Year: 1861

Augusta, Ca recently, on the subject of the Cot


ton Loan and the war. He explained the nature


OF the Bonds to be issued by the Confederate States


The able speech is published at length in the
Charleston Mercury, from which we make the


following extract:


Upon reasonable and ordinary estimate we


grow four millions of bales of cotton | am here


to-day to discuss before you the fifty million loan


but am frank to tell you, it may be one hundred


millions, and think it propably will be. The


proposition that the Government makes, is not to


tax the people. The object of wise and good
Government is to make the burthens fall as light


upon the people as possible, to meet every exi-


gency. The proposition the Government makes.


therefore, is to take loan in produce. In the


grain growing sections the members of Congress
solicit the loan in grain, army subsistence meat,


corn, wheat and flour. We not grain grow
ing country. Our supply is cotton. l address
you, therefore, solely on the subject of cotton.


The object is to get along with little tax as


possible; but, my countrymen, do not suppose the


Government will not tax you, if necessary; for |


tell you the Government does not intend to be


subjuoated and if we.do not raise the money by


loans, if the people do hot contribute, [ tell you


we intend to have the money. and taxation will be
resorted to if nothing else will raise it. Every life
and dollar in the country will be demanded rather
than you and every one Of US shall be overrun by
the eenemy. Applause On that you may count
The Government, while it desires to carry the
war, establish your independence, and maintain
the Government, at the same time wishes to do it
in such way as not to cripple industry; and while
our men are in the field fighting the battles of
their country, their brethren at home discharg
ing an equal duty, so that no serious detriment to
puplic property will be sustained, aud We have the
element to do this that no other people in the
world have.


Now then, if four millions of bales of cotton are
made, upon an average Price they Will bring two
hundred millions Of dollars. If the cotton planter
will but lend--not give--lcnd to the Government
the proceeds Of but one-half, that will be one
hundred million Of dollars, double what the Co
vernment wants, or did want, when We adjourned
quite enough to keep two hundred thousand
men in the fcId-the balance you can use as you
please.


l now will read to you, just at this part Of my
address, the proposition upon which | shall make
some comments, for l wish every gentleman to
understand it. 1t is not asking a donation; the
Government simply wishes to control the proceeds
Of your cotton. The Government proposes to give
you bond bearing light per cent. interest, paying
the interest also, scmi-annualy It is not gift
or donation, but simply your surplus cotton, as
much as you can spare. This is the proposition:


"We the subscribers agree to contribute to
the defence of the Confederate States that portion
Of our crop set down to our respective names; the
same to be placed in warehouse in the hand Of
our factors and sold on or before the - next


Fix the day of sale as soon as you please; the
first Of January, the first Of February, the first
of March, if you please; though [ am aware the
Government wishes you to sell it con-
venient; but let each planter consult his interest,
and in the meanwhile consul. the market. But
to proceed:


sAnd the nett proceeds of sale, We direct to be
paid over to the Treasurer Of the Confederate
States for bonds for the same amount, bearing
eight per cent. Interest.


There is the whole of it. The cotton planter
directs his cotton be sent into the hands Of his
actor or his commission merchant. He only tells /
he Government in the subscription the portion he !
AN lend He directs it to be sold, and the pro-
,ecGs to be invested in Confederate Bonds.


Inquiries have been made of me, and | take this |
,pnortrnity to answer them: "Whether these |
,onds will circulate as money-will they pay
iebts :" On this point wish no mistake They !
re not intended currency; they are untitled to
nswer the purpose of circulation. The bonds
arger than this paper. "a letter shect) The
litigation is on the upper part Of it, and the
Thole of the lower part is divided into forty
quares or checks In each one Of these checks
he interest is counted for each, six months for
wentv wears. These checks are called coupons,
nd all the party holding them has to do IS every
tx months to clip off the lower coupon, send it to
he Treasury, and get his interest, The bond is
ot suitable to carry in your pockct-book aud use.
t would wear out. 1t is intended to represent
xed capital, or permanent investment-just SO
nuch as you can spare from your cotton crop.
hat is ali. Instead of your putting your surplus
lands, ncgros, houses, furniture, useless extrav-
gance or luxurics, just put it IN Confederate
'onds.


But while said 1t was not intended to circu-
tie or to pay debts, | have not the least doubt
Tat anybody who will sell his crop entire for
onds, will fnd no difficulty in getting the money
IT them, foi they draw interest, and are better
IAN money, and any holding note will give
up and take bond, for a note draws but seven {
er cent and this draws eight. l have no doubt i
lat all minors and trust property will soon be ;
vested in it. The entire amount OF private {
,nds in the State of Georgia on private loans, t
lppose is ten or twenty millions of dollars at t
ven per cent All that amount Will Immediately
I'd its way into these bonds, and hence planter {
ho sells his entire crop, and needs money can get
from the money-lenders on these bonds &
[ have been frequently asked il, these bonds
ere good. Well, | want to be equally frank
oon that point If we succeed, if VIC establish