Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-08-31
NUMBER $50


tention than it deservessnce ri M. - n. ,,r,o.
ed that our people would so far Tioase ~ rsterai
warnings OF their own government a. To bre9k the
desired neutrality, and supply the means for BRO
longing AID aggrs7aGng the war. However, Great
tly the federal government may 70 r,ai1,s{n > o.
egn loan at this moment they could meet vVisb n
misfortune than that Of obtaining n since II
would not only weaken all disposition to enter into
those pa &c negotiations which sooner r7nst
take place between the two sections but by Izl-;-
the country tributary England for the interest o
an outlay which before many years have passed
wiz be remembered by all with modification and
horror. would also diminish the Inducements to fu-
ture friendship for US In case, however, any per-
sons should grieye sc being de barred BY prin-
ciplss Of morality from speculation which may
appear tempting it may be useful to insert the fol-
lowing, which embraces most Of the practical rea-
sons that might be likely to inspire caution. It's
tone seems characterized BY little asperity, which
is undesirable at a moment when every word gives
offence, but this is chiefly from the unpleasant ma
ture Of the facts that it zeg; and it s also
to be borne in mind that the federal government
endeavoring to draw il financial parties TO
the conflict, have forced those who see danger ia
such contingency, to put forth their views IN OF
position to it =
S1R-As the government of the United States pro-
pose to come into European markets for loan Of
Sl00000,000 or say e20O00,090 sterling, it may be
interesting to inquire whether United States seven
per cent stock at so, net redeemable for twenty
yesI1 aud thCn on at thu option Of ire borrowers
would be eligible investmst Let Us see
how thsir credit stands at home. They have
already been borrowers at per cent per
m5nth. Their United States sizes, redeemable
next year, stood on the 9th Of July at 92}-NeW
York State skies being on the same date at par.
These quotations may serve 70 Indicate the local
estimation Of the comparative values Of the two
securities. New York and Massachusetts are prob
ably good for any portion Of the loan that might be
endorsed by them, But it must not be forgotten that
New York has been built up by southern and Vest
ern trades consequently if the former is lost 70 i
and much Of the latter diverted the taxable capaci
ties Of New York, Is well as all the New England
States, viii be considerably diminished The Fed
eral debt is az present undoubtedly small and there
can be no question TO the wealth, population OF
resurces OF the Northern States; but If resources
and population alone constituted security, should
see Spanish bonds nearer par. We must remember
that # is fixed principle Of UnIted States law, as
laid dow by Judge Story-thst It IS Illegal to pay
any debt individual living in State with which
the United States are at war, a ransom debt alone
exceDted. As to the observance Of this law We have
the united testimony Of the North that Southern
States and Southern traders religOusly obey this
one law az least Of the Union they have sOlemniy
abjured. On the other hand we know that the
government Of the fedeFasts acted upon this prin-
ciple in the matter Of the Texas Indemnity bonds,
and again later IN fOrbddng the mint 70 part with
gold deposited by one OF the Georgia banks. Such
being the law Of the United States, and the practice
of both federalists and cOnfederates when lighting
among themselves, what would be the prospects for
our principal and interest if found ourselves
involved in the with which they so constantly
threaten u.s. Again, supposing The Union re.estae-
lished how viii the South, eOerced back, look at
debt incurred for its subjugltiOn. Would an I'M
comfortable democracy quietly submit to the annral
payment Of q tribute Of interest to European capi-
talists! On the other haad, if the Northern free
States do not attain their passionate desire to be re-
united to the Southern slave States-H the south
cannot be cOerced back into the Union, and the
principle of secession Is recognized established AMI
what are veto look as the United
States2 Where is secession to stop, and to which Of
the States shall eventually have TO LOOK Tor re
payment Shall we trust the Federation until We
whether there Is any centripeir1l force IN the
residuary Stat5si Or shall we be content 70 look %
the individual entities Of States for repayment
of their re pCctive proportions Of the loan! Tie
New EngIaHd States may he good for their shares
but three Of their Northern, as well as ihree
of their southern sster have had their chAraetera
damaged by reputation. Iowa has Jus. as pad
local reputation as the others have 7 fiiirn
and Tennessee Is looked UPON very susPlclously u
Wall street. on account OF recent acts Oh rs STATE
IeOsIature IL is notorious that the American peO-
pie are very jealous Of taxation As to the extent
of their taxable capacities, that Is q quesuon o.
opiniop Il is generally allowed that Mr.. Chase mas
greatly exaggerated the realized property OF ne
country and in one instance-that OF Omo-the
fallaciOusness Of his figures has Deen Clearly *
posed Indiana and Illinois have lately oeen IN tLie
market for loans TO meet the requirements OF ther
State eypenditures The former was taken ~ q loH
rate the latter had to be Withdrawn. II they ars
abged to borrow for State requirements Wnat =
the 1rosnect of their being able to bear additional
certain customs duties 70 be devoted 20 the pay
meut of the interest of this loan II this De true
It Is great fall for America to be giving pledges
like Mexico or Turkey; but II IS II reality 20 seed
ritz, for tbis simple reason that the laws Of the
United States are interpreted BY an elective Judcl-
airy, which is paid for interpreting them aecor1lns
to the will OF the people. Witness their proeeaNfs
relative to the question Of Dellgerenl rgnls WHEEL
tbev nterpreted contrary TO Wheaton, and contrary
to their own action IN civil war between SPAN anu
her colonies; also, the blockade OF their own ports
although net many months previously tney had nsd
that Francis II could not blockade hls oleihlAh
morris. and next their recent haste 10 come
into the Paris treaty declaring prlvateerlng pr
racy, after having been the strenuous opponents
of that great step IN elVlhzAtion Ihey no" ene.
ciate new feature in international law Dy attehp
ing TO collect import duties outside their narDors-
in fact on the open sea. Their course OF actloh
in tbs matter of the blockade Ii basRd on Two enor
nous errors: First the federansts elAln ma ~
have majority of UuiOniss with them in the SoutR'
and vet they persist IN running the trade OF North
eru and Southern friends merely TO inJure me r.
cusant minority; secondly II Is utterly III POSao-
to stop the trade. You may as well attempt u u-al
the Mississippi as prevent cotton worm ille $50
in New Orleans finding its way TO New lOIA
pool and Boston, where It IS Woita heaIy 49,
Freights of ID per pound from coast -SSO 49,
in extent will enlist the sylapathies OF NOI-.sIA
sb;nourers who at present ind their Occupalloh
gone They have been the chief supporters u 80
Slave trade Let US hope that they viii iOrslH7
that inhuman traffic for the more rs -
inc of srnugolers No capitalist who has the IN
forest IF this country really at heart VIII lnaOrss
49, .ooaT Loan of lis agency. The only fear OF
lis its BEING attempted is from the enormous orioe that
Mr. Chase has it in his power to ofer-one s1Gh as
was never before placed in the hands OF any MINIS
ta- in snv free country. It Is tact that nos Olty
t6a = nrics and he amount Of this loan, but inc
where the when and the how it is to be -aiSea eEe
entrusted solely 70 Mr.. Chase. Further ne nasl ne
power to fix the rate Of exchange a. Hne I, fla
sDJ nrineiDsl are to be RENTED. This VIII involve
Transactions Of el 1901 geo per anaum Tor interest,"
amountinr in twenty years TO e2SOO0,OOO-