The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-06-14
EUROPE.
NIX; LlNCOLN'S BLOCKADE OF TIE SOUTH.
ERN PORTS-EUROPEAN MERCHANTS
LIKELY TO FORCE IT "a ~ 40

ERN PORTS-EUROPEAN MERCHaSTs
LIKELY TO FORCE IT. 10
| ,c, FROM the London Times Mav 3l1
| % III thlS terrible contest between The North and
| the South is to 90 on we must watch oursaIras
very narrowly, or we shall be certainly invoIvad
III IT, we have two parties eagerly bidding for
bars bur aln ana Jtalousy watching actions We
"1e merchants and shipOwnerS sharply alive In the
| upPortunluesof turning any circumstances IN od
oS SHagr' and ready to test every point in the law
The real business of this war is indu
| crnn :; "ow, perhaps, for the last cotton
| TGtuP ls' ior the most part stored in on
european It warehouses, but in fsw ~ noo,bs
meticaIiv snoI WI III Se whether the North car her
N nT nTlical'N sea- the South and then Lnucosb;ro III
be h"ngeri"g for cotton and the 'oIS
pe falnting Tor the supplies by which it bS WI ~
Pdld ior' But even already see the commence
ment ot future difficulties. The American news W.
published yesterday pictures to us n sinnIo we
can war steamer cruising eff the harbor of Charles.
Ion ana declaring a strict blockade of "tha rboio
southern coast of the United States of Amerieg !"
Inc niagara boards the Liverpool ships and ,yarns
them on the coast. and she is strictly within her
nelllgerent rights in doing At other times she
ls engaged IN most exciting chase of other Iass oha
lent Drltish craft which, under the hope of good
Fegh', stand the risk of race and SOMETIMES
make good their entrance into the block AIDED nort
Asume wea on these chances win become much
h"'e numerous, and if Governor Seward has al
ieauV hau occasion to utter dark threats agaipst
~ C Tueu Emperor Tor some fanced tendencies of
d southern character, we NAV expect what tbesa
complications will be as soon as it becomes the d.
rect PscunIary interest of every merchant and sbi
owner OF Europe to break this blockade of a onar
ter ot continent. 1t will be found verv difiicnit
I" Keep sealed what all the world has an interest in
Di;eeahIng' ;e ana we cannot hope that the watchers
VIII always maintain untailing good hun,or IN
"edllhg with the hosts of eyaders We NAV demand
upon IL tltt we shall soon have revival Of those
ora questions so familiar in our history What the
law OF blockade is one knows True II nav ba
teaa IN treatses and may be found laid down in
teXt-oooks. But these textbooks have not the an
thorlty to be derived from consistency and bava
mentr Deen obeyed in practice. They have for the
most part been written by two different scbonls of
lhe subjects ofwarrng Powers and the sub
Jects OF neutral Powers
All the authorities of this country are in favor
oil the most generous Interpretation of the rirbts
OF neilgerent Powers, for have ALWAYS been
oeigerent; 1t has always been our interest TO give
oeihgerent Power the strongest possible rights
over neutral ships; and our prize courts have al
ways been laying down doctrines which the rest of
the world repudiated illegal and untenable fba
consequence is that shall now find ourselves in
ialse position in all these questions We shall be-
pound by our own decisions, which will tell AGAINST
ous o"n interests as neutrals, and we shall have to
submit 10 rules OF maritime public law which varv
much increase the evils we must necessariIy en-
cure from the blockade, however inefficient, of the
coast which Is to us SO important both for exports
and imports. F
=, We should have no right to complain of this if
there were really any code of maritime law. But
there IS no such thing. II we were at war m NOR
row, we should have no chance of epforcino aganst
the neutral nations the rules to which we ourselves
are about to submit,
THE BRITISH FLEET FOR THE AMERICAN
COAST.
From the London Times Man 20 I
The Challenger, twenty-five screw corvette four
hundred horse power, Captain j. J. Kennedy G.,
D., having shipped her Armstrong guns and the
remainder oil her stores, left the More Yesterday af
tornoon, under steam. The Challenger will proceed
olrect TO Portsmouth, and will afterwards be des
h pIecueu 20 tne American waters, together with the
Utner T: FeSSeis composing the squadron which the
| English government has decided on stationing on
the American coast during the civil war in the
Southern States.
Hr2m 4 The Londom Post Government 0rqan), J,n.11
! WHAT THE ENGLISH GOVERNMENT THINKS
- OF THE FEDERAL BLOCKADE
England and France, when thew declared war
nxed period of six weeks during which the Rus
slah merchant vessels within the ports of the d,m-
lnons OF the two sovercgns were at liberty to load
tnelr cargoes and depart; and, if afterwards met
at sea they were permitted to continue their vow
age, provided that they had on board no officer in
the naval or military service of the enemy, or anv
d'ucle contraband OF war, cor any despatch of or
| to the Russian government" The United States
Cabinet-less generous and less liberal--has deter
mined to fix period not only more than one-half
shorter In its duration, but to enforce this extreme
! and oppressive right at the expense Of Deutrals
| whose innocent commerce it should be its dutv as
well AS Its policy to protect with at least the same
consideration and indulgence which England and
| France extended to the merchant shps of Russis
! We admit the difficulties with which the Amer
ican officials have to deal. They NAV Rav that
| "hen they are engaged putting down insurrectiou
ana rebellion, they can scarcely be expected to
adopt the courtesies which England and France
thought proper to cnncede to an enemy which was
powefess upon the sea. We think, however. that
,ns s Is VerY short-sighted policy on the part of
Mr. Line oln, Mr.. Seward, and Mr.. Gideon Welles
Ihe capture and conf5cation of few neutral car
goes OF cotton or stores cannot have the slightest
ln1uence upon the issue Of the war far as the
pellgeTentS are concerned; but this sharp pracfics
| which places the goods of friend in almost the
same category as those of enemy, will not oply
| ALLEVIATE from the Federal Government the srmna.
my ol commercial interests in England and Europe
generally, but may lead to complications and diff
cItIes which will render the recognition of the de
tacto independence Of the Southern confederation
matter OF earlier and more absolute certainty than
even the dictum Of NJ. Tbouvenel would seem To
! warrant. ~ "
NEW ENGLAND sHIPMAsTERs APPLYING FOR DAVIS
LETTERS OF MARQuE
| TUESDAY, May Z, lS6l.-The EeWspanprs cortoin
the text OF the declaration Of state of war on the
part OF President Davis and of the issue of letters
OF marque and reprisaI, &c. The object of This
war measure is to deprecate the value of the shin
ping OF the North, and to prevent the vessels of
the United States commercial marine getting car.
goes abroad. + +
But it may be asked, who will take these letters
OF marqutI Where is the government of Mont
gomery to find ships? The answer is to be found
IN the fact that already numerous applications have
been received from the shipOwners of New Eng
land, from the whalers Of New Bedford, and from
IL
OF marque, accompanied by the highest securities
and guarantees This statement | make on the
very highest authority. leave it to you to deal
with the facts.
Accounts from Constantnop!e Of May l5 give
sad picture Of the financial condition of that city,
Paper money was very low there and the place had
exhausted itself to procure for Omer Pacha tn.
funds necessary for his mission. The Sultan had
also been seriously i'll, and journey had been re-
com coinmended to him to restore his health, but it
was doubtful IL 1t could be accomplished for lack of
money.
MR.. RUSSEILS LETTER.
MONTGOMERY, May s, 1851.
THE COTTON PROJECT.
Alter some preliminary remarks, Mr.. Il. saws:
Listen to their programme
1t is intended to buy up all the cotton crop
which can be brought into the market at an ayera
price, and to give bonds of the Confederate States
for the amount these bonds being, we know,
secured by the export duty on cotton. The govern
ment, with this cotton crop in it's own hands will
use it as formidable machine of war, for cotton
can do anything, from the establishment of an en-
pre to the securing Of shirt button. 1t is at once
king and subject, master and servant, captain and
soldier, artillery man and gun. Not one bale of
cotton will be permitted to enter the Northern
States. 1t will be made an offence punishable with
tremendous penalties, among which conhScatiOn of
property, enormous fines, and even the penalty of
death, enumerated to send cotton into the free
States. Thus Lowell ard its kindred factories will
be reduced to ruin it is said and the North 10 the
direct distress II Manchester can get Gotten and
Lowell cannot, there are good times coming for the
mill owners.
The planters have agreed among themselves to
hold over one-haf of their cotton crop for their
own purposes and for the culture of their fields
and to sell the other to the government. For each
bale Of cotton, as hear, bond will be issued on
the fair average price of cotton in the market and
| this bond must be taken at par as circulating
medium within the limits of the slave States This
forced circulation will be secured by the act of the
Legislature. The bonds will bear interest at 10
per cent, and they will be issued on the faith and
security of the proceeds of the duty of one eighth
of cent on every pound of cotton exported All
vessels loading with cotton will be obliged to enter
into bonds or give security that they will not carry
their cargOes to Northern ports, or let it reach
Northern markets to their knowledge. The gov
ernment will sell the cotton for cash to the foreign
buyers, and will thus raise funds amply sufficient,
they contend, for all purposes.
/ make these bare statements, and 1 leave to pO-
litical economists the discussion Of the question
which may and will arise out of the acts of the
government of the Confederate States The
Southerners argue that by breaking from their
unnatural alliance with the North they will save
upwards of S47, 100000, or nearly fl0,0 1000
sterling annually. Tie estimated value Of the an
nual cotton crop is S2O0,000 900 On this the
North formerly made at least Sl0,00000 by ad-
vances, interest and exchanges, which in all cane
to fully five per cent. the whole of the crop-
Again the tariff to raise revenues sufficient for the
maintenance of the government of the Southern
COnederacy is far less than that which is required
by the government Of the United States The
Confederate States propose to have a tariff which
VIII be about l2I2 per cent on imports which will
yield S25, 600. The Northern tariff is 80 per
cent. and, as the South took from the North S7O,
| uOO,OUO worth OF manufactured goods and produce,
| they contributed, they assert, to the maintenance
| OF the North to the extent of the difference be-