The Daily Phoenix

Gold for Cotton.

To the question whether the Southern planters should receive any thing but gold for cotton, a West Tennessee farmer argues as follows:

"In years past, when we used to make three or four millions of bales of cotton per annum, we were foolish enough to send it North and take Yankee rags for it. That system kept us poor then, and yet I fear we are foolish enough to practice the same game now. If the practice kept us poor then, what will it do with us now? Think of this. No one will correct this folly if the planter does not. The speculator won't, for it is by that system he thrives. Now, let the planter demand gold for his cotton, and take nothing else. He can then take just so many of the Yankee rags as he is willing to in exchange for gold. So long as we part with cotton for rags, and the purchaser gets gold, we grow poorer and he richer. The planter holds in his hands the power of redeeming the South, and no other class can. Now is the time. Sell your cotton for gold and nothing else."
Upon which the Nashville Union and American comments as follows:

But if you sell your cotton for gold, and then pay the gold, either directly or indirectly, to the Northern man for supplies which you think you are bound to have, what do you make by the operation? Or, if you have debts to pay, and can pay them in greenbacks, what do you profit by exacting the gold, and then converting it into greenbacks? You have not reached the bottom of the trouble. You must first get out of debt—then you must make everything you want, or induce your own people to make it for you, and buy alone from them. Your exactions of gold for your cotton will do you no good as long as you are commercially dependent on the North. That is what is the matter. Make less cotton—raise more sheep—build up cotton and woolen factories on your own soil—employ your own people to work them—produce grain and meats to feed them—become commercially independent of the Yankee and everybody else, and the whole question is settled at once. If it is a "dog in the manger" principle, you have been driven to it, and are blameless.