Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-02-22
For the Standard.
COTTON IS KING.

The Southern Planters's Convention will soon
convene Memphis, for the purpose of taking into
consideration, and adopting such measures as they
may deem essentially necessary for the promotion
not only Of their own interest but that Of our COM
mon country. l am in hopes they will not close
their labors, as most other conventions of similar
nature have DONE in passing nothing but parcel Of
resolutions. If they conceive Of no other
that is better calculated to effect pur-
pose than tie one have suggested--that of nego-
tiating loan to the government for their entire
crop of cotton-1 am in hopes they will recommend
that to the favorable consideration Of Congress.
There to be two questions of doubt in regard
to that policy. One is, how treasury notes are to
be made circulating medium, and used hy the gov
eminent in the payment of its dues The other is,
at whose risk the cotton will DO until it is delivered
OF brought into market In answer to the first
would say, let the government levy tax, draw
them in and pay them out again in payment of its
dues-the notes to be redeemed as soon as the cot
ton is sold. In answer to the second, I would say,
it ought to be at the risk of the government until
delivered at some depot or navigable stream. Not
that should feel any apprehensions about so small
risk but | think can show that the government
could hold the cotton twelve months as basis of
credit which is great desideratum with us now
then apply the torch to it and burn it up and save
millions of dollars to the government, provided We
had to negotiate loan on our bonds at per cent,
which the government is endeavoring to do. Sup
pose the government negotiaes loan of three hun
dred millions of dollars on its bonds, bearing s per
cent interest. At the expiration of twelve months
it would owe three hundred and twenty-four mil
lions. Suppose the government negotiates a loan,
from the planters for their cotton at ten centssay
two hundred millions, and pays out its treasury
notes bearing no interest," for it then issues one
hundred millions more to meet the present necessi-
ties which the cotton would be WORTH estimating it
at fifteen cents then tax the planters and draw in its
nd fhatuo ont or fha of
twelve months, supposing the government has every
dollar Of its treasury notes out it would only owe
three hundred millions of dollars, and that to
own people. Whereas, if the whole sum was raised
by putting its bonds in any foreign market it would
take it from and have tendency to impoYerish our
country. .-N
After having held the cotton twelve months as
basis of credit government then sets FIRE to it and
burns il up the government would owe twenty-four
millions less than it would owe provided it raises
Z the money upon its bonds at par bearing per
cent interest based upon the faith and credit Of the
government alone. 1t would take out of the mar
ket our entire crop Of cotton, which would enable
the planters to realize without any difficulty twenty
cents for its present years crop of cotton which By
estimating the quantity Of cotton for the present
year to be the same as that of the last, it would
give the planters four hundred millions Of dollars
two hundred millions of which the planters could
pay over to the government for its support in the
way of taxes, and then make az much nett profit
from their farms as they would have done if both
crops had been brought in the market. But sup,
pose the government does not burn up the cotton,
and issues to the planters two hundred millions Of
dollars for it. then issues fifty millions to meet its
present necessities then negotiates with England or
France for twenty thirty men of war, TO be well
mounted and loaded with munitions OF war, say fifty
millions more. We say to England, we have the
cotton, and we know you want it, and as you are
not disnosad 10 In fi;q HOhf hv
raising the blockade, furnish US with Fifty millions
Of dollars worth Of steamships, munitions of war.
&C. and we will raise it ourtssves, and force our
cotton into your market This would lsays . debt
of three hundred millions Of dollars Let the gov.
ernment sell the cotton at fifteen cents and It would
pay every dollar due by the government, without
taxing the people the first dime It would give Us