Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-18
TuR COTT0N PIaANTEEs'PROJECT
AGAIN.

We have seen nothing during the war that has
so excited our apprehensiOns Of State and ma
uonaI bankruptcy IS the rabid schemes Of inju-
dieious legislation introduced into the General
Assemblies Of several Southern States for the re-
lief Of certain classes. OF this character We
deem the bill Of Mr.. ESTES brought before the
Tennessee Legislature at the last session, to
which We sgain take occasion to refer as that
body eonveues at Nashville next Monday, when
It's members viii soon be called upon to pro
nounce by their votes for or against its passage.
We trust that the gentleman who conceived 1t,
enjoying, as he does, a reputation for good sense
and sterling integrity, has bad an opportunity
Of discovering during he holidays the unPopu-
lsritv Of bis scheme with his constituents, and
the fightiul dangers with which it is fraught-
The las. thirty days has presented an iuefuta-
bic sr,Vmsnt against the evils Of an increased
paper currency, except by the continued issue
Of bonds and treasury notes by the Confederate
government, designed to liquidate the expenses
incurred In carving on the wa-, and for the re-
dsnption OF which the whole resources and
wealth OF the nation are pledged. But beyond
this the intelligence Of the country has voted
rse money and shinplasters an intolerable nui-
ssnoe. We cannot at present recall to mind 8
single frstclass journal inthe Confederate States
thaf does not denounce this projec. of relefto the
otton and sugar planters as a doubtful and baz-
Rrdous experiment The Legislature Of Missis-
sippi has already plunged wildly into this dark
and yawniag abyss Of speculation, and by the
indiscrminste charter Of a multitude Of cotton
banks. and the authorization Of various railroad
companies to issue paper obligations, amounting
TO hundreds of thousands Of dollars, intended to
pass as money has still further damaged her
credit which at best was never good.
T~hoaghtess men, too, in the louisiana Legis-
lature, are now using every energy to force from
that body q loan Of ten million dollars for the
cotton, and three millions for the sugar plant
ers, d scheme which, if passed and sanctioned
BY the signature Of the Executive, viii DO more
10 injure tbe unimpeacbed credit Of that inan-
cislly reputable State than any previous blum
der Of her history.
While other States around US are madly rush
ing into De vortex Of monetary bankruptcy,
Tennessee has SO far withstood the deceitful and
meletricious attractions that beekoned her on 10
a similar end. We hepe that cur Legislature
vii syoid the bill Of Mr.. ESTES as a financial
leper, ana SOP il the mean tane to consider the
iuepaiable damages resulting from is becominga
law The fcts and figures, published by us a
few weeks since from the pen Of an intelligent
sad practcal f~naneier Of this city, shows this
matter up IN is proper light We learned from
him .hst Tennessee hiss a banking capital Of
SIs ,0o0.o90. Tie entire circulation Tor 1860,
one d cur uost prosperous agricultural and
commercial yesrs, was S4.O00,00o, upon q basis
Of S2000,00e Of cola. This Is a half dollar Of
CEN for one Ct psper, with sound Investments
azsamg every thuy days in con TO pay the
balance
Now, apart from 81 unreasonable s~hiupias-
tsr tickets and notes, how gTss, 3 paper eircula-
ton are 40 liable 10 hare Multiply eleven by
Two, winch the banks are allowed, and we have
twenty-five. Add 20 this the privilege Of the
Bank Of Tennessee to issue three for one in pay
neut Of he war tax, and We have a grand total
circulating paper medium Of S25,o geo, OoO-Over
six times as much, we are told, Is Tennessee
ever sustained IN her most prosperous condition.
This amount IS over one third Of the entire cir
cuiasion Of paper money in the whole thirteen
States new composing Toe Confederaey, for the
year 1860.
When we consider the faet that the Conisder-
ate government viii soon have four or FIVE
hundred thousand dollars worth OF bonds ana
treasury ties in circulation, is it not time to
reflect upon the danger Of flooding the country,
OF even particular communities, with the greasy
paper nuisances Of an irresponsible, wildcat
institution, Ike q cotton bank The universal
policy Of al reliable hanks is 30 contract, not
expand. iheir respective Calculations, as that Of
The government increases, millions Of which viii
find its way into the bank vaults in payment Of
debts and as deposits, and viii be used by them
instead Of their own notes.
We should take warning from the present
fnencisl condition Of The North, launched, as
she Is asserted to be by her own people, upon
the b@oun5leas, shoreleas sea Of paper currency,
Eitheut the ability or resources 70 redeem her
obligations. a far more trying crisis il coming
upon her than tbst Of 1851, and, as peace draws
near, Der doom IS 1aPidly approaching. A pro
found thinker Of the present age has exposed the
fallacies Of that old credit system Of the United
States BY the truthful and accurate assertion that
it's vicious tendeneyw va in turning al prop
erty into credit, aud 81 credit into currency
Such Is tie exact ease with tLe cotton bank
scheme which, while st inundat,s the country
with species Of deprecated and dirty rag mon
ey ior currency turns lie properly Of The plant
ers into a %preoadous aud fictitious credit, doing
Them more damage than benefit
We hoge 4Iz ESTES win pursue the Wise
course Of induieing ia 2 second sober thought
on tbs sU5iect aud withdraw Tia bn as the
surost WY to relieve the planters Of the heaviest
incubus th-t could possibly be imposed upon
them short Of ectaal bankruptcy.
MISSISSIPPI TREASURY NOTES.-The have