The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-08

tho Northern and Southern states.
TO THE EDITOR OF THE NEW.
The Board OF Trade Of the City OF Mobile
has suggested tho policy Of requiring gold III
payment for all cotton which shall 30 SOLO
hereafter in the South, and they have appoint
ed n committee to correspond With the other
Boards of Trade in the other Southern cities,
in order to obtain that cooperation and unity
of action which, for success, this policy may
require. The subject is worthy of our gravest
consideration.
The Board Of Trade of Mobile has in this
STEP in the humble opinion OF the writer, had
the honor of laying before the people OF the
South proposition involving perhaps the
most momontous interest OF any question pre-
sented to their consideration since the issue
made Of secession. 1t is problem that will
touch every mans household. If carried into
effect, the quick intelligence Of the people oi
Mobile will have the applause OF having de-
veioped policy which may do more to rein
state the fallen fortunes of the South, and the
pecuniary integrity of the United States Gov
ernment than anything suggested since the
reign of Radical folly and perhdy.
It is question so wide IN its ehects, and so
ramifying in it's operations, that it is quite
impossible to attempt. in brief article, to
follow its bearings upon every branch OF trade
and industry. 1T is necessary to contine the
consideration OF the subject to few leading
heads.
It is not supposed that any well-informed
man in the United States believes that the debt
of the United States will ever be paid; whilst it
may be admitted (simply not to make ques-
tion) that wi, the natural resources of the Uni
: ted States it is within the range Of possibility
ment might be discharged under an honest,
impartial and economical administration OF
affairs. 1t seems to me altogether visionary,
not to say absurd to anticipate any such result
under the vulgar and irresponsible despotism
of o lawless Northern majority. The Northern
majority which rules the United States do not.
in the first place. wish these debts to be paid.
The continued existence OF these debts as a
source of political power, is an essential ele-
ment Of their continued rule; and the Govern
ment Of the United States In their hands s
trolled by their powe1s-the national debt,
the national banks, and the manufacturing
capital. These have set up an arisocracy Of
rulers of the United States Debts and paper
money are essential to their hagitious rule;
and II tomorrow every debt due by the United
States tk was paid Ia and specie was resumed as
dlately, If they could, plunge the country back
INTO indebtedness and paper money. A con-
solidated, central government, with despotic
This can best be obtained by extending the
powers of the government over the pecuniary
interests Of the people.
Independent Of the debts of the States which
they intend to assume, the territorial expan-
sion of the United States is intended to afford
ample resources for future Indebtedness ex-
pc eaditnre and patronage. by which the govern
ment shall be strengthened and centralized,
ana the power Of these people perpetuated.
Neither the tolls nor the struggles the brains
nor the muscles Of the people Of the United
states can ever restore to them an economical
or equitable government.
From this conclusion as q premise, proceed
to the subject matter under Consideration; and
in this condition Of things, it cannot too graye-
~ be considered by the people Of the Southern
States. what part they are to act. They can
not govern; but they can influence, rebut, and
destroy. At present they are hustled into the
bottom of the hopper to be ground out and
made meet Tor Northern consumption. After
all their devices of destruction and debase-
ment, our cotton and other produce still re-
main to be made instrumental to their wealth.
ana 70 the support OF their whole government
al policy.
Surprising the cotton crop or this year to be
twenty four cents per pound-and four hun
dred and fifty pounds per bale, it will have pro
duoed in found numbers two hundred and
seventy millions OF dollars in United States
paper money, or putting that mopey at thirty
three and oae-third per cent below par (if any
body can define it's vaIue) it will have produc-
ed one hundred and eighty millions Of dollars
in l.eSdt g9ld, n,,,a.;o :, ..
paper money, or OF receiving gold for this pro-
d dSas Ssnd the question is equally applicable to
bearing upon Northern capital and industry,
and ita bearing upon Southern capital and in
dustry. They will be discovered to be dame
'.,-
Let usi fraf glance AZ it's effects upon bank
ing operations at the North and at the South,
considering aIso The bearing of these opera
tio1s npon All other industries..
as the Nofth2 !It is purchased from the plan
tefs of ths,soutl by gnited States paper mo.
saasss!y ,d, by natons II bank paper based
I s. r s os fss g. ssis pas pspep ,s amp9 to
sR only 4 cheat, and nothing more
Eole security for paying anything is IN
NMasefl ktStes bonds, due some ten, or twenty,
sgaI years hence, when we all may be in
heaven.. These banks have about four hun !
dred millions of paper money out, correspond |
ing to the f0ur hundred millions of United |
States bonds, which constitute their capital,
With this four hundred millions OF bank notes
they had wide employment for the purchase
OF cotton IN the South, to the extent Of their
demand. 1t was lucrative occupation, and it
goes far to account for their twenty per cent.
The price OF cotton is gauged by the stand
ard Of specie. Useful as gold in the most i'm
portant commercial and government opera
Ions. what does the North give us for it2
the value OF specie, with not single dollar
security for paying o cent Of it. By this ope-
ration they come down to the South. buy our
cotton, ship it to New Yorkwhich has now
one hundred and eighty millions Of dollars in I
gold That our cotton realizes, nothing is left in
the South but their reckless and faithless |
promises to pay-the price Of the blood of our
gead and Of our living ma,.neu. Auey anaefGv I
our gold and the South has their paper.
Aportion of this cotton, it is true, does not |
20 abroad. 1t ia computed that six hundred |
thousand bales are consumed in tho Northern |
cotton mills. II they had obtained this cotton |
from, other nations, they W ould have been OBJ |
iged to pay specie for it. .Bmt they do better
than that. They give us their waste paper for
our cotton, work it up into manufactured goods.
and then compel us to buy them at their own
prices, by excluding all foreign competition by
their prohibitary tariffs. Ali this appropria-
hon and use of our cotton is .complished
without one dollar laid out in specie. 1t is all
the benefcent operation OF small printing
press. By that, the bonds Of the United states
are printed, next the notes Of the banks, based
upon them, are printed, and then page or two
Of printed matter under the nomenclature OF
statutes Of the United States, imposing the
tariff taxes and the one hundred and eighty
millione Of gold that our co ton realizes a COM