Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1864-07-27
The Public Finances.

II Is not oniy Tue pIHliesc UFt tue uuly oil an
Independent press to scru,inize and censurc, when
deserved, the conduct of all psblic officers; but
if it be its duty to censurc where there is crmi-
na!i;y, it is no. less duty to defend public flnc-
tionares from undeserred abuse, Che Editor Of
this paper has no personal @gtivc whatever in
defending the late Secretary Of the Treasury
hut IN innate sense of justice excites our inlig-
nation when we hear any man uujustly denounced
by ignxancc and prejudice. There is strong
disposition to hold the latelyresigned Secretary
of the Treasury responsible for all the financial
troubles Of the country. We have already ex-
posed one of tho charges commonly brought
against Mr.. MEMNIYoRR-tho; neglect to raise
revenue by taxation.
Another favorite dogma With the grumLlers is
that tue currency might have been kept at par if
the Secretary of the Treasury had only bought
up the cotton crop Of 1860. To this charge there
are several answers, which to(us seem: to have
some weight. In the first place. tho Secretary
had no moro authority to purchase the cotton
crop Of 1860 than "John Doe or Richard Roe"
Congress alone has the power to adopt such q
ncasure-if indeed Congress iiself has any such
power, which admits of very grave doubt. If
therefore there be fault, it lies at tho door of
Congress, and not of the Trpasury. Again, If
the Treasurer had had the authority and had
boughTaho cotton crop, what wouldshe have
done with it? It is quite certain that he Had no
mOans Of shipping it to Europe. The townships
running tho blockade were entirely unable to
take out the crop of 1880 within tho time ncccssu-
ry to accomplish the proposed object. This in
itself is conclusive answer to the proposed
scheme. Bullet us pursue it.: yet another step.
The advocates of this.Gnancioli scheme lose sight
entirely of the important fact that TIE plan pro-
posed never contemplated placing the gold for
which the .tton was to be so1d, as a Banking
capital IN Europe. The crop IL 1850 WAS yroba-
bly, Four million bags. This, at tho price then
ruling, would have brought semc hundred and
sixty Or seventy million dolla$'. This sum If il
could have been placed in; Liverpool or London
az !" Banking cnr.eal .aig.t 4aSs done tho coun-
try some service. But this was no part Of the
scheme, nor could it have been. We wcrc in
pressing and i,rmcdiate need Of money 10 Sit on!
a navy and an army; and the proceeds Of this
cotton crop would have carried u, perhaps through
the first year of the war. For though the croT
of 1860 might have been wo-th $4,000. 600, yet
it must le remembered that it was accessory to
have been carried through the blockade; and the
calculation is, that every 4th :L ship running it
is last. So the Government would have realized
only about sl3O, ,OOO,O 900 from the purchase.
at the end of ,ac first year OF the war then, we
should have found ourselves, as wc now are, de-
pendent on asPapcr currency without specie
basis. Indeed it would have been something
worse than this, for the people would not only
have been left with currency no better than the
present, but they would have parted with four
million bags of cotton, whichn now are worth no
small amount in gold; and for this cotton they
would now hold Treasury Gonds The value Of
which, in the opinion of some, is very qucstiona-
blc.'
1t is tho easiest thing in the world to roin: ont
the means by whicbSan existing evil might have
been avoided and as your remedy bas not been
tried it is not easy to demonstrate that it wo,Id
huvc been uscless or mSUbievous. But if plain
reasoning can demonstrate any thing, it con sure
ly show the uncertain and visionary character OF
this cotton spcculation-bceauso the Treasurer
had no authority TO buy. cOttou..bNc it Is
questionable whether Congress has such power
because if the cotton had been bought, the Gov
ernm-nt was without the means of shipping it,
because if shipped and sold, tho proceeds would
have carried on tho war not more than twelve
month-and because if bought by the Govern
mvnt, the people would now be minus -Four mil
lion Bags of Cotton, holding in their place
Treasury Bonds. And for not adopting this wild
scheme the Treasurer and the Government arc
DENOUNCED in the most unmeasured terms. Itis
against this unjust censurc that We protest -