The national Republican., 1861-05-24
CONFEDERATE FINANCIERING.

+ CONFEDERATE FINANCIERING.
At the commencement Of the session of the
Montgomery Congress, just termina ed, 1t was
said that the fifty miors Of dollars nee ded for
the campaign of the current year, would be
provided for, one.fourth by the custom house
duties, onefourth by new internal taxes to
be levied, and one half by loans. As to the
custom.house revenue, it is annihilated by
blockade, and as to internal taxes the Con
gress adjourned without daring to impose any.
Direct taxation is something that the South
will not submit to, to any extent, in the most
prosperous times, and in times like the present,
it would be mere folly to attempt, or propose
it. The Confederate dynasty is thus left with.
out dollars revenue of any kind, and, in that
condition Of things, has decreed loan of fifty
millions, of which thirty is to be in an eight per
cent. stock, and the balance in treasury notes,
not on interest, but intended to be circulated
as money. 1t is the first instance on record Of
a Government endeavoring to get along wholly
by borro,cing.
In this case, the loans are to be all forced,
as nobody will lend q dollar to such debtor
as matter of voluntary investment.
If it be true, as JEFF. Davis alleges, that
eight millions of the old fifteen. million loan
were actually taken, the ardor of Southern
capitalists, and their capacity to bear fleeing,
are already impaired by that not inconsdera.
BILE loss. The special security for that loan
was an export duty on cotton, not bale Of
which will escape the blockade, until this Con.
federacy is dissolved, and all its stocks, loans,
and notes, have disappeared like the baseless
fabric Of vision.
The States which compose this famous Con.
federacy are fnanciering very much after the
pattern set at Montgomery.
For example, North Carolina orders ten regi
ments into the field, which will cost ten mil
lions if maintained for year, and, to support
them, issues shinplasters running down to the
denomination of half a dime, and compels all
the banks to loan oneffth Of their capital at a
blo,c. There are few examples Of such q con.
6scation as that, in the history of nations call
ing themselves civilized.
The only real resource which remains to these
confederates, is the specie in the Nep Orleans
banks, amounting ordinarily to fifteen millions,
and which is about the sum which was recently
in their vaults, if the latest returns are not de-
ceptive. On the 18th of this month, complaints
we're made Of the drain Of gold from these banks
to the West, drain so considerable that they
had adopted the expedient of paying out silver,
in place Of gold. However, New Orleans is
still rich, its commerce not yet having been in.
terrupted, and its contributions to this nsurrec.
ton not having as yet been absolutely crush.
ing, considering its great accumulations of cap.
ital. 1t is the financial stronghold Of the con.
spirators, but they will leave it bare enough
before this thing is over. Where the carcase
is, there the vultures will be gathered together,
and il there is any man, or corporation, in JEFF.
Davis's kingdom, who has got any money, the
Lord have mercy upon them. Individuals may
hide but banks cannot and every dollar in the
New Orleans bank vaults is already mortgaged
to the use of the Confederate army. Whether
it will be taken at one fell swoop, or oneffth at
a time, after the fashion of North Carolina, re.
mains to be seen.
SEwALL's PoINT.-On Saturday, when the
construction Of the battery at Sewalls Point
was interrupted by the firing of the steamers
Monticello and Freeborn, the insurgents had no
guns there. But on Sunday, they brought
down from Norfolk, and got into position, three
80 Founders, and two six-inch field riAed can.
non, and, on the evening of that day, exchanged
shots with the Monticello. On Monday, every.
thing was quiet.
The following is dispatch from Norfolk:
"Nortolk, Tuesday, May 2l.-The steamer
twice at Sewalls Point battery. The fire was
answered by guns Of large calibre, when the
Monticello took to her heels"
The Georgiana, which arrived at Baltimore
on Wednesday, having left the vicinity of For.
tress Monroe on Tuesday evening, brings the
following reports:
"The Monticello, which recently engaged
with the works on Sewalls Point, was struck by
five shot OF small calbre, all of which took Ell
feet One ball. 6pounder, penetrated the
hull on the larboard bow, a few inches above
the water line, but did not hurt much. Three
of her crew were injured, and one of them,
boy, was supposed past recovery.
"Since Sunday, several Of the propellers were
engaged in cruising around near the batteries
of the Virginia forces, and were greeted with
an occasional ball, but no damage was sus.
tanned. In all such instances, they changed
their course Immediately, according to orders
1t would appear, from these accounts, that
the maintenance of battery by the enemy on
Sewal's Point can only be prevented by land.
ing troops.