New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-03-14
THE PROPOSED ExpoRT purY ON COTTON


1 THE PROPOSED EXPORT DUTY ON COTTON
4 Some time last summer, it viii be recohected, a
brilliant genius, whose name we have unfortu-
4 nately forgotten but who was at that time IN the
4 employment of Messrs. Jay Cooke q Co., the
i agents of the national loan, published pamphlet
Il ii which he maintained the rather startling theory
Init very comfortable one if true, that national
4 debt is a national blessing The system of RAJ
tiocnation by which he arrived at this conclusion
i was somewhat confused and unintelligible, but
i people we're very much disposed to overlook the
defects Of the logic in consideration Of the pleas
/! ing sensation produced by the possibility that
what they had previously looked upon as a
grieyous burden was, in fact, a blessing in dis
guise. We noticed, however, that the govern
nent made no reduction of its taxes, or ceased in
any respect its efforts to meet its pecuniary obi
cations, butproceeded upon the opposite and un-
comfortable theory that the public debt had to be
met and paid off, and that it was one of the bless
ings which, for itself, it would willingly be rid Of
The late decline in the price of gold, and the
consequent unsetthng of values, has brought out a
new crop of financial statesmen, and we observe
that many newspaper articles and pamphlets are
the result. With singular unanimity they repu
+
coed upon the assumption that the sooner the debt
is paid the better. Their talents are devoted to
| the discovery of means whereby the debt can
quickly be paid, and their brains racked with
schemes Of finance which would astonish the old
| est statesmen of Europe The debt, instead OF
| being blessing, is considered by them somewhat
in the light of curse, unless can De soon DIS
charged. They are, no doubt, holders of govern
are injuriously affected by gold fluctuations, and
| they naturally desire return to specie cur
reney. Perhaps, Mfr. Jay Cookies man, at this
time. could, himself, be induced to reconsider his
opinion-an opinion which he held when he
| wanted to sell bonds and come over to the side
which advocates the payment of the debt. by
which operation, no doubt, he would exchange
many paper dollars, now in his pockets in the
shape of bonds, into those golden ones which
have such pleasant jingle and such a musical
ring.
Bat it is quite remarkable that most of these
financiers have hit upon the same plan for the re-
duction Of the currency, the resumption of specie
payments, and the liquidation Of the public debt
There is an old saying that the thoughts of great
minds run in the same channel, and if tried by this
test, our modern fnanciers must have great minds
indeed. Nearly every one of these practical
statesmen has discovered that the way to pay the
debt is by levying an export duty on cotton, the
most OF them being kind enough to fix the rate at
ten cents per pound. The rather trivial objection
that export duties are not warranted by the Con
stitution is wholly disregarded by some of them,
while those who take the trouble to refer to it.
propose to cure this defect in their plan in the
same way that Mr. Sumner proposes to cure all |
the Ills of government, by constitutional amend
ment.
One Of these cotton-taxing philosophers who
will go down to posterity under the name of q D.
Al. Richardson, Of Detroit Michigan, " has entered
into calculation, and figures out his results, we
must say, quite handsomely He assumes tlas the
export of cotton for the next three years, exclu-
siye Of domestic consumption, will be eight mil
lions Of bales.of four hundred pounds to the bale
Zen cents pound will be forty dollars a bale
Forty times eight millions make three hundred and
twenty millions. Three hundred and twenty mil
ions of dollars lin gold) will enable the govern
nent TO come down to specie basis, to the great
qualification of everybody, but especially 80. no |
doubt to the holders of government securities.
We must confess the thing looks little plausi-
pie. II is to be regretted only that did not occur
20 Mr. Richardson that it would be- perhaps
better to divide the burden somewhat instead of
putting it all on cotton. We have heard---but In
his we may be mistaken-that there are certain
interests IN some of the Northern and Eastern
states quite as able to bear taxation as the rich
nd prosperous cotton planters of the South, who
ave Just come out of the war with such over :
roWn fortunes. Unless there is perverse falsi6-
alton of current history, there are many New
ngland manufacturers, government contractors.
ennsylvania ironmongers, dealers in shoddy, i'm
orters Of foreign goods, commission merchants,
ID spectators in petroleum, who have made all
ost as much money, in proportion to capital,
thin the last four years, as the cotton planters
the South have. 1t is for this reason that
cannot understand why Mr.. Richardson =,
ould make an invidious discrimination in
For OF the cotton planter, and kindly allow him
honor OF monopolising the payment of the pub
DEBT, when there are so many other interests
at are, no doubt, ambitious of the same distinc-
N. Taxation isso pleasant particularly without
that statesmen of Mr. Richardson's 81
hool ought to distribute their favors equally in
at way, and not sefshly allow the South the m
tire glory Of paying the public debt. Indeed, I.
would even create division here-for he would to
parate the cotton planters from the mass of pc
opie atsthe South devoted to other pursuits, and
9 latter would be equally excluded, with the =
birth and West from any participation in the
nor Of redeeming the government obligations.
9 beg Mr.. Richardson and those who agree with
n to reconsider his proposition, and not crowd
ION cotton planters alone those favors which they
uld doubtless be induced, in an accommodating =
irit of charity. to share with others.
->.----
sTArLEToN & Co.-Messrs. Stapleton & Co.,
os. % and 81 Canal street, whose extensive es
blishment is appropriately called the g Temple
Fashion, announce in our columns TODAY
at on next Saturday, the 18th, they will have
and opening of everything in the hat, cap, and a
raw goods line, comprising the most complete
ocks ever yet brought to this city. The ladies'
9 especially invited to inspect these new and BIZ
shionable goods, where they will find varied ca
d complete stock to select from, and gentlemen of