Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-01-05
Cotton and the National Finances.

The National Iateltigeneer thus puts the
existing relations between cotton and the
finances of the country:
The cotton question involves the financial
question Few financiers in the country be-
lieve that the national debt can be paid, or
the national credit maintained, unless the
cotton fields Of the Southern States are again
revoked for supply of the staple which
has been, and may now be again, our chief
medium of exchange with foreign nations.
1t has heen suggested, indeed, and perhaps
by some sanguine and credulous persons be-
lieyed, that our gold and silver mines are
to totally supersede cotton in our foreign
exchange 1t is vain expectation. Our
cotton fields are cur richest mines. Cotton
is specie, and that chiefly is TO enable Us TO
resume specie payments
Some persons again have cherished the be-
lief that our granaries were to feed Large
portion of the inhabitants of commercial and
manufacturing Europe. That we have oc-
casionally exported large quantities Of bread
stuffs and provisions has been owing to ex-
ceptional circumstances, not likely to occur
soon or often. The export of breadstuffs
has now nearly ceased, partly by reason of
the high prices Of grain consequent upon
our inflated currency. Large crops of cot
ton must be produced before our cereals can
find profitable market abroad, The cotton
export will restore the specie standard, and
then wheat and corn and provisions can be
produced at less cost, and afforded in for
eign markets at prices which will secure
steady demand, while, at the same time, 1t
will increase the amount OF foreign con-
sumption, especially in the manufacturing
districts.
We are now on the eve Of the greatest cot
ton famine that has ever occurred. There
are not more than seven or eight hundred
| thousand bales Of cotton in this country, in
Guiding the crop of the present year and the
remains of former crops. The time Is at
hand for making arrangements for the next
years crops. We have favorable intelli-
gence as to these preparations in some quar-
| tiers. We also have Information that politi-
cal uncertainties discourage planting enter
prise in the South. Capital and enterprise
| hesitate TO undertake planting on a large
scale, while the relations Of the planting
States 10 the Union remain unsettled, and
also while the condition of the Southern
laboring class remains a subject Of political
agitation.
Large amounts Of capital have, however,
been sent to the South, either for the pur-
chase of cotton, or its production, ny com
mercial men Of Northern cities. But mort
circulation ia needed in order TO provide FOL
the production and the movement Of larg
crop for the next year. National banks arr
called for In the South, but they cannot b
authorized TO the extent required, unles
Congress provides, in accordance with tn
| raooro M, ndatior of the ConDtroller OF In
Currency, Mr.. Freeman Clarke, for an in
crease of the limit Of the national cur-ene
to four hundred millions.
A SIeSITIoASg FAcT.-The Radical
haze been calling upon Mr.. McCulioeh 10
information as TO certain revenue appointe'
who could not take the oath OF office. In
Secretary answers that ne sought for person
for such Offices who could take the oath lite
!, ally, but failing 70 find them, had to selet
those who gave no aid TO the rebellion unit
the Government of the United States ha
failed TO give them profession. He bel iev
every man fit for a revenue officer was I
some time either engaged in bostiIiti
, against the United States or holding State ,
| Confederate Office, either willingly or unwi
} ingIy. He acted npon the presumption tn
. ! Congress would modify the oath and n
! subject the Soutd to the humiliation, or q
E revenue system 20 odium, which would resu
= from the employment Of Northern men
g tax-gatherers. a.1 &c 1
This is pretty sharp, but very truthtu
; and, TO remedy the complaint Mr: Mce;u
0 ioch asks for Congressional legislation,
2 that he NAV not violafe the law, and y
have proper tools to work with