Year: 1861

would be engaged in tanning leather and mak' ing shoes and producing many other recessary articles that have, in consequence of the block

 ade, become scarce and dear. In short, every

 bran, h of industry and enterprise would receive

 new life and increased power. And, having

 thus given life and strength to industry and en-

 terprise, we would find, at the close of this war,

 should 1t last as long as three years. and the

 blockade continue during that time, that we

 were, to great exteIt, independent of other

 natons-except for coffee, tea, pepper and some other products peculiar to other countries, and

 which cannot be produced in sufficient quanti- ties in this climate. The government, by this means, having obtained the control and owner sh If the entire cotton crop and consldera ble quantity of tobacco, could, at the close of the war, apply the proceeds, when sold, to the redemption of the treasury notes heretofore au- thorized to be issued, and for any other purpose for which money might at that time be greatly needed

 And if at the close of the war, the amount of money thus created by the common will of the people of these States, should be ascertained to be too much for domestic use, and for that or any other cause 1t became necessary to redeem portion or all of 1t, the government having been relieved from debt by the proceeds of her cotton and tobacco-estimating her credit by her climate, soil and productions, and the enterprise and growing prosperity of her ciiiAens-would find no difficulty in procuring the means for that purpose, upon her bonds at twenty years, bearing rate of interest not exceeding six or seven per cent.

 have not space, in this circular, to anticipate the objections that might be presented against this scheme, much less to point out and explain the different modes by which any evil that could possibly attend it could be averted. Suffice it to say that, in my judgment, no injury either to the people or the government can result from it during the existence of the war; and at its close our government could, by judicous legis- laton, anticipate and prevent any injurious con- sequence by which 1t might otherwise be fol- lowed

 There are other modes by which the country could be furnished with a circulating medium, but the foregoing is the only one by which that currency can be made money.

 Most of the business men of our country would be willing to take any currency toat the govern tnent might be willing to put in circulation but not so with all of our people. Many of them entertain deep.rooted prejudice against pa per currency, for the reason that it is not money, and will not pay taxes or judgments, or be re ceived for public lands, and is always subject to depreciation. The cotton planter cannot take anything in exchange for his cotton that he can not use in buying mules, pork, flour, iron, and other articles needed on his plantation.

 For these and many other reasons, have thought 1t best for the citizens of this govern ment, acting as one man through their respec- tive conventions to raise the paper put in circu- lation by the government in exchange for cotton, upon a level with gold and silver. Some may co nceive this to be bold measure; but if the exicencies of our country demand it, no one should cautiously oppose it.

 The old continental money, and that at one time put in circulation by the government of France, were wholly different from that above suggested, in almost every essential ingredient. They were not based upon the products of their countries, were not made legal tender, except to limited extent, and that during the exis- tence of the wars in which their governments were then engaged, and no longer. There were no limits to the amounts to be issued, except the wants of those governments, and they were forced upon the people without their consent- et notwithstanding these defects, it IS believed that the benefits derived by those governments from these currencies during the existence o. the wars then upon them, more than balanced the losses by which they were afterwards fol lowed.

 Failing in this, however, will initiate the example of our brave volunteers. (who, rot be ing able to get minnie rifles, cheerfully took percussion muskets,) and give my support to any other scheme that may be presented to Con- gress for the purpose of providing the citizens of these States with a currency in exchange for cotton, provided there are sufficient guards thrown around it to protect the people and the from heavy lOss

 There are other subjects upon which would like to address you, but having already extend ed this circular to too great a length, l must refrain from doing so. An honest desire (un- attended, as 1 trust, by any selfish motive) to relieve the country, as far as can be done by legislation, against the evils that are now upon us, has induced me to become candidate to represent you in that body; and should be elected, you may rely on my bring ing to bear for that purpose, whatever of ability and energy that I may possess.

 Your fellow-citizen, s. r. ARNETT.

 MONTICELLO, ARK, Oct. 3, 1861.