The cotton loan.
--On a certain occasion, while Burke was making a great speech in the House of Commons, he quoted the well-known maxim, "Magnum vectigal pessima est parsimonia"--a heavy tax is the worst economy. Either through inadvertence, or because he knew no better, he pronounced the i in vectigal short. He was instantly corrected by Pitt, who said in a half-whisper, loud enough to be heard all over the hall, "vectigal," "vectigal." "Vectigal, then," retorted Burke. "I thank the gentleman for correcting me. since it gives me an excuse for repeating a maxim which ought to be engraven on the heart of every legislator. 'Magnum vectigal pessima est parsimonia. '"We are told we committed a sad blunder the other day in confounding the national loan of France with the credit mobilier, which, we are further told, is a tax on moveables, as its name seems to imply. We hope we shall be considered sufficiently candid when we admit that the mistake arose from sheer ignorance on our part, and sufficiently self-possessed when we declare that we are rather pleased than otherwise at the occurrence, since it affords us a graceful opportunity to recur once more to a subject which we are disposed to regard as of vital importance.
We are firmly convinced that the cotton bonds offer the best chance for an investment of any property within the limits of the Confederate States, and that, too, apart from all sentiment of patriotism, which ought to be a controlling impulse with every man in this hour of difficulty and danger. If the enemy succeed in subduing us, he will confiscate all property with the utmost impartiality. Land, negroes, and stocks, will all go the way of everything that is mortal. The cotton loan, therefore, is not in a more perilous condition than every other description of property. If we succeed, it will be the best stock in the world. If we do not succeed, it will be no worse than any other subject of property. One way to ensure success is to purchase these bonds — purchase the whole of them — and thereby retire $250,000,000 of our assignats from circulation. This, as Mr. Tyler very properly says, is the weak point of our defence. The enemy can never conquer us by force of arms, although he may be occasionally successful. If we ever are to be subjugated our ruin is to come through this breach. But there is no necessity for its coming from that quarter, or from any other. By the joint operation of the tax and this loan, if the people will only be wise in time, the currency may be curtailed, and the terrible lithographic press at the Treasury stopped short in its career. We have not the slightest doubt that if President Davis, having first procured the necessary legislation, if any further legislation be necessary, though we cannot see that it is, will but follow the example of Napoleon III. in appealing to the people to take the loan, it will all be taken in a short time. Every man can spare something to invest in his own name and that of his family for such a purpose, and no person would be required to invest a large percentage of his income. Some would, no doubt take a thousand dollars, some five hundred, some one hundred, some fifty, and some twenty-five dollars worth; and thus every man, woman and child would come to own something in the loan, and become, to some extent, pecuniarily interested in the stock. We earnestly hope President Davis will try the experiment. He has no right to doubt the success of any appeal he may make to the patriotism of the people. He has often appealed to them, and never without meeting with a triumphant response.
One word about the farmers. We are an agricultural people, and most of the money goes to the farmers. Receiving, as the farmer does now, five dollars a bushel for his wheat, he may be tempted to think he is doing a better business than he ever did in his life. We recollect, when we were a child, hearing a superstitious old negro say that Free Masons sold themselves to the devil, who furnished them with any amount of, apparently, silver dollars, which preserved their character as long as they were in the hands of the first receiver, but were sure to turn to dry leaves in the pockets of any man to whom he paid them over. Now, what if our farmers, after having sold themselves to the devil by laying out all their money in negroes for the Yankees to steal, or land for the Yankees to plunder, thereby keeping in circulation the notes which it is the all-engrossing object of the Government to retire, should wake up some fine morning and find their funds turned — not to dry leaves — but to worthless rags in their strong boxes? Such will be the inevitable consequence, we do assure them, unless some means be found to dry up the cataract of assignats which has already half drowned the country. They must assist in reducing the circulation if they wish the money in their possession to be worth more than the paper on which it is printed. They can do so very effectually by devoting, each man, a very small portion of his income to the National loan, should the President appeal to the people, and in return they will receive the best guaranteed bonds in the Confederacy.
