certificate, in specie, and with the additional pledge that a sufficient amount of the proceeds of the sale of the cotton shall be invaluable set apart for the payment of he interest coupons for at least the first two years, and that the Government will provide for the prompt and certain payment of future accumulating interest.
We believe the planters would much prefer such a payment than in Treasury notes; that such certificates would not swell the volume of circulation now afloat, and that their value would be estimated much higher than Treasury notes,a nd would have a credit that would make them much more available as a means for obtaining whatever the holder might wish to purchase at home or abroad than any other form of security the Government could issue.
Taking possession of the entire amount of cotton, with such exceptions and modifications as the commanding general may deem necessary to meet particular wants or necessities of the people, would take the cotton trade out of the hands of speculators now engaged in it, prevent the further depreciation of Confederate notes by preventing an amount equal to the value of the entire cotton crop being accumulated in the locality of this department, in which a superabundance now already exists, and prevent further demoralization of the public sentiment by the greed of gain and avaricious desire with which it is already infected.
Upon the subject of discharging the necessary military obligations incurred, we venture to suggest that, in case money cannot be obtained from Richmond for that purpose, the commanding general, in the exercise of the special powers conferred upon him by the President, cause the Confederate notes not bearing interest, which have been funded with the various depositories within this department, to be reissued and paid out by the proper officers in discharge of the debts for military purposes, as well as pay due to the soldiers. Although the pledge would not be binding upon the Government, we have no doubt if such notes were reissued, with the pledge of the privilege of being refunded in bonds of the same rate of interest as new issue, the Government, under the circumstances, would not hesitate to ratify the act and redeem the pledge.
The foregoing report was unanimously agree to, except that portion recommending the issuance of specie-paying coupon bonds. That proposition was not agreed to by a tie vote.
The confederence having under consideration the best means of restoring public confidence and promoting our cause, Governor Reynolds offered the following resolution, which was unanimously adopted:
Resoled, That to harmonize and infuse vigor into the patriotic efforts of the people, obtain and diffuse correct information, and discourage disloyalty, an organization should be instituted as follows: The Governors for the time being of the Trans-Mississippi Department should, unofficially, compose a committee of public safety, with a chairman to call it together when necessary and act as its agent, and should provide for corresponding committees in each country and parish, to correspond with the Governors of other States and with the committee. The people of each county and parish should form a voluntary confederate association, to co-operate with the Trans-Mississippi committee of public safety and the corresponding committees.
64 R R-VOL XXII, PT II