The New York herald., 1869-03-08
ANOTHER PLAN FOR THE RESUMPTION OF
SPECIE PAYMENTS.

To THH EDITOR OF THE HERALD:-
The Agricultural Department, In Its monthly
report closing 1885, states the crop OF cotton OF the
United States Of the growth OF that year to have
been 2,aso,o0o bales. The commercial sources put
its value at $500 600 to II the crop
OF 1869 in the United States be increased above
that quantity 1000 bales making 43S00Oo bales,
and SO giving 900 bales 900 pounds to
be exported at twenty cents pound in gold, 1t win
realize $685. 000 00o which, with other exports, will
pay for imports, without export Of gold, and give
us return current OF gold from Europe akin to that
OF King solomon from Ophir-of over S0,00000O.
This sum, with other possessions OF gold hereafter
stated would warrant specie payments to be resumed
in the summer OF 1870.
whenever the great fabric OF credit is assailed
through lack OF confidence in its stability pancs and
financial distress follow. The revulsion OF 1857,
initiated by the failure Of the Ohio Life and Trust
Company swept on with tornado fury from the Ohio
to the Bosphorus, through all the cities. England
was trembling In suspense for some hours, Watlng
the decision OF the Bank OF England on an applca-
ton for aid to the great American house In London
or ali WHO have written or spoken upon resump-
tion many have advised q reduction OF Imports,
especially OF uxuries, but not one has advocated an
increase Of fexports-S0meth1ng more raised 70 sell,
facilitating specie payments. The New YORK Cnam-
ber OF Commerce, January, 1885, In an official state
ment "appreciate the value OF large cotton crop
ia its influence upon the foreign exchanges, thus
reversing the current Of the precious metals and 80
securing an early resumption Of specie payments"
the tax cotton to three cents pound many advo-
Gated the doctrine that the tax as also duties on ex
ports, would be paid by the foreigner not consider
ing such tax or duties would be a bonus to other
coton-growing nations OF the world as against us.
The late Thaddeus Stevens contended wlth earnest
pertinacity that tax Of even ten cents pound on
cotton would be paid by the foreigner. That heresy
Is being pretty well exploded. Cotton has long been
great regulator IN the exchanges resulting from
foreign trade.
The exports OF breadstuns and provi-
sons from 1921 to 1860 were 81, 006 96l, 1886
or raw cotton, same period. 2574 S44O91
From lSA7 70 $50 our exports OF Jne pro-
ducts ''of the sea" " OF ''the f0rest,n OF
agriculture and manufactures were. 1852, 079. 1858
OF raw cotton, same time. l4Ss,s5 ,5s1
time. .................. 642, ,124, 7o2
OF same for year ending june 80, 1885,. 45,2n's5s
OF raw cotton for year ending June 30,
1862 1752 GAO pounds at II cents. 191, ,S065 555
When General Sherman's army was lying at At
lanta the writer addressed President Lincoln letter,
in september, suggesting movement OF the army
SO as to hold Savannah river. when, military protec
ton being given to all the country to the westward
OF that river cotton crop might be raised in 1865 Of
5000 600 bales tw0-thirds Of which being exported
1865 AS the proposition OF that letter was kindred
the present plan OF an increased export Of cotton
by which restore specie payments 1t Is here in
serted. The following is copy OF that letter.
TO ABRAHAM LINCOLN, President of the United
TAsy ,,.s Asp 4. gISAs9IAI. "A.
to Mobile or Pensacola he to Savannah river
include all Georgia. Then all the country to the Of
line would embrace the most of the cotton region.
FinanciaLet things shaped as to have perfect mill
tay protection and security given to this cotton region while
afty cents pound 800 bae gold price, IL
$500 twohrds which can be exported 000
The natural will he knock exchange TO below par
giving tide OF gold lowing from Europe to the United
States further resuspecle paymens without the strin-
gency Of cuacnt OF he paper circulation, always produc
ing such great pecuniary dislt. oance.
Admitting this prco should fall considerably below fifty
cents per pound the general results will prevail
arge volume exports In addition TO present volume
cannot produce beneficial and financial
Number Of cotton plantations which raised i've bales and
over 1866: -