Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-04-06
The Fifteen million Loan.

The great difficulty which new Government an
| eeunters is sn empty Treasury. How to remove
this difficulty Is, generally. The first question of in
pOrtance to be decided By those Who put new po-
hticsl system into operation This, houevsr, has
not been the case with the Goysrnnlsnl Of the Con-
federate States. These States possess saeh an abun
dance Of wealth that an ample revenue can be rais-
ed without serious embarrassment.
Permanent revenue laws have net yet been adopt-
ed. They will, Of course, be enacted in due tine
In the meanwhile the Provisional Congress- at their
late session, made very wise arrangement for NED
plying the temporary wants Of the Governmssl
They authorized loan Of $I5, 0000 600, uDca such
terms as viii be mutually advantageous % both Len
der sBd borroEer. Secretary NsnmingsR hes
adopted such regulations for carrying cut the Law
as will give the fullest effect to its liberal provis-
ions. Five millions Of the loaa will be offered On
the 18th Of April, for which bonds, with coupons
attached stock csrti6sates ct The option az the
subscriber, viii be issued in gums from $1,000 TO
$50. Preference VIII be given 10 the smaller
amounts in tie event Of an excess Of subseripsions
over the amount required The bonds runs for tan
years, With interest at eight per cent per annun,
payable semi .annuslly. By the issue Of bonds Of
small denominations, the benefits Of the loan are
placed within the reach Of al classes Of oar psO-
pie. Men Of moderate means have fsForabls Cd
portunity for making safe Investment, and thus
the plan Of the Secretary Of the Treasury snbzaess
in its operations happy combination Of patriotism
and peeuniary interest. 49,
To seizure the payment Of the interest on thsss
bonds and the ultimate extinguishnant Of the pin-
cipal. duty Of one-eighth Of cent per pound has
been levied upon all cotton exported from the Goa
federate States. A few figures viii show the great
ysiue Of this arrangement. Tho cotton crop Il noE
over 600. 900 bales per annum. From sscsrfained
laws governing the production Of this arsicls, Il
may be safely stated the future increase win be
such that, ten years hence, the yearly yield win be
ct least 400 600 bales. The average annual erup,
therefore, for the next ten years win be four
millions and half Of bales. But taking 4, SEQ 600
bales the basis Of q calculation, and then adopt
ing the estimate Of the Secretary Of the Treasury
of 62 cents as the amount to bs collected On each
bale, have S2790,0 900 the annual export duty.
The revenue thus produced in ten years would make
an aggregate Of $27, 800, 900.
Nov, should the entire loan Of SIS 600 900 be re-
quired and taken, the principal and interest here
Of for ten years would be So, COO 600. Hence, II
viii be seen at glance that Congress, in sushori
zng the loan, made ample and certain provision not
only for the payment of the interest from tine TO
time, but also for the redemption Of the bonds At
the expiration Of the ten years. This loan, there
force, viii not hereafter rest upon the peope IN the
form Of public debt For ils paymszt, ssperifc
pledge is given in an assured form, such Is no cher
government could furnish The pledge Is . tax
levied upon An article which these States alone pro-
duce, and which the world cannot do without The
payment Of the principal and interest upon this
loan is subject TO meme Of the contingencies which
ordinarily sffect the value Of public sseuritiss.
The s., 600, 900 soon 20 be offered to the pablo.
wil Of course, be readily taken. The simple state
ment in tina secretsrys circular, Of the terms gov
erning the loan, il sufficient 70 secure prsnpt
subscription Of the amount. The figures aud OBJ
serystions We hare give are not put forth As argn-
ments to induce favorable response 70 tns Score
tsry's proposals. That were unnecsssary... u re-
quires no persuasion 70 convince capitalists thai
this Is safe investment That they win see At once
and eagerly avail themselves Of is sdgantsges Bat
these facts may be Of interest to the general public
They are sturdy sttestations Of the strength and
immense resources Of our young eonfedsraey.. At
the time they illustrats the eautioa and prae-
teal wisdom Of the legislators upon whom dsvolssd
the duty Of providing funds to put the nsw govsrn
ment in motion Money could have been easily
raised upon the faith Of thu government alone. Rut
Congress chose not 10 impose upon the people tAs
burdee Of public debt. In thus acting they have
commended themselves TO the condolences Of great
and patriotic people.-AoHtgOmey Maj, Narek 80