The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1874-04-09
1.-THE LOST CAUSE"


extract from Gen. Joseph E. John
ston's new book, in which he shows
what he thinks is the cause Of the
collapse of the Confederacy. 1t is an
able argument, and viii be read with
interest. Mr.. Memminger, first Sec
rotary Of the Confederate Treasury,
takes issue with him, in communica-
tion to the Charleston Courier, and
says that it was utterly impossible for
the government to make the cotton of
the country available in the manner
proposed. First, because it had not
the money with which to purchase it
from the planters; and, secondly, be-
cause without means of transportation
under blockade it was impossible,
after the commencement Of hostilities,
to get the cotton to Europe in any
considerable quantities. Al the cur
rency the government could provide
at the time was needed to meet the
daily demands on the treasury, and if
the cotton had been purchased for
bonds, "the bonds would have been
thrown on the market TO meet the
necessities of the planters, and their
value as means of funding the sur
plus currency would have been de-
stroyed, thus breaking down the Con-
federate currency within the first year
Of its existence; whereas, the plan
pursued sustained the credit of the
Confederacy until broken down by
calamities under which no credit could
survive"
Another correspondent Of the Cou-
rier, over the signature "T," Supposed
20 be Mr.. James L. Trenholm, who
was the successor of Mr.. Memmingcr
in the Confederate Treasury goes
into a critical examination Of the facts
cited by Gen. Johnston in support of
his views of the cause of the failure
of the South. He says:
Let US examine the facts upon
which this theory rests, and without
the support of which it must necessa-
rily fall to the ground. The crop of
cotton available for this scheme must
necessarily have been that of 1SG0-G1.
1t could not have been the crop Of
which the seed was not yet put in the
ground when the government was
formed at Montgomery. What was
then the crop Of 1S66-G1? Was it
100000 to 100000 bales, and
was it accessible for immediate export
alton?
The crop Of 1S60-G1 was officially stated
Si9, 600
OF this quantity the consumption OF the
Southern States took oh..........-..-.-... l;E,Op
Leaving for ,Gi6. DJ
Let US now see what proportion of
this quantity was available III the way
described By Gen. Johnston.
Up to the 28th Of February, The
month that gave birth to the infant
government, 5000, 600 bales had been
received at the seaports, and the great
bulk of it had been exported to Europe
or been sold to the New England
spinners. By the 1st of May $50, 600
bales more had been received and sold.
England and the Continent took B.
127,000 bales; the New England
spinners J54, 900 bales.
It viii thus be seen that before the
new government was fairly organized
the entire crop was beyond its reach.
Another crop followed, it is true, but
no part of it was ready for market
before the month of September cnsu-
ing. This all viii agree in; and they
will also agree that the expectation in
any quantity was an absolute impossi-
bility. There were 10 vessels in the
ports of the Confederacy; the last had
left before the expiration Of the sixty
days allowed to foreign tonnage under
the blockade proclamation. The only
vessels that took out cotton after that
time were the foreign steamers that
ran the blockade to procure cTgoes Of
cotton for the owners. They came in
smallnumbers and one or tw0ata time.
Had the government seizetone of them
for lis own use, or prevented them from
leaving with cotton, they would have
ceased to come.