, 1861-03-26
THAT FlFTREN MILLION LOAN.

informed the country that the Confeder.-
ates at Montgomery had passed . loan bill
for fifteen millions OF dollars, Great cmf-
dence was expressed BY the Secession jour
mails that it would he eagerly snatched,, up
BY: Southern: capitalists,:in less than no
time. The loan was to run twenty years,
E. and bear 8 per cent. interest,": It was to Be
8 mortgage lien uponall The forts, arsenals,
custom houses, n,ints, and other property
stolen from the United States Government
The public revenue of Tile Confederatcs :.
was pledged for the payment Of the imter-
eat, and: nsinking fund wis attached 10 the
loan with capacity to sink the Great East
ern in:spite ofs:eam pumps: ~ l
The loan bin was all rigged out &C I'M
pletely, and launched .sen. the-waters Of
public confidence. 1t was ADVERTISED in
the daily papers Of New, Orleans, Calves
ton, Savannah, and Charleston, and even
in the chief cities of the Border States,
- The first report that came announced
that the planters had come forward and
subscribed the stock, payable in ecottpn.5 =
JEFF Davis, it was reported, had offered to
take the cotton.apd issue his bonds there
j, fol, and that he had sent commissioners to:
Liverpool TO sellM and obtain an advance
On it It was to 1'dhipped direct ID Eng
land, aud would form the basis Of that fffee
and direct trade which was to be i1augu-
rated between Tie kingdom Of Da7in and
the i ther kingdoas::, :: ;. .7';:,':: !: -
After the public had swallowed all this,
and had:it pretty wen digested, .. counter
report came up from the sunny South, say
Ing Tat the cotton:stoTy was premature, as
Davis had not agreed to take the bales; for
the sufficient reason That the bales had not
been offered. S. = -: :.,.,:: !: :!
- A few days of painful, suspense inter,
vened, when the telegraph sci the. public
mind and the CoDfederate's pockets at ease
by. the exhilarating news. that the New
Orleans bankers and capitalists had elubbfd
together, and taken the entire amount at q
premiumef fiyeper cent, and sighed that
the sum was 90 small This piece ofhnap-
:cial information furnished The, :6oatAern-
papers with fine theme for -.tleadersl"
They did not fail TO contrast the high credit
ofthe secession co6fedtracy' With The titlatd
u" condition Of the Black. Republican:
United States, ;and they. ieIicitatedf them
selves that their lines were. cast IN such
pleasant p}acea; that il was their ee1clu-:
sfye privilege to live in land flowing with
niggers aud cotton, and credit nj five per
cent. premium; and. they thanked their,
gods: that: they we're not. Is. tho5e
misezableR Republicans and Northern SIM
But after all, it ts1rns out TINT thcrei 10
come misunderstanding in regard to the
fifleen million inst mortgage sinking fund
loan The New Orleans papers which
have Just come to hand, are inploring the
capitalists to come up to the scratch and
:. take = portion Of it, and set an examplefof
confidence to znoneyed :1ncn throughout
the Confederacy..- they are. exhortad to
: buy one bond apiece, 20 start the thing.
They are assured thattbe interest is sure,
and cannot fail to be paid. They are re-
:, minded that "thie is the first. loan upon
Southern faith, which has never yetbeen
@tarnished Prompt action. is urged
with sll tie force Of Southern persuasion.
= One editor reminds its wealthy readers
;fhat st Considerably lower rats Of inte.est
athe capitalists: Of; New York: recently
9 loaned i larger sum to the United states
with its empty treasury, heavy debt and
- disrupted revolutionary. condition. and
that the stocks Of lie ruined and undone
Federal Government are quoted at nearly
par. Surely, the Southern 'Coufederaey
with its wealth and power and the memory
Sot its gallant deeds Of robbery md treason
still fresh and fragrant in the public mind.
Is entitled to the confidence and cash Of
capitalists. The New Orleans editors arc
-aatonished and indignant that men of
money hold hack: an Instant under reauch
circumstances, and: gently hope that s:t1,e'
brilliant tand:nntaznished, Confedefac,y: ,:n may
notbe put to the disagrecable necessity Of
negotiating forced 1oan rpon ";soufheln
.faith which 1las never yet beea tar1;s ID !"