The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-01-07
From the lJew York Times, january A.

From the lJew York Times January 4,]
The CHARLESTON DAILY NEWS publishes the
outlines Of certain schemes for afording relief
| to the Southern planters, which are said to be
now under consideration at Washington. Three,
singled ont for special remark, are thus stated:
!. That Congress should authorize losn OF
$50, ,0O0 0O0 to b0 lent in small sums to necsssi-
tous planters, the loan to bear six per cent.
assTs nnd sSo aPd t sH R sscared 6y mortgage OF the
ers, the loan to be distributed by local sem-
missioners of approved position and standing.
Q. That the government should lend the
Southern people an amount equal TO the gross
amount Of revenue already received by the
United States from the cotton tax, the loan to
be secured, issred and distributed as under
the first plan.
4. That the United States Government should
sell the gold in the National Treasury, in ex-
cess Of the sum required to meet current de-
mands. and lend the premium realized by lts
sale to the South, upon the terms and In the
| manner before named.
One of these plans-though which is not
stated-is represented as having received the
approval of Gen. Grant; and the President
| and Chief Justice Chase are mentioned among
others as favorable to the movement in which
the propositions originated.
It is. OF course, difficult to devise plan
which shall be at once satisfactory to the North
and sufficient Tor the requirements of the
South. What would serve the purposes OF the
| planters and freedmen may be easily under
stood; they need provision. for present necessi-
ties, together with means to enable them to
plant and cultivate the current years crop.
| But the States represented in Congress, being
asked to furnish both these forms Of assist
ance, may be expected to scrutinize closely
any means designed to cover either charitable
relief or the business aid which presupposes
return OF moneys expended. And, looking at
l ~ in hio 1icyhf rQ
| the chances of success which attach to any OF
the propositions submitted by and in behalf OF
the South Carolinians.
In the first place, the idea Of loan by the
government to the planters is not an attractive
one. Nearly all loans of q similar character
have resulted in loss to the governments which
have attempted to combine with their ordinary
functions those OF banker and mortgages.
Advances on the security Of land and crops, to
be safe, must te conducted according to sharp
business fashion. Titles are to be investigat-
ed and values estimated before single step
can be taken; payments must be made gradu-
ally, with proper reference to expenditure on
account Of crops; and the whole transaction
at every stage should be regulated by rigid
be justified. But how Is the government to
enforce strict adherence to them? OF its in-
ability to prevent losses arising rom the negli-
gence, incapacity or dishonesty of its SER
wants, we have recently had too many proofs;
and there is no reason for supposing
that O Southern loan would be exempt
from the same experiences. Expenditures
are tapped ty iobbery or peculaton, and
collections by lazyness and robbery; and an af-
fair involving both payments and collections
amounting to $50, ,0O0, 900 would certainly end in
a heavy loss to the Treasury. Ali the proba-
bilities point to this conclusion. The land Of
fered as security at this moment has no
known value; its market value is merely nomi-
nal; and the sum which a prudent mortgagee
would lend, being governed by appraised 1dnt OF
ers' requirements for the year. So also with
regard to the crops. Every man lending his
own money would be guided in his payments by
the progress OF the crops, and as matter oi
prudence would leave wide margin for contan-
gencies. He would remember at every step
that the mortgagor might be unable to meet
his engagements; in which case there woulo
be no alternative but an extension OF time OF
foreclosure and hurried sale. What would be
the fate OF government as mortgage III cases
like this What disposal could it make o1
plantations acquired by foreclosure; or what
satisfactory arrangement with planters whose
crops may again be Improbable :,
Fit be objected that close calculation should
not enter into plan into which consideration
Of feeling largely enter, We reply that LOAF
not be exempted from business rules. A plalr
application for help, without reference to re
payment, We could understand; but when il
comes IN tho shape of q proposal to borrow
thirty millions, We are bound to look at the
Likelihood on the part of the borrowers of full
! filling the specified conditions. On this grount
we think that government. as trustee for the
people, cannot safely lend the money asket
for; and on any other ground we arc sure tha
government cannot properly lend at all.
The proposal to intrust the distribution O
the money tc ''local commissioners Of approvet
position and standing" does not improve th'
ton of such men would be valuable, but politi
cal considerations will, in the majority OF in
stances, suffice toprevent their appointment a
agents for the conduct of government business
or as almoners of its bounty.
Aside from the general weakness of the loan
ing scheme, there are evident reasons for re
jecting the second of the plans reported by tn
f Charleston Journalist, A loan to the eottol