The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-07-19

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1 rAe essp,e ana - Csu1l1ssan kssA.
| The Confederate - Nh Mir 10 saapas1
The Frsach eoassihN1lsAs = me wsk dJAt II
NAroLxcN III. In e. bfssatA And favor 81
| popular feeling BY wkisA II i supportsd. The
highest tsst II the popularity Of great move
msnt b the extent to which It commands popu-
lar contributions Of money. Il il now given
out that the subscriet.sas Of cotton to the Con
tsderate losa y!ds fair to reach the enormous
amownt Of three millions Of bales, worth q
hundred and Afty millions Of dollars. Liber-
Atty like this is really unprecedented in the
history Of war and ananee. Il denotes .
popular sympathy With the efforts Of the Gov
sramsnt to which no political struggle ever
engaged 10, furnishes parallel.
There ars features belonging to those contribu-
tons which no other public lc ans have ever pos
ssssed. tits made, in the frat place. without
material privasions to the planters. TIE plan
ter who is in debt can eApany ths bonds Of Gov.
eminent which be receives for his cotton, in
discharge u hfs Indebtedness, and the sub.
scriptisa costs him nothing. The planter who
10 not In dsbs simply invests in Confederate
bonds what h otherwise would have laid out
in the purchase Of mors land. and negroes ;
and the possession * ah eight Fer cent fund
surely relieves his liberality to the Govern
ment of the disadvantage Of materially curtail-
| ing his income. The planter who is neither in
debt nor disposed 10 invest his earnings in
more land and additional negroes, Is relieved
BY the subscription Of tse perrlexity Of seeking
out subjects u Investment which might prove
precarious and unremunerative. This class OF
people were too much in the habit Of spending
their summers in the Northern cities and wa
teriDg places, and of wasting the larger po.
ton Of their incomes among Northern hotels
and shop keepers. When these objects of ex-
penditure failed to absorb their whole revenues
they were generally persuaded by acute brokers
aud bubble-blowers in Wall street to lay GU,
their surplus cash in stocks of various fancy
schemes at the North, which usually promise
for time large incomes, and generally wind
up suddenly with terrible and destructive ex-
plosion.
1t is very clear that the planter is better of
with Confederate bonds in his pocket, repre-
senting the cost Of his Northern trip and of his
speculations in Yankee stocks, than he would
have been if he had INDUCED again bis rowing
habits and made new adventures in Wall stree,
| schemes.
In the next place, the cost of the war to the
South is, in this manner, very nearly saved
and the advantage is gained, that the money
wasted at the North in pampering Yankee in
science is now expended At the Sowth in taking
the starch out of that conceitcd race of up
starts. The money contributed by these plan
ters is retained in the South and paid to bel
own industrial classes for war supplies; where
as, under the old system, it would have gone
of to the North, never to return, except
perhaps, in the shape Of an army at some fu-
ture day to deprive Us of our independence
By all the difference which money expended
in country makes in its general condition, az
compared with the effect of expanding the same
amount of money out Of the country, by al
that difference is the South gamer by the wal
in regard to these contributions of her cotton
planters to the Confederate loan. We predi
cate the proposition, of course, upon the as
sumption that the Confederate Government
will be able to sell the cotton crop for money
when it is ready for delivery next fall and win.
ter.
Thus the contribution to this loan, while i
does not ipjure the pecuniary condition of thu
subscribers to It, effects positive saving o.
outlay to the country at large. There is THU
other advantage attending these cotton sub
scriptions to the Confederate loan: The bond.
of the Government taken in lieu of cotton, art
at once placed in last hands, and are moi
thrown upon the market, according to the
usual custom, to find their way to last pur-
chasers, through auction sales and specula-
tons at the Stock Boards, suffering all the
"bammering" and depreciation which that
process invariably produces. The usual pro-
cess is to put Government bends into the hands
of bankers, who act as agents of Govern
ment in finding purchasers, and who often
manipulate them with as much reference to
their own profit as to the Governments ad-
| EdutoSc, On0ISiuS ds TUG c0AA0 tiuAo a JUL
siderable share as commission.
The whole operation is at once saved by
putting the bonds directly into the hands Of
the people. All costs of commissions are
thus saved, all loss from forced sales, all de-
probation from specializing combinations
The bonds go direct from the hands of the
Secretary of the Treasury to the final holders
and, in this instance, into the hands of a class
of holders whose wealth and solid condition
afford guarantee that they will rarely get out
upon the market, to experience the usual ups
and downs Of speculative stocks.
In all our study of the history of stocks
and finance, We have never known an in
stance of public loan which has been put
out under SO many circumstances of public
and private advantage and promise. as this
one Of the Confederate States. Upon the sue
cess of the loans of modern Governments de-
ponds chiefly the success Of modern warfare,
and in this aspect of the case We have every
guaranty Of the success of the South in this
struggle.
Hope On. Hope Ever.
The disaster which has occurred to our arms
In the Northwest should have no other effect
than to increase our determination to retrieve