The Avoyelles pelican. [volume] (Marksville [La.]) 1859-186?, 1862-01-25

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! The Baton Hofge, Alvocats has ,
commune cation from one Of the most ia
Tented ne1Abers1ef the Lower House. We
I make some extracts oft: II
I Me,.r. Ediso1s1The Cotton Bill riov
| before the Legislatureis Of great inttres.
to the people, and much has been pa-
blished in opposition to the adoption Of
the measure. Much missapprehension
! exists as to the merits, expediency, ard
/ operation Of this act | propose in this
/ Communication to correct, in some mea-
sure, this misappfehension. i ,9o
The chief objection seems to bs, that
the effect Of, the, measure will be- to food
the country With irredeemable and do
preciated curyency., That the prices 1of
everything Will be inflated, and that the
recipients Of tie benefits Of the bill will
loose more by the depreciation of the
notes. and l,igh prices tllan they would
| by discount and interest on money obs
tanned inthe usual way. So
The act proposes an Issue Of Ave cents
pound on cotton not to exceed in the
aggregate ten millions Of dollars. The
crop Of 1859 amounted 1886 bales as
shown BY the. Auditors report. Some
four or Ave. parishes made no returns.
The crop Of 1859 was therefore not less
than 500, 600 bales. The crop of 1861
was equal to that of 1859. The value
Of thu crop on hand at ordinary prices Is
s2o,ooo,0O5 ! ......~ #
! will not discuss the necessities of
the cotton planter, with Ills crop ullsold
and without supplies, for these are we'll
know e7erywhere soutsias of New Or
leans. They must have relief in some
form. .tf-
ItisFurged that th-scsta.e Treasury
notes will be- greatly depreciated, and
that the cotton planters receiving them
vii incur a greater loss from their depre-
caripn and imitation OF prices than dis
count or Interest on money obtained in
tile usual way.
A comparison between Bank notes and
State Treasury notes, via be most tavo-
rabl le to the latter. The validity of all
ts,depenls on the basis upon which
they rest. The bank notes rest upon the
actual capital for one third and the abb
lityf pay Of their debtors for two-tIir,ls.
Tie State Treasury notes will rest on
pledge Of property in t-mount twice as
great at the issue, and in addition a judi
cial mortgage, having til. same force as
q Twelve months bond r4fon. real estate
aud slaves valued at S35o. 100000. T 5e
,s.cilgt .,s III. s'fi "a s,al,hnisqIy
tllat i'sr r,le s,snSSz s,asvss.5
I'l,e credit q sss.a.ss s III compare eq,r,i
y favprabIy. No. .',I.,, can successfully. |
,.ssect .ue!s stow thssl the .Stats ereditsis
no: ulores than equal 10 that-of any one
or s,il the hlls<s. continued. d.. uas..
It, IS therefore - mistake to; gay that
,'llefs paid into the State Treasury. for
taxes, the State il effect VII asol be paid !
at ali, because the money does not come
INTO tn. State Treasury until tho cotton
IS sold, With ths same business it could
DC said. that when bank notes are paid
IL. the State would not be paid until tile
oalfis note .was redeemed in coin. But
he State pays out bank notes and will
oao out Treasury notes. If she is paid
II one cass.she will be in ths other. In a
Yord the State Treasury notes will form
! circulating medium and this medium
Hill be SO small as scarcely to. meet half
he necessities Of the Zines, 3. =
The argument that there is no prece-
lent ior the measure, has been answered
~ the movers Of every new proposition,
The opponents Of the measure have
,nly rendered one other mode of relief
md that is through the banks. To obtain
elief through this channel: as every
,lanter knows, will! cost him never less
han ten and halt per cent. per annun.
f the war continues three years the cost
q the PLANTER for relief will be from thirty
o fifty per cent and therefore ruinous.
the banks cannot discount twelve
months paper to the amount required,
without further violation Of their char
ers. The policy of this kind of relief
vould be to flood the country with . rag
currency. similar to that which afflicted
he country in 1886, and will be fraught
With all the evils and calamities incident
Q that momentous financial period, and
ring 4 storm that vii. again PROSTATE the
ghole country. The measure proposed,
;uards the people safely from these dan: !
,ers, aud II saves them from. ruinous dis.
ounts and interesta. e is unfair to res
uifrsl 4 planters 10 pay Interest md discqanE
Ipon the proceed, of 9 crop. which the pre-.
ant y,ar n,r.asvaanfa them from : tsa}linr. 81.