Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-08-18
TIE PRODUCE LOAN.
Ths following communication from hr. J. D. B. Do.
Bos, appears in the Jackson his,issppian:

JACKSON, Aug. 8, 1862.
| Editor Of tie Niss'sUppidn With your permission,
viii make soms Tpenstions that appear 10
be called cr 10 order TO set rsh, before the pubic tie
question OF the Produce Lcau wh'o5, t,om this ard
tbs joining States which hays the admiuistrs
| ,ioo am rec .isi-g number Of io.lera.
The o. c. OF GoscrDmeut ia issuing its bonds Gsving
along period TO run Is 20 postpone 20 that extent
i'ins u.rdss, absorb treasury notes. gnd by keeping
d)rn the circulation maintain the reputation OF these
nceA
TIC st Issue Of bonds tskcn up very promptly In
tie aud toWIs the psncrs aiiSdgGg with
o. patriotism, their beg Inability respond but d,
O. ring thoir willingness 10 do ~, Whenever u Ell pro-
dlce Of which the harvest promised abundanly, cogi
90 nmGnd market.
Vita tut la,h IN the patriotism Of this wealthy and
Influential trcsi and taking at its word Government
& proTG:l ~ rls ssus. Of hundred millions
of what calico Produce Loan Bonds," drawing
per cent interest and projected the issue By drecI or
| war tax Subscriptions Ihereupon came in generous
y aud largely, 6u: when the TINS fr d tor payment
arrived, it sscertsned that no demand sted tor
many Of the circles pledged except at ruinous ssc
fee Tbs inerest Of the Government veil as Of the
subscriber, dictated delay, and his publicly an.
nounced by the SacTetsry Q. The Treasury.
Thus matters Stood the contract 'itself being In no
wise reg ,rded Dissolved dssoube except by mutual
CONSENT GRt simply wpsnded
The pressure Of tbs war a. ii progressed developed
a pew state OF things Capital in ings smouats The
result OF past prcs,nt esrnnss, hitherto seeking the
Greater minor branches OF and other indus
try, fading iss without employment, began to be 1T
tracted 10 cotton Tor which t entered 10 active compe
tiJn prices gardei fair during the asst feE YEAR,
and 10 certain sections, supposed to be best protected
from the enem, very much sbove tie average Of hoss
JrI
su,h he. brought hoiae to the knowledge of the
government u-ihed prompt cIllin IN Of the sutscrp
lolP il bs supposed that more favorable state Of
la n Al anti NJ
sud that the subscriptions involved something OF pa!.
ioc II ring, IL Sbich personal cs,rfce vas no. .s.
GUIDED
Meanwhile, too representatives Of capital held sbrold,
preached IN al iIUfmI MANNER the guyernme IT, with
pTopos lions looking to favorable advances or foreign
credits upon sIch o the commercial staples ss Il mikrt
control and negotiations Of this charsoteI On large
scale, seeming TO be practicable Congress, sc. hp.
proved the 2lst April st authorz ID such lea be
ken, when subscribed at fair market ya'ue, Should
Ia eubcrher pr fr THE course to that OF selling H.
sing in the bonds as at fret contemplated T
cretary Of the Treasury Is Instructed by the act to
maze arrangements for tie disf ton and custody Of
the eles to issue produce CERT s,es covering tL,m
aud hypothecale dispose Of the same as may beat
promote the public Interest.
Thus you will perceive that the whols matter IL reduc
ed into q very narrow compass =
The gst and spirit OF the contract being thaf ~
p inter should invest in bonds the proceeds OF rtan
prt or the whole Of his crop, the place. time go man
ner Of doing 8, arc mere acc dents 10 BE- 4onuoneo'
modified or sbrogated by circumstances ~ may arise:
The o. elton tina. more favorable opportunity oi
selirg may occur hereafter under soc suppos'o con
didon OF things, could have been rHel as' 'prhs hsa
the ports been opened with atle' some, NOT ss s9oo
show OF reason. The rullng prices S are spIu' Wis
Vii he ,g,,tsd nv Jr,;,sied consumption as well as
n,o6untion and tbaberers OF cotton must regard as
set d. against prosr ave advsntage heavily increased
costs OF traosporsnos' INC o, =,