HDQRS. DISTRICT OF MEMPHIS,Memphis, November 17, 1862.
Memphis, Tenn.:
DEAR SIR: Yours of November 14 has been before me some days. I have thought of the subject-matter, and appreciate what you say, but for the present think best not to tamper with the subject. Money is a thing that cannot be disposed of by an order. Were I to declare that Tennessee money should not be quoted higher than greenbacks, my order would do no good, for any person having cotton to sell has a right to barter it for anything he pleases; thus he might trade it for Tennessee money at 50 cents per pound, and for greenbacks at 52 cents, thereby making the discount. Money will seek its value, and no king or president can fix value by a decree or order. It has been tried a thousand times, always without success; but let money alone and it find its true value.
The reason why Tennessee money has been above greenbacks was, and is, because that kind of money was in demand for cotton. Now, is it our interest to encourage the bringing in of cotton? If so, must we not let the owner barter it for what he pleases? When we answer these question in the affirmative, we must let the owner of the cotton sell it as he pleases. Those who own cotton do not insult our Government by preferring Tennessee money to greenbacks. Tennessee money suits their individual purposes better than greenbacks, and it pleases me, as I see they want their money for local home use, and not to send abroad for munitions of war.
Let these things regulate themselves. War, and war alone, can inspire our enemy with respect, and they will have their belly full of that very soon. I rather think they will in time cry, "Hold, enough!" Till then, let Union men feel confident in their real strength, and determination of our Government, and despise the street talk of Jews and secessionists.
Yours,
W. T. SHERMAN, Maj.-Gen., Comdg.
OR, Ser. I,Vol. 17, pt. II, p. 868.
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