Dear Sir: You will remember our conversations on the subject of excluding cotton speculators from the regions occupied by our armies in the South. I now write to urge the matter upon your attention as a measure of military necessity.
The mania for sudden fortunes made in cotton, raging in a vast population of Jews and Yankees scattered throughout this whole country, and in this town almost exceeding the numbers of the regular residents, has to an alarming extent corrupted and demoralized the army. Every colonel, captain, or quartermaster is in secret partnership with some operator in cotton; every soldier dreams of adding a bale of cotton to his monthly pay. I had no conception of the extent of this evil until I came and saw for myself.
Besides, the resources of the rebels are inordinately increased from this source. Plenty of cotton is brought in from beyond our lines, especially by the agency of Jewish traders, who pay for it ostensibly in Treasury notes, but really in gold.
What I would propose is that no private purchaser of cotton shall be allowed in any part of the occupied region.
Let quartermasters buy the article at a fixed price, say twenty or twenty-five cents per pound, and forward it by army transportation to proper centers, say Helena, Memphis, or Cincinnati, to be sold at public auction on Government account. Let the sales take place on regular fixed days, so that all parties desirous of buying can be sure when to be present.
But little capital will be required for such an operation. The sales being frequent and for cash, will constantly replace the amount employed for the purpose. I should say that two hundred thousand dollars would be sufficient to conduct the movement.
I have no doubt that this two hundred thousand dollars so employed would be more than equal to thirty thousand men added to the national armies.
My pecuniary interest is in the continuance of the present state of things, for while it lasts there are occasional opportunities of profit to be made by a daring operator; but I should be false to my duty did I, on that account, fail to implore you to put an end to an evil so enormous, so insidious, and so full of peril to the country.
My first impulse was to hurry to Washington to represent these things to you in person; but my engagements here with other persons will not allow me to return East so speedily. I beg you, however, to act without delay, if possible. An excellent man to put at the head of the business would be General Strong. I make this suggestion without any idea whether the employment would be agreeable to him.
Yours faithfully, Charles A. Dana.