Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-10

o lAALH ~ AaAA@
mental in running thecountry by placing
! the ballot in their hands, because they are
unfit to possess the right Of suffrage, and
cannot be profted byit, let US deny them
none Of the rights of the citizen, and
/ trust TO their " good sense to find out
by and by who are their real friends, and
what is their true interest. Meanwhile,
let US have a little self respect, and make
no attempt TO 'soft-sawder,' cajole and
/ deceive them. 1t is better they should
dislike or even hate, than despise us.
UNPROFITABLE TOIL.
The Secretary Of the Treasury lately
| sent to the Senate a letter from LEWIS
| A. GARNET Of san Francisco, who was
formerly an officer of the Branch Mint
in that city, and is now connected with
a very extensive silver refinery. In il
| Mr.. GARNET says:
The mines of the state OF California
| and the adjacent territories have, for the
past seventeen years, produced an aver
age of 500, OO0,0 NJ per annum, OF an
| aggregate OF 81, 900, 100000 of bullion
ana vet so unremuneratiye are mining
/ operations as a whole, that it would be
| difficult to-day to find in that state one
man for each Sl00, 100000 who has grown
/ rich by working the mines. Mining Is
I to-day, as it always has been, a fasei-
/ mating illusion and a complete abroga-
| ton of all taxes and restrictions
upon mining enterprises, and the repeal
/ of ali charges at The mint, would tend
I - - a. -s.,Hw nnA anhgnaa ifs
products. The present tax levied upon
| foreign bullion naturally drawn to this
| country for assaying, refining and coin
age. amounting 10 Il per cent. on gold,
/ aud D per cent. on silver, has the effect
/ TO repel the products OF Mexico and Brit
! ish Columbia and force them into other
channels. The coinage Of money Is a
necessity Of the government and \ bene-
| fit to the entire community, and its eX-
pense should not be borne by a few who
produce the material. Other govern
ments have long since restricted their
minis TO coinage only, and if the secre-
tary Of the treasury viii contract with
I private refners for an exchange of crude
for refined bullion, and throw the small
expense Of coinage upon the treasury,
the results which will arise in
the reduction in the price Of
gold, and the consequent adj
| vance in our national securities, will
much more than compensate for the loss
Of revenue from this source.
The testimony Of Mr.. GARNET as to
the profits Of gold-mining is very con-
trary to the received opinion, but is, no
doubt, true. So it is the general opinion
that cottOn-planting has been universally
profitable, and this is equally q mistake.
We have been familiar with the fortunes
Of cotton-planters for thirty years, and
50 far as the profits realized from the
crops were concerned, it never was a
very remunerative business. The in
creased wealth of the planter, except in
rare instances, was due to the increase OF
his slaves and the enhancing value OF
his lands. We do not remember half
a dozen cases in Arkansas, where the
planter became rich merely by bis crops.
As a general rule they were always In
arrear with their commission merchants,
and those of them who still survive are
overloaded with the burthen of heavy
debts. To borrow money wherewith TO
plant has generally proven a mistake,
and it is more so now han ever. Stock
raising and wheat-grOwlng in Texas
pay much better, and with much
less laUour. We have known many
prudent and managing planters, who
were only saved from insolvency by Dor
rowing from banks, and repaying the
loans in paper and bonds deprecated to
thirty cents on the dollar. The buying
and selling Of lands has made many for
tunes but often when the planter owned
his labOurers, the interest on their cost,
the dimunition Of their value by increas-
ing age, the frequent failures of crops,
and low prices Of cotton made the profits
very small, and in too many years moth
ing. 1t is possible, no doubt, for the man
Of actual capital, at the present prices Of
cotton, TO make fair profits in good years,
by planting with hired labour but he
who has to borrow all the means that be
employs, will be only an Overseer for the
commission merchant, working for little
more than his food and clothing, and
always in debt.
Cotton, ike gold, also, is more benefit
70 other countries than to that in which
it is made. The precious metals have
rarely enriched the countries in which
they have been found. The cotton
planter neither sells or buys at home.
His cotton goes, for example, to Mem
phis or New Orleans to be sold and he
gets his supplies, including even his pro-
visions, from the city where ne sells, or
from those Of the North. The price Of
his cotton flows over, TO enrich, other
States than. his own. Chieot county,
in Arkansas, was less a part of that
state, than Of Louisiana, except as to
the revenue it paid into the Treasury of
the State. The export Of cotton from
the State as little enriched the people at
large, as the Irish are enriched by the
provisions raised in Ireland and ex-
ported as little as India is enriched by
the production Of opium. We have said
heretofore that the amount Of exports Of
a country is not the measure OF its pros.
perity. That is much better determined
by the quantity Of its productions.
which it can afford to consume. Our
States will be more really prosperous
and wealthy, if our agriculture takes a
different direction. The large planta-
tions do not benefit the country, like the
small farms because their product is
chiefly expended out Of the State, and is
not exchanged for the productions Of the
other kinds OF home industry.
OF course, the negroes a man owned
were a basis OF credit; aud could, ifl
he pleased, sell them, like any other chat
tel, for their estimated value. But II ne
did not wish either to sell them or 10
borrow money, his ownership Of a slave
was simply a right to his services and
labour. He did not get that labour an
nually for nothing. He paid for it in
various ways. Money was always worth
ten per cent. per annum, and II a negro
cost $500, the interest on that, or
$50 per annum, was paid for his labour.
So also were his food aud clothing and
medical attendance, the taxes on him
rs property, and other items that will
suggest themselves to any one.
II the labour OF 8 mar thus cost, Eve
ago, S200per annum, and now costs.
n the shape Of wages or share of the
,rop, $3.50, the planters loss on each is
$50 per annum, IL the hand furnishes
be same quantity of labour as be-
ore. The law Of dependence of
abour on capital, though now sus-
ended. win lin "a few years be
q fun operation, and the wages Of the