe 70
the people to pay their debts and defraY tReir *
penses in other words, 70 double the valrs tnof
priee} Of these resources. bg making thet0 the
basis Of sound currency and egal tendeFfor pay
ment Of debts, and at the same tae III phase these
productions at the entire disposal Of fthe fsogern
Tnent for all its wants. foreign and doraes &c.
There is no fixed standard Of Ya1es tle pEegons
metals varying in price Ike eEeFy otaeE pro3ne-
tion, according to supply and demand. Ine tine
basis Of sound currency ard q iaifs egst lender
il not fixed value, but perGa anents al0e;s y y
desirable that this value should be as azea
as it is possible to make it. Gold, il is Believed,
deprecated one half or more after the diseoTesy of
the mines of California and Australia aHd Jet =
continued a standard of FalHe, a currency and q \
legal tender. Oar cotton, our sugar, GFE rice,
our wheat, corn and tobacco. and ALI prgGtiee M
cludlng live stock have permanent vast FaTylng
in prices, Ike gold and silver, according 70. the
supply ana demand. All these can be- self to the 4
Government for Government bonds Or reasufy
notes, if these bonds and notes are Edad legal hi
tender. Cotton and tobacco are. It is belIeved, 2
the precious metals. Cotton has h more certajn
value than the precious metals, which are chiefly
useful in the ornamental arts, and foF Elsiacinal
purposes. 5s
Why may not the Government b0r5s IL & reople
who are rich iu all these agrsua tural
Whose Government trust, vii ~ al tffas5 be the
mpersonation of public liberty, and whose 3
plighted faith should, after the worship Of 5od, be
held most sacred by every good elatzen--De as
sound currency, and az Just legal tender ia pay
ment OF all debts, as the preeious metals Why
cicus metals, of which we produce i5Efs. to the
exclusion Of our varied agricultural prof auctions,
of which we annually produce SO mach? GHrTen-
cy and legal tender should be based On uaaues-
tionable ability to redeem at fGII yalue ana most
sacred and inYiolable pledge that t wi se 40 re-
deemed. see many advantages in ths financial
scheme. The Government will, ae al Times pc u
assured of ability to maintain the All ia-
tons will know that this ability exists aEd s per-
raanent If the Government purchases al our
cotton and tobacco, il will have the srHoaopoly Of
these productions, and can exact the fH far Taine
Of them and will get it, for the mono ef cot
ton espeeiaily-as the production ia anadequaLe 70
the demand, and the demand an fEnperiaUs neces-
sity-can hold on longer than the consuHer can
forhear the use. The Government can# thus give
to the producer the full fair value Of hfs 4cottons
abating costs for selling and the ta.1 for meeting
interest on the bonds
Again-these bonds will superse5e bank notes.
which, being issued about three for ona Of specie
to redeem them, are an unsouna currency, and
PROVE worthless whenever the neea Of the country
is greatest and panlGS destroy Bonha aencei Whne
the bonds which are based on the annual crops Of
the planters and agrieulturiBts, and are the repre-
sentatiyes Of true values will he more sable and
unshaken in confidence. There are. toa, many
casualties by fire and other dangers. d. Rhaeh8
much currency is lost TO the holders ard fI bank
| notes, stockholders are the gamers Il in hnnas of
the Confederate States, if the destrnc Io2 of the
| bonds is undoubted, and the amount clearly
proved, new bonds OF duplicates should he Issued
to the loser; but If the loss cannot be p-8ved fhe
gain will be to the Confe derate States, ans viii be
| no inconsiderable oaneelling Of the pubic debt
| The Confederate Constitution retains the eiause
of the Constitution Of the United States sorbdding
the making anything but gold and silver Y Legal
| tender. The Constitutions Confederate end State,
| should be SO changed as to make the hcna5of the
| Confederate Government, legally Issued legal
I tender in payment of all debts and thsg should
/ also authorize the suspension Of all civil suits and
sales under execution, deeds o. trIsf arao mort
gage, when the Congress Of the Confederate states
| declare that the pubic exigencies require f Ihe
public exigency now requires that sAe el5lzens
should contribute Gheir income to the Gonfederate
/ Government. If the whole income. ~ LFedea lof
/ the defence of the country, it ia paramount nc
ceasity and supersedes individual claims and obi
CATIONS. 1t is not sound policy or mora to leave
to the discretion of debtors when TO postpone the
claims of their creditars even for the good
1 This duty shoad be assumed by the stat anEGon-
federate Governments only.
In presenting objections to the present financial
scheme Of tile Confederate GoyernInelr, ii Is not
my wish to impair its chances OF saagessY cut by
stating objections, to cause all obstacles 70 pc re
| moved, that success may be insured FlEst, \
think the amount needed eannet, for succession
of years, be raised by voluntary subscription
Those who are ia debt cannot even Rith o stay
law, devote 81 their income to the puhlo service
without Fun to themselves and greet tnHRle eaiaIn-
itr. Interest on their debts would alone consume
all their estates. Again, this system operates too
uneqpally, There are classes and profess ot1s who
are q parasitfca Incubus on the bodyp3Nlues sap
| ping its vitality and contributing nothtag 70 the
common stock.
i, Few are 80 ignorant as net to know tfss private
, property cannot be taken for public use without
Compensation that ia Saton is based represent
alton or the consent of those taxed, and though
. the patriotism of the people has shown hheral
response to the appeal, all see the layiess des-
potism inaugprated under Lincoln. lluder eonstl-
tutiona pretexts, and they are unwilling silently
, to sanction precedeGts dangerous 10 public IlD'
] erty. They are the less pleased with this, pc
cause many believe that the bonds Of the Confed-
crate States, if made currency and legal tender
f will enable the planter to sell his whole crop to
the Government and amply supply the means Of
public defence. Our all depends On successfully
defending the country, and if the best serene o.
finance is not adopted we know that hearty con
currence in such as is chosen is the duty OF the
patriot-that opposition to the Government at this
time would be worse than madness-Weaid bs
criminal.
All rejoice to see the entire confidence which
A our President has inspired aud many OF aeleFe
that he was not surpassed in fitness for tiie grea
| era by the immortal Washington
| think the greater portion OF the cotton cfoE
9 will be kept in the seed until late perinu--per
hnps until another yearfrom want OF baggIng, ane
because it is thought in New Orleans that an aeon
mutation of cotton bales there may invite vasion
l believe every planter will burn his cotton sooner
II than let it be taken by the enemy. How this vii
:, affect the financial scheme being carried out
e YOU are better able to judge than am. think j
d an additional reason for desiring that o permanen
n financial scheme, which shall place at the contro
n of the Government the whole resources of tht
d country, be speedily adopted. If these sugges
tons shall prove of no value, trust you will ex
g cnse my obtruding them on you. While the safet.
). ties and interests dearer than my own existence
are involved, disease and age deprive me Of 81
ability to my country save with aSrcuitura
d productions; and have creditors who have Jus
6 claims on.these.
e am, with great respect, - -. -
f RICH'D T. ARCHER.
e