CONFEDERATE STATES. 



143 



Farther, as a State is recovered or brought un- 

 der the control of the Federal arms, like Flori- 

 da and Tennessee, there will be no opportunity 

 to convert the subscriptions to the advantage 

 of the Confederate Government, however fa- 

 vorably disposed the subscribers might con- 

 tinue. The ultimate loss of the amount sub- 

 scribed must be complete, if the Federal arms 

 are successful. 



The views of the Government itself, on the 

 character of this loan, were very fully explained 

 by Vice-President Stephens, in an address to 

 the cotton-planters at Augusta, Ga., on the llth 

 of July : 



" I am here to-day to discuss before you the 

 fifty million loan, but I am frank to tell you it 

 may be one hundred millions, and I think it 

 probably will be. The proposition that the 

 Government makes is not to tax the people. 

 The object of a wise and good Government is 

 to make the burdens fall as light upon the peo- 

 ple as possible to meet every exigency. The 

 proposition the Government makes, therefore, 

 is to take a loan in produce. In the grain- 

 growing sections, the members of Congress so- 

 licit the loan in grain, army subsistence, meat, 

 corn, wheat, and flour. We are not a grain- 

 growing country. Our supply is cotton. I ad- 

 dress you, therefore, solely on the subject of 

 cotton. 



' The object is to get along with as little tax 

 as possible ; but, my countrymen, do not sup- 

 pose the Government will not tax you if neces- 

 sary ; for I tell you the Government does not 

 intend to be subjugated ; and if we do not raise 

 the money by loans, if the people do not con- 

 tribute, I 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 coun- 

 try will be demanded, rather than you and 

 every one of us shall be overrun by the enemy. 

 On that yon may count. The Government, 

 while it desires to carry on the war. establish 

 your independence, and maintain the Govern- 

 ment, 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 dis- 

 charging an equal duty, so that no serious det- 

 riment to public property will be sustained ; 

 and we have the element to do this that no 

 other people in the world have. 



" Xow. then, if four millions of bales of cot- 

 ton 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 yon, just at this part of 

 my address, the proposition upon which I shall 

 make some comments, for I wish every gentle- 

 man to understand it. It is not asking a dona- 



tion ; 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 : 



" ' We, the subscribers, agree to contribute to 

 the defence of the Confederate States that por- 

 tion of our crop set down to our respective 

 names; the same to be placed in warehouse 

 or in the hand of our factors, and sold on or be- 

 fore the next.' 



" Fix the day of sale as soon as you please ; 

 the 1st of January, the 1st of February, or the 

 1st of March, if you please ; though I am aware 

 the Government wishes you to seH it as soon 

 as convenient ; but let each planter consult his 

 interest, and in the mean while consult the 

 market. But to proceed : 



" ' And our net proceeds of sale we direct to 

 be paid over to the Treasurer of the Confeder- 

 ate States, for bonds for the same amount, bear- 

 ing eight per cent, interest.' 



" There is the whole of it. The cotton-plant- 

 er 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 Con- 

 federate bonds. I understand that a committee 

 will be appointed before this meeting adjourns, 

 to canvass this county. Every planter, there- 

 fore, 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 pro- 

 portion 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 circulation. 

 The bonds are larger than this paper, (a let- 

 ter 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, or for twenty years. The checks are call- 

 ed 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 in- 

 terest. 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, ne- 



