The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-10-13

GoLb FOR CoTToN.-since the late gold gambling
riot in New York the Southern press, as general
thing are advocating that cotton should not be sold 1of
ANYTHING but gold It is asserted that the gold ring
SO powerful that it can for gambling purposes, regu
late the value Of the money Of the Government and
that though the planter may sell his cotton for forty
cents per pound in the morning, before evening II
might be worth little more than waste paper me
planter has but security, and that+is to demand
gold for his cotton from the buyer and the buyer IN
turn from the manufacturer thus establishing gold
currency of our own. Cotton is unquestionably the
gold article of trade in this world. Those who buy it
for greenbacks sell it for gold and gather all the ad-
vantages of the process of exchange Why, then,
should not tie grower of cotton have gold Tor 1t In
the first instance. We find communication in the
New Orleans Times from r. ". Esin this subject,
which we recommend to our readers:
The cotton fields Of the South gold mines to
| the North. Without them New York would soon be
drained of every dollar of coin she now CONTROLS
merely refer this to show that the South has the
power if properly used, to throw off this yassaage and
| assert her; commercial independence. The question
will be asked how can this be accomplished? Ianswer
that it be done by selling cotton and other
produce for gold-not upon the basis OF gold as has
been heretofore suggested but for actual gold which
will enable us to establish currency in the South of
uniform vaue-gold or its immediate representative
Objections may be urged that this system would
compcate transactions between debtor and creditor
particularly of their indebtedness to each other
think can show very clearly that such would not be
the result. We all know that nearly every transaction
in the South is based what is called currency
and the debts thus far contracted due and payable
in that currency upon that basis. Now how is this
new plan to work Simply thus: As as we
commence selling cotton for gold, nearly all other
produce and merchandise will be sold in the way
and the system will enter into all Determinations of
trade from the retail dealer to the merchant who sells
his millions The factor will open accounts with
the planter 10 gold and the old balances either debt
credit will be adjusted between the parties either in
the present currency. or in reference to its value in
gold Ali purchases Of supplies made by the factor
for account Of the planter will be made in gold, and
his whole account hereafter kept in that way. This
will not prevent him from drawing on his merchant
payable id greenbacks what called currency
the merchants will purchase them, charging him with
the cost in gold. It will be only necessary in draw
ing drafts, to state whether they to De paid in
United States currency gold. Where contracts are
made time the contracting parties stpuate for
gold or greenbacks as they please for presume no
one will deny that man can bind himself for the
payment Of gold as he for the performance Of any
other contract / think what have just stated will
remove the objection of complication in accounts.
Now, under the proposed system, all exchange must
be bought and sold for coin; and in this connection
would remark that banks, with the exception of
one have proved their entire solvency and good faith,
well as the efficiency of their management under
trying circumstances and have the full confidence of
the public. This will enable them, if they deem it ex
pedient to issue certificates of deposit payable to
bearer in gold in various denominations from FIVE to
FIVE hundred dollars These certificates will circulate
and be sought after in the country, because they
the evidence Of the safe-keeping Of the coin in the
vaults Of the bank, and will be easy Of Transmission
Our banks will be enabled take all legitimate ex
change drawn against actual shipments, and can pre-
the violent fluctuations which are now SO common
BY bringing gold from New York, which can be done
at about one-half Of one per cent. by railroad Let
New Orleans inaugurate this movement, and it will be
speedily followed by every city in the South.