Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-03-30
The Southern Loan.


The aggregate Of appropriations for "immeaiats
contingencies for each department of the govern
ment Of the Confederate States" is $1,46S,19O.
This amount is for necessary expenses and contains
only about $4,000 for the army and navy. A re-
spectacle navy to begin with, will cost $50, O0O, OOO
An army of twenty thousand men-less than half
the number required by President Davis-will cost
fifteen millions of dollars per annum. The navy
will require nearly as much per annum. So we may
estimate the debt of the new government at $685.
100000 to begin with, with annual expenditure
of about the same amount. And these large
amounts, be it remembered are to be contributed by
about two millions of white persons
1t will be seen by the notice below, that the
Secretary of the Treasury is in the market bor
rover. But who will take his bonds? In the first
place his government is not knowIt to the world
1t has no recognition by other powers and therefore
no existence among the nations. Its flag is nothing
more than a plaything, for nation is bound to
respect it. Then Mr.. Memmnger's government is
bottomed on the element of anarchy, to-wt the
right of any State to secede under a within or
caprice. That is a new doctrine. 1t never had
any place in the Democratic creed and it is the very
opposite of stability and order. 1t not only means
but it works insecurity, disorder and reputation.
Who aOiu take the bonds' Perhaps the States will
give them their individual endorsement That
would render them more desirable and they might
be sold at 80 to 70 cents in the dollar; but then
Mississippi would have to endorse them as one of
the States, and far the foreign market is con-
cerne6, that would absolutely inure their sale.
Mississippi repudiated her debt, or portion of
her own debt some twenty years ago. Foreign CAPT.
taists have not forgotten this and they would not
be likely to take any bond at any price, with the
name Of Mississippi on it. But for the protection
which Mississippi enjoyed as a member of the
Union, on which she has now turned her back,
she might have been required to pay that debt at
the mouth of the cannon. 1t is singular fact that
those States which have received most from the
Union most hostile to it, while those who have
received little nothing are truest 70 it.
We would rather have the bonds of North Caro-
lima at ten per cent. premium than to have these
bonds of the Confederate States at fifty cents in
the dollar.
THE SOUTHERN LOAN.
LOAN FOR THE DEFENCE OF THE CONFEDERATE STATES.
Five millions of this most advantageous invest
ment will be offered to the public on the nth April
rate States will have the opportunity of taking a
share of the benefit and at the same time of sus-
tanning the cause of his country.
Bonds, with coupons will be issued in sums from
$l,000 to 800 and where it is preferred stock GER
tificates in the usual form may be had. The inte-
rest is at eight per cent per annum payable every
six months, at all our principal cities.
The debt has the very unusual and important
security of duty of one-eighth Of cent per pound
or about sIxty-two cents per bale on all cotton
ported. This duty, under all circumstances of peace
or war, secures the punctual payment Of the inte-
rest, and furnishes sinking fund for the redemp-
ton of the principal The coupons when due are
receivable in payment of the duty on cotton and
are thus made available as coin everywhere in our
country. In order to enable all portions of our
people to take part of this valuable investment and
to exhibit their common interest in raising funds for
the common defence, books of subscription will be
opened at the cities and principal interior towns;
five per cent must be paid in cash at the time of
subscription and the remainder on or before the lSt
May, interest to run from the date of such payment
Persons desiring to secure their subscriptions may
pay in cash the whole amount and take a receipt for
the delivery of bonds or stock To equaze the
rates of subscription at all points, and to enable all
persons conveniently to subscribe current bank
notes of the place will be received at their market
value in coin.
In case of an over subscription preference will be
given first to those who pay down their whole sub
scrption, next to subscribers of $50 next to SUBJ
scribers of 800.
G. G. MEMMINGER, Secretary of Treasury
MONTGOMERY, March 16, 1861.