Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1874-04-09

cents per pound on cotton, ana q
the same rate on other Jprosllce,sal Il
may. therefore, be very iilirly SCI
down at about one hundred millions
If we consider first, the least OBJ
iectionable of these plans, it is Ger.
tainly that which requires the small,
est sum; and if this be found I'M
practicable, the larger must of neces'
sity be rejected. Our inquiry, then
may be narrowed down to a proposal
that the government shouldissue one
hundred millions Of treasury notes,
to be distributed among the planting
community upon the pledge OF the
forthcoming crop.
The first remarkable feature in
this scheme is, that it proposes that 9
new government, yet struggling for
existence, should reject all the lessons
of experience and undertake that
which no government, however long
established, has yet succeeded in
efecting. The I" organization OF Ia
Dor" has called forth many ingenious
attempts, both speculative and prae-
tical, among well-established govern
ments, but always With disastrous
failure. With US, however, the ex,
pertinent is proposed,to a.new gov
ernment, which is engaged in 81.
gantic war, and which must rely on
credit to furnish means to carry on
that war. Our enemies arein posses
sion of all the. munitions and work
shops which have been collected du-
ring forty-fve years of peace-their
! fleets have been built up at our joint
expense. With all these on hand,
they yet are obliged to expend near
ly ten millions OF dollars per week
| to carry on the war. Can we expect
to contend with them at less than
half that expenditure :? Supposing
that it may require two hundred mil
lions OF dollars then the proposal is
that at time when we are called
upon to raise this large sum for the
| support of the government, we shall
raise a further sum of one hundred
millions for the benefit of the plant
ing interest.
For it must be observed, first, that
| the government receives no benefit
whatever from this advance. The
money is paid to each individual
planter, and in exchange the govern
ment receives only his bond or note
or, if the cotton be purchased, the
goverumentrecelves only certain bales
Of cotton. That is to say, the gov
ernment pays out money which is
needtul to its very existence, and re-
ceives in exchange plantere' notes OF
produce, which 1t does not need aud
cannot in any way make use OF.
1t must be observed, in the next
place, that treasury mites have now
become the currency OF The c.untry.
They are, therefore, at present, the
measures oil value In this view 1t
is the duty OF the government to lin
it their issue, as lar as praetlcables,
-tz,-phah4..aepnt which Is. theSsllmit. OF
its currency. Every person acquaint-
ed with this. branch OF political scl-
ence is aware that if the currency
passes this point it not only becomes
deprecated, but it disturbs the just
relations OF society precisely as though
an arbitrary authority should change
the weights and measures of the
country. If the currency of a coun.
try should be suddenly extended
from .one hundred to two hundred
millions of dollars, that which was
measured by one dollar is now meas.
ured by two, and every article must
be rated at twice its former price.
Of course all contracts are disturbed.
The debt incurred before the increase
is discharged by paying one: hall Its
former value and each article pur-
chased must be paid for at double its
former price. The government. from
the necessities OF war, is the largest
purchaser. and thus. by a, kind oil
suicidal act, compels itself to pay two
dollars for what one would have for
merly purchased. And, at this rate
of advance, two hundred millions OF
dollars canseffect no more than one
hundred millions of dollars would
have effected before; or, In. other
words, one hundred millions Of dol
lars are actually sunk in the opera
ton.
Such condition of the currency
the government has anxiously en-
deavored to guard against. The War
tax was laid for the purpose of crea-
ting demand for treasury notes, and
a security for their redemption. The
redundancy has been carefully guard
ed against by allowing them to be
funded in. eight per cent. bonds. Ii
necessity shall compel the govern
ment to issue for the defence Of the
country and to keep oututwo hundred
millions, it is plain that every acces-
sion must impair and may defeat all
these precautions. sin
If the government should under
take, for the sake Of private interest.
so large an increase Of issues, it may
hazard its entire credit and stability.
The experiment is too dangerous, and
relief for the planters must be sought
in some other direction. And may
not the remedy be found ?
In the first place, let the planters
Immediately take measures Tor win.
ter crops, to relieve the demand for
grain and provisions. Let them pro-
.ceed to divert part Of their labor
from. cotton, and make their own
clothing and supplies. Then let them
apply to the great resource presented
by the money capital in banks and
private hands. Let this capital come
forward and assist the agricultural
interest. Heretofore the banks have
employed large part Of their capi-
tai in the purchase Of Northern ex-
change. Let them apply this por.