Year: 1861

The circular Of their Secretary Of the Treasury gives no
encouraging account Of the pecuniay resources Of
the Confederate States. SO complete is the official silence
Of the rulers of the new commonwealth that we have
now for the nrst time distinct account of the nature
Of The cotton loan OF which so many vague descriptions
have been hazarded.


In the FIRST place. II s not loan or ssubscrpton Of
cotton at ALL gives the 1 no right % any my
part Of the planter subscribe for the Of the
ment certain sum Of money out of the proceeds Of
certain number Of bales Of cotton when sold. The
planter retains the produce in his custody has the OK
elusive right Of declaring when he will sell IT, and At
what price he will sell It, The government get nothing
im pyy,sa,i, and it is open to the obvious effects
of many contingencies whether the government will ever
get anything The planter may become bankrupt aud the
cotton on his estate may be seized by his creditors
he be needy and fraudulent and dispose Of the crop
surepitiously All tho government appears to receive
the salo but the factor have present pos
OF the cotton for the government will not permit


10 oe prougnt uoWh 70 tue seaport Town Where no con-
ducts his business. He only pay the government
when he receives and sells the cotton, and especially
the Confederate government should chance TO be
casfu he may never receive or sell IL. Some other
broker who has cogniZance Of the transaction, may
be selected to sell the cotton and to transmit the proceeds
10 the planter From othor parts Of Mr. MeInmnger's
circular would appear that just the planters
extremely desirous OF cash.


by thh uncertain promise to make loan at distant
periodf They gain, or hope to gain, present credit


They bind the most wealthy part Of the population 70
give them aid, not indeed now-for even the richest
planters have now little money though much cotton
but it is in their power. The government gets
n u can from its future supecis ana ~ 1nsi 10 "n II
as best 1t may.


The government must want credit exceedingly. II is
issuing promissory notes. which Mr. Memminger Officially
tells have supplanted all the other currency OF the
country IL is carrying a Of srtee NToa ctedn,
and the sole podey Is that is stccesul has been.
Probably rather stringent would be put in force
bpth by the government and the popuace against any
cautious person who objected to take Treasury notes AZ
tbe government are issuing vast paper currency II
naturally wishes to have some rague connection nth real
acdth and asks even the present promise Of nonnay
secured loan at AZ indefinitely distant period.


such is the glimpse which Mr. Memmnger affords Of his
own Treasury TIE account he gives Of that Of the plant
! ers is not much better. II appears they want
loan TOO As they to lend to the government some.
thing hereafter as soon as they have sold their
cotton, they ask the government to crd them q
ltte n9w TO carry them the trying interva
previous 10 it's sale. The government is issuing
countless promissory notes. and the planters wolid like
not unnaturoy some for their own use But anon this
Hr. Meumnger is even enusngy storm. He rs def
Client m poitcsi economy. lie says lie wants his
for himself. lie mas very expensive TO carry
snd his resources are tried TO The utmost and portion
Cf them can DO squapdeged II be helped the planters