Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-08-21
ARGUS.
THE LOAN FOR THE WAR.

THE LOAN FOR THE WAR.
From Cores Q4verpooD General Advertiser, 22d.l
Every steamer from America brings US
tidings which forbid us to anticipate an
early termination of the war that is now
being waged in earnest. If we hear by and
by of some great battle bringing victory to
the North, neither one great victory nor a
dozen great victories would subjugate the
South. If we hear of a great Southern
victory the North will not withdraw from
the contest while smarting under the bu-
initiation of defeat.
No credence should, therefore, be given
to the pacific rumors which are said to be
afioat 10 London. Arrangements have un-
fortunately been made by both sides Tor a
long and desperate struggle, AMI there is
nothing fresh to be said on the subject eX-
cept that the time for tall talk has passed,
aud the time for action has arrived. But
the sinews of war are wanted. And now
that parties residing in the Northern part
of the former United States, more or less
intimately connected with eminent bankers
in London and the Continent, are coming
here as agents of the Washington Govern
ment TO induce English capitalists to take
a part of the modest little LOAD of $780,
000,0 900, or a100,000.000, lately authorised
by the Northern Congress, it may not be
amiss to see what sort of security is. or
can be, offered for the confidence expected
from the people of England by Govern
ment which has always discussed in mar
| row and selfish spirit every measure pro-
posed by European powers for mitigating
| the horrors of war, suppressing the slave
| trade, and emancipating commerce and navi-
CATION from the trammels of SO-called pro-
tective duties.
| We are offered in the first place the securi-
| ty of Government, which is not the de facfo
| Government of all the territories in whose
/ name the loan is to be negotiated. The
| Congress authorizing the loan represents
| only a portion of the Republic. which was
| the United States Here, therefore, is a
really just ground for Reputation OF the
\ loan. if the North should succeed in conquer
| ing the South. A Congress, in which the
South would be represented, would not rati-
| fy loan made expressly to subjngate it.
! The representatives of the South might
say 50 the burden of our own Indebtedness,
| incurred purely for the purpose OF defense,
| is quite enough for US to bear" If, how
| ever, as we anticipate, the North shall at
| last be compelled to acknowledge the indie
pendence of the South, it may say that the
| war was negotiated in the name OF thirty-four
States, and cannot properly belong to a less
er number. Then it is obvious that If the
South can maintain its independence the
| West may go in for secession next, and sue
coed as well as the South.
The process of disin.ergration once COM
menced, who shall say where it is to stop !?
| Surprising, however, no reputation be re
| sorted to, and that no further secessions are
attempted, it may be well to consider if the
| North will have the ability, even if it has the
| will, to bear the burden of so great debt as
will be created by this wealth destroying
war. 1t is neither a great manufacturing
country nor great exporting country of
| raw produce. Its exports OF manufactured
goods and produce have not exceeded sixty
| millions sterling dnriGg the last seven years,
while the exports of the South in cotton, to-
bacco and rice reach not much less than fifty
/ millions sterling per annum.
| 1t must also be borne in mind that the
| North in losing the South would be greatly
| impoverished, for it would thereby lose one
of its best customers for its breadstuffs, its
manufactures aud its imported goods, on
| which its revenue is chiefly based and as a
heavy income tax would not be tolerated, it
| is quite clear that no satisfactory security
can be offered TO European capitalists for
| this United States war loan.