Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-10-22
THE AMERICAN. CRISIS IN EUROPE.
The Prospect of the Federal Loan.


The London Times specBlates on the financial as
pect of the American 1t says the sanguine
friends of the Government admit that Her the best
possible circumstances there must at least be out
lay Of 1900 600 in excess Of the usual income of
the Republic the greater part of which be raised
by leans Put the raising of loans is simply an ope-
ration between the American Government and the
American people and does not in any way create the
money which America is required to spend. The
Times says:
This must come from the resources of the country.
We have consequently to ask if the resources have
hitherto been great that extra sum of so 000
0O0 might at any time have been discovered without
ilconvenience if supposing such not to have been
the case, there has been any sudden development of
them at this moment which will for the first time
bring in such amount That the course of Ameri
trade IN past years has not been of chara ter to
render the Of the world tributary 20 her any
vast extent is well known, and it is equally fact
that nothing has yet been stated to show that sum
of 10000 900 sterling, which could not have been
spared last year, is likely now TO become available
On the contrary while tie expenditures are increased
970 900 600 the receipts for the cotton crop worth
940 900 900 or ESQ 900 600, are Totally to cease
There remains only the export trade IN provisions to
which the country can look for Its main supply of
wealth. The harvest this year has been goOl, bat
not better than last, and the European demands 10
less urgent. Under these circumstance We
brought to the inference that America will have,
during the next twelve months, to pay seventy mil
lions sterling than usual while she his froty
nine millions sterling less than ueusl to receive.
But the Tim es thinks this only represents part
of the case. The Confederate expedition must also
be consd ered and likewise the heavy extra dis
bursements to be incurred during the present con-
dition of affairs, by each Individual State:
And, finally, the raw material for the army con-
tracts-leather, WOOL indigo, saltpetre, &c-must,
in any case, be imported, and thus the payments to
the River Platte, Australia, India and, indeed all
parts of the globe will soon become heavy. The
only remaining plea likely to be offered is that the
economy exercised by the country, IN the present
struggle will save an important amount. But 1t is
to be feared that az no time IS economy less prac
ticed among people than during political Conten-
ton On the whole, therefore, it seems impossible
to avoid the conclusion that an outflow of specie
will ultimately become observable, which will either
force the contending parties TO termination of the
war; to be followed by suspension Of the banks,
the flooding Of the country with deprecated pa
per currency and panic that will throw everything
into hopeless confusion.
The London lines ridicules with great force Nr.
Secretary Chases appeal to the people to subscribe
for the Government loan. 1t says
Whoever has read Latiner's sermons will not
easily forget the passage in which that excellent
man urges upon his congregation the duty and ex-
pediency of fsstiDg. After having exhausted al
the arguments which can DE drawn from consider
atoms of duty, the good pastor winds up with an
exhortation 70 all good subjects to benefit Her Maj
esty's revenue by the consumption of fish. In q
some hat similar strain Mr.. Uhase, the Secretary
Of the Treasury at Washington, deems it necessary
to exhort his feo citizens to subscribe Literally
to the loan Of a hundred and fifty million dollars
required for the purposes of the present war.
1t is Impossible for us to MEASURE American tran
ssctions by European rules; but certainly to seek
tor loan, We may, rbetorICsg, with the sppts
to passion and prejudice, is very striking novelty
indeed. These things are generally the results Of
dry calculation. L e risk is involved the lender
has 10 put his own estimate upon Il, snd 80 see
whether the terms offer sufficient insurance
against it; and if satisfied these points the main
difficulties of the are overcome; but Mr. Chase