The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1869-10-23
Gold for Cotton.

as a general thing, are advocating
that cotton should not be sold for
anything but gold. It il asserted
that the gold ring is so powerful
that it can, for gambling purposes,
regulate the value of the money Of
the Government, and that, though
the planter may sell his cotton
for forty cents per pound in thu
morning, before evening it might
be worth little more than waste
paper. The planter has but one
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. Thosa
who buy it for greenbacks sell il
for gold. and gather all the ad.
vantages of the process of Ax.
change. Why, then, should not
the grower OF cotton have gold
for it in the first instance. We
find communication in the New
Orleans Times from r. w. Estlin
on this subject, which we recon.
mend to our readers:
The cotton fields of the South
are as gold mines to the North.
Without them New York would
soon be drained of every dollar Of
coin she now controls. j merely
refer to this to show that the
South has the power, il properly
used, to throw off this vassalage
and assert her commercial indie
pendence. The question will be-
asked how can this be accomplish
ed / answer that it can be done
by selling our cotton and other
produce for gold--nOt upon the
basis of gold as has been hereto
fore suggested, but for actual
gold, which will enable us to es.
tablish a currency in the South Of
uniform yalue-goM or ats imme.
dtate representative.
Objections may be urged that
this system would complicate
transactions between debtor and
creditor, particularly of their pres.
ent 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 now
based on what is called currency,
and the debts thus contracted are
due and payable in that currency,
or upon that beaSis. Now, how ii
this new plan to work Simply
thus: AS soon rs we commence
selling cotton for gold. nearly all
other produce and merchandise
viii be sold in the same way, and
the system viii enter into all the
ramitcations of trade, from the re-
tail dealer to the merchant who
sells his millions. The fac; or will
open new accounts with the plan
ter in gold, and the old balances,
either debt or credit, will be .ad-
justed between the parties either
in the present currency, or in ref
erence to its value in gold. All
purchases Of supplies made by
the factor for account Of the plan.
ter will be made in gold, and his
whole account hereafter kept in
that way. This will not prevent
him from drawing on his mer-
chant payable in greenbacks, OF
what is now called currency; the
merchants will purchase them,
charging him with the costing gold
1t will be only necessary, in draw
ing drafts, to state whether they
are to be paid In United States
currency or gold. Where con.
tracts are made on time the con-
tracing parties can stipulate for
gold or greenbacks, as they please
for l presume no one will deny
that a man can bind himself for
the performance of any other con-
tract. | think what have just
stated will remove the objection
of complication in accounts.
Now, under the proposed sys-
tenn, all exchange must be bought
and sold for coin /; and in this con-
nection | would remark that our
banks, with the exception of one,
have proved their entire solyency
and good faith, as well as the eff
cheney of their management under
trying circumstances, and have
the full confidence of the public.
This will enable them, If they
deem it expedient, to issue certin-
Gates of deposit payable to bearer
in gold in various denominations
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