New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-11-19
CoTTON-COID-WAB.

COTTON-GOBD-WA
The ". Y. Times. discussing and disoouragiaS
the suggestion that tho Govorpment may ana
will 80 act as speedily and largely 70 reduce the
premium on Gold, sayS:
,ho Govcrnmrnt hero have million Of god moro than
h rcourrs ;or it, own use that -nion VII DO sold u
omen market and the Government wl rave done al II
car do directly toward controlling It's price
rhorr ere other ways legitimate ana proper for The
Go,ornment 10 use by which its influence can be ex
ered 10 the same end. Whieyer 1t oaE DO to increase
tho smon, of exchange tcnds 20 reduce the price OF
,nlS EvsrT bale OF cotton which 1t brings forward
an fhr Soth has the same effect. A law a. passed
~ a. session Of Congress for the expire purpose OF
nrocuriug cotton from the Rebel states but nothing
nrleIicai hiss vet been done toward carrying il into Of
feet |, has bccn reported that regulations have been
devised and agents appointed for that pur"c Dnt thcy
do not 20 have accomplished anytime. and. unless
We uisrto1nod 10 their character thcy never
viii y il well kuOwa that there aIo very large guam
titles Of cotton IN the Rebel States perfectly accessible
70 private traders, If they allowed ny our Govern.
Jncnt 20 get w. hut thus far 40 facilities nave been
afforded for DOING 50.
az the Government will take up This matter pIacti:
cay j. can throw into marke. hai million bnes OF
cotton within six months; and that VIII 80 more 10
bring down The price Of gold and to Keep down than
all the ects il can Issue against speculation, or all the
efforts il may make to control speculation by direct IN
teriofcnce of any kid"
We trust the Government sill think twice
yes, three times-before adopting and setting
on the above suggestions. For, assuming 1t to
be true that there is q large amount OF cotton
within the Rebel lines that might be- bought
and brought away if private traders were al
lowed by our Government to get it, we see not
how this operation could be effected without
giving instant and important all and com
fort IN tho Rehellion Ipt ia sIDDOSp,
at a venture, that this cotton could be
bought for 800 in greonbaoks per bale
of four hundred pounds, here would be not
less than Fifty Millions Of Dollars paid over to
Rebels for property now lying dead on their
hands, and rendering next to no support to
their boliferent operations, because too bulky,
too cumbrous to DO sent away and converted
without incurrng great risk of capture and con.
! fiscat0n. With the S50,000,00J the case
would be- bravcly altered Confederate agents,
with carpet.bags stuffed with 300 grecnbacks,
would pcrmeate our whole country unmatched
and unsupported finding everywhere persons
ready enough to take their greenbackS and give
their full value in inter, bacon, percussion cap'.
reyolvors, blankets gray cloths, or whatever
else may be most needed by the Confederate
armies Or, if any should fear to operate here,
/ they have only to stop by the gay at Nassau or
Bermuda where they can exchange their green
| backs for whatever may be most eSscntia! to the
efficiency Of the grayback5 -the same TO be de-
livered within the Confederate lines If required
This $50, 600 900 OF greenbachs in the bands Of
Rebel purchasing agents would be equal 10 a
fresh CONSUMPTION Of one hundred thousand re-
cruits to the Rebel armies.
There may be another side to this matter, but
thisis the view that il presents to our mind. and
il impcls us to entreat the Government to deal
very gingerly with this Cotton business. We
can readily see how private traders" might
make a good thing-a rery good thing--of buy
ing Half Million bales Of Cotton in Dixie at
twenty-five cents per pound, and selling it in
Now-York for dollar; We can realize that the
! first effect Of this transaction would be to de-
press the premium Oh Gold by supplying con.
siderable amount Of exchange on London; but
if the Rebellion should Gas we fear) be thereby
set on its legs again for ak months or so, the
ultimate effect of the operation would not be
salutary. There is Scotch proverb importing
that he needs long spoon who takes his soup
with the Evil One, which We have no doubt
Secretary Fessenden will thoughtfully consider
before he lets loose the horse-leeeh crowd of
private traders" who are so fierce for making
their several piles by buying Rebel Cotton.