of us shall be overrun by the enemy. On that you may count. The government, while it desires to carry on the war, establish your independence, and maintain the government, at the same time wishes to do it in such a way as not to cripple industry; and while our men are in the field fighting the battles of their country, their brethren at home are discharging an equal duty, so that no serious detriment to public property will be sustained; and 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-lend to the government the proceeds of but one-half, that will be one hundred millions of dollars, double what the government wants, or did want when we adjourned-quite enough to keep two hundred thousand men in the field--the balance you can use as you please. I now will read to you, just at this part of my address, the proposition, upon which I will make some comments, for I wish every gentleman to understand it. It is not asking a donation; the government simply wishes to control the proceeds of your cotton. The government proposes to give you a bond bearing eight per cent. interest, paying the interest semi-annually. It is not a gift or donation, but simply your surplus cotton, as much as you can spare. This is the proposition: "Fix the day of sale as soon as you please; the first of January, the first of February, or the first of March, if you please; though I am aware the government wishes you to sell it as soon as convenient; but let each planter consult his interest, and in the meanwhile consult the market. But to proceed : "And our net 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 to be sent into the hands of his factor, or his commission merchant. He only tells the government in the subscription the portion he can lend. He directs it to be sold, and the proceeds to be invested in Confederate bonds. I understand that a committee will be appointed before this meeting adjourns to canvass this county. Every planter, therefore, of Richmond county will be waited upon and afforded an opportunity to subscribe. I wish, therefore, to say to that committee and everybody, subscribe. I prefer your putting down first, your name; second, the number of bales; and I prefer you putting down the proportion of your crop. I want especially the number of bales, but would like also to know the proportion it bears to your crop. Let everybody, therefore, put down a portion of their crop, if it be two bales, or fifty bales, or one hundred bales, or five hundred bales. Inquiries have been made of me, and I take this opportunity to answer them: Whether these bonds will circulate as money-will they pay debts ?' On this point I wish no mistake. They are not intended as currency; they are unfitted to answer the purpose of circu CONFEDERATE BONDS. lation. The bonds are larger than this paper. (A letter-sheet.) The obligation is on the upper part of it, and the whole of the lower part is divided into forty squares or checks. In each one of these checks the interest is counted for each six months for twenty years. The checks are called coupons, and all the party holding them has to do is every six months to clip off the lower coupon, send it to the Treasury and get his interest. The bond is not suitable to carry in your pocket-book and use. It would wear out. It is intended to represent a fixed capital or permanent investment—just so much as you can spare from your cotton crop. That is all. Instead of putting your surplus in lands, negroes, houses, furniture, useless extravagance or luxuries, just put it in Confederate bonds. But while I said it was not intended to circulate or to pay debts, I have not the least doubt that anybody who will sell his crop entire for bonds, will find no difficulty in getting the money for them, for they draw interest, and are better than money; and any man holding a note will give it up and take a bond, for a note draws but seven per cent., and this draws eight. I have no doubt that all minors and trust property will soon be invested in it. The entire amount of private funds in the State of Georgia, on private loans, I suppose is ten or twenty millions of dollars at seven per cent. All that amount will immediately find its way into these bonds, and hence a planter who sells his entire crop, and needs money, can get it from the money-lenders on these bonds. I have been frequently asked if these bonds were good. Well, I want to be equally frank upon that point. If we succeed, if we establish our independ 475 ence, if we are not overridden, if we are not subjugated, I feel no hesitancy in telling you that it is the best government stock in the world that I know of. It is eight per cent. interest; and if we succeed in a short time-in a few years, if not more than one hundred millions or two hundred millions are issued, I have but little doubt they will command a considerable premium. The old United States stock (six per cent. bonds) five years ago commanded fifteen and sixteen per cent., and went as high as twenty per cent. Take the Central Railroad. The stock of that company commands fifteen per cent. premium now. These bonds pay eight per cent. semi-annually ; therefore, if there is a short war, these bonds very soon will command fifteen or twenty per cent. But candor also compels me to state that if Lincoln overruns us--if we are subjugated, these bonds will not be worth a single dime, and nothing else you have will be worth anything. If we are overrun, they will be worth just as much as anything else you have, and nothing else you have will be worth anything. (Laughter.) So that is the whole of it.” Having thus fully unfolded his proposition, the orator offered some speculations on the probable duration of the war, not of a very hopeful character, for its short continuance. With these were interspersed reflections on alleged infringements of the Constitution by President Lincoln, such as his calling for an army and suspension of the Habeas Corpus privilege, without the special authority of Congress-a criticism which certainly lost much of its force from the position of the critic-an enemy in arms against the Government, whose powers, under the circumstances, he might natu 476 WAR FOR THE UNION. rally be disposed to depreciate. In fact, thing more about it. They have not the as a genuine secessionist, he considered it wholly "unconstitutional" to attempt forcibly to put down the rebellion. money. That is true. I suppose the North now might raise one hundred millions in gold and silver. I have not It is curious to note the calculations seen the returns of the banks. But of so well-read and thoughtful a man as their money-lenders are not going to the Confederate Vice-President at this lend it. Some say that the war is going time, and, "I tell you," said he, "the to be a short one. "the to be a short one. No, my friends, do revolution is at the North. There is not lay the flattering unction to your where constitutional liberty has been souls. How did the Jacobins raise their destroyed; and if you wish to know my money? Why, they laid their hands judgment about the history of this war, upon it; and this is the way they will you may read it in the history of the do at the North. First they will issue French Jacobins. They have become a scrip; but the Secretary of the Treaslicentious and lawless mob, and I shall ury cannot come up and tell them that not at all be surprised if in less than it is wrong. He has not the nerve; and three years the leaders in this war, Lin- he might lose his head if he were to do coln and his Cabinet, its head, come to it. They may issue four hundred milthe gallows or guillotine, just as those who lions of Treasury notes, and thus get led the French war (applause); for hu- along for twelve months, or perhaps for man passions, when once aroused, are as two years, before they are too much deuncontrollable as the elements about preciated. They will then issue scrip us. The only hope of mankind rests in against the rich man's property. What the restraints of constitutional law, and is to be the result of this war? I am the day they framed and ratified these not a prophet, but I look upon it as lawless measures of Lincoln, they dug fraught with the most momentous, contheir own graves. They may talk of sequences, not only to us, but to the freedom and liberty, but I tell you no people of the North. I have always people without rulers sustained by con- believed that if the Union were destroystitutional law can be free. They may ed the North would run into anarchy be nominally free, but they are vassals and despotism. We are the salt of the and slaves, and this unbridled mob, concern, and it is only questionable when they attempt to check it, Lincoln whether or not we have quit too soon. and the rest will be dealt with just as I That is the only doubt I have. Where tell you it was in France. Why, the it will end I do not know, but never conservative sentiment of the North is again will they enjoy constitutional govagainst this war. When I tell you it is ernment at the North. They never unfanatical, I do not mean that all men are derstood it. Constitutional liberty is a fanatics. Just as the sturdiest trees of plant of Southern growth, watered by the forest yield to the blast of the storm, Southern hands, nurtured by Southern so have the friends of the Constitution hands, and, if it is to be maintained, to yielded at the North. How is Lincoln live to light the world, it is to be done to get those four hundred millions of in the Southern Confederacy. At the dollars? I told you I might say some- North there is anarchy. Property will THE WOMEN OF THE SOUTH. 477 migrate just as it did in France. That ments which actuate our soldiers. The is the end." attractions of the women are a power like that which holds the orbs of the universe in their proper places. Now then, in this work you have much to do, and if the men are in doubt how much to subscribe, I am perfectly willing that they shall go home and ask their wives." In conclusion, the orator, not without an eye to the object in hand, introduced that indispensable part of a well-regulated popular discourse, to an audience of both sexes, a compliment to the ladies, whose active participation in the support and encouragement of the rebellion, In addition to the "produce loan," for it must be admitted, well entitled them which the planters received the bonds to the attention. "The patriotism of the of the Confederacy, the Congress at women, I believe, throughout the country Richmond authorized the issue of one where I have been the mothers and hundred millions of treasury notes, daughters has not been behind the drawn payable to bearer at the exmen, but even ahead of them. In Mont-piration of six monthsafter the ratificagomery, when the order came from Gen- tion of a treaty of peace between the eral Bragg for ten thousand sand bags, Confederate States and the United States, the women turned out on the Sabbath, and exchangeable for eight per cent. as well as the week days, and completed bonds, and imposed a direct tax, which the order in a very short time. In other was assumed by the States, of fifteen places, where volunteer companies had millions of dollars. A war tax was also been called out, the ladies have made imposed of fifty cents upon each one the uniforms in a remarkably short space | hundred dollars in value of real and of time. In my own county, which has personal estate, including slaves, horses, raised three hundred and fifty men, the ladies made the uniforms for the last company in two days, and it was ready to go with the rest. The ladies have done their duty as well as the men have. Richmond county has sent ten companies to the field. Nobly have you done your duty, and just as nobly have the women done theirs. And I wish you to understand, while I do not speak much to you, for the tented field is not your place, women exercise more influence even in war, perhaps, than anything else; and it is a problem whether they do not govern the world at last. It is their spirit which animates the soldier to fight. Some recollect the pious admonitions of their mothers, and others recollect the smiles and beaming countenances of some fair one at home. These are the senti gold watches, gold and silver plate, pianos, and pleasure carriages. Property of the value of less than five hundred dollars, in the hands of a head of a family, was exempted. The States also borrowed large sums on their own credit, to place their quotas of troops in the field. Specie, naturally, was withdrawn from circulation on the first appearance of civil commotion, and the Confederate paper money depreciated rapidly in proportion as it was multiplied, and the trade and resources of the country were cut off. The usual phenomena of a vitiated currency were exhibited. Prices of commodities rose rapidly, and prudent dealers were accused of extortion when the value of their goods was enhanced by the blockade and interruption of traffic, and the return offered for The post of Secretary of War, previously held by L. Pope Walker, of Alabama, was now taken by J. P. Benjamin, of Louisiana, when the latter was succeeded in his office of Attorney-General by Thomas Bragg, formerly Governor of North Carolina. Robert Toombs, of Georgia, also resigned the Secretaryship of State, and was succeeded by R. M. T. Hunter, recently United States senator from Virginia. them was comparatively worthless. Pa- three years. It was resolved also to triotism was appealed to, to give a increase the naval force. fictitious value to the promises to pay of the government, and force, when necessary, to provide for the wants of the army, supplied the absence of patriotic confidence. Every principle of equity and the law of trade was set at nought, to give effect to the irredeemable paper thrown upon the country by the government, states, cities and corporations. It was the object of the government, of course, to keep the issue of treasury notes at the lowest point, and in accordance with this well-understood policy, the Secretary of the Treasury, Mr. Memminger, was compelled to refuse an application from the planters for the purchase of their crops. Without the opportunity of selling their products, they were actually in want. The Secretary referred the planters to the local banks for aid, and advised a change of labor, from cotton to other commodities and pursuits more available for immediate subsistence. "Let them immediately take measures for winter crops, to relieve the demand for grain and provisions. Let them make their own clothing and supplies." The Confederate army was reported at this session of the Congress to number one hundred and ninety four regiments, and thirty-two battalions, besides other detachments, making, in all, over two hundred thousand men in the field. The President was authorized to increase this force by the addition of 400,000 volunteers, to serve for not less than twelve months, nor more than An act respecting alien enemies, passed at this session of the Congress, decreed that all citizens or subjects of any foreign nation or government, with which the Confederate States should be at war, should be liable to arrest, restraint or removal, and the President was especially directed, by proclamation, to require every male citizen of the United States, of fourteen years and upward, within the Confederate States, and adhering to the Government of the United States, and acknowledging the authority of the same, and not being a citizen of the Confederate States, to depart from the said States within forty days of the date of such proclamation. A proclamation was accordingly issued to this effect by Jefferson Davis, on the 14th of August. Another act sequestrated the property owned by, or for any alien enemy since the 21st of May, 1861, be held for the indemnity of "any true and loyal citizen," who might be a sufferer by the Act of Confiscation passed by the United States Congress on the 6th of August. After a short session to * C. G. Memminger to the Commissioners appointed to the Congress adjourned, to meet again in receive subscriptions to the Produce Loan, Oct. 17, 1861. Richmond in November. |