The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-06-22

SATURDAY, JUNE %. 1861.


lists has already heen directed 10 the solution of
the very important problem of providing for the
support OF the war. So significant is the fact that
the comparatively trifing loans already called for,
not amounting in the aggregate TO $50, geo 900,
have had the effect o: depreciang U. S. stocks at
least 10 per cent, that long-headed financiers
have been consulted and every feasible suggestion
for obtaining the necessary means has been duIv
considered. The latest plan we hear of is the
very plausible one oflevying small direct tax on
personal property, so arranged that it will fall
heavily on the slave owners and cotton grower,
OF the South, thus forcing the 'rebels' not onl,
to pay the expenses of the revolution but also f.
contribute largely to the cost of their subugation
THIS may be most excellent suggestion. 60 !
that of the celebrated cook, who, evin.t n recein
LOT roasting goose, said FIRST catch goose"
The contrast drawn by the Northern politica
economists between the financial capacity of thu
North and that of The South, is dsheartening. tc
degree, to every friend of the Southern cause
The South, they say, can levy no duty on i'm.
ports, for its ports sealed. 1t can nav M
taxes, for it can sell no cotton. It's bonds car
have no value, for there is no money to nav the
interest on them. 1t cannot impose direct taves
and lift does, it cannot collect them, for there Is
no currency. And lastly, it has no means of get
ting shoes, clothing, Or other necessaries for IFS
army, even II 1t was able to pay for them. lis
career IS to be a short one. 1t must die ont from
inanition; it cannot provide for its own sunnort
But after being dead, it is to pay double TO tho
North what would have been REQUIRED to sps,oin
itself Let us take Southern view of the suh;oc.
Inc Confederate congress has thus far authorized
loans amounting IN the aggregate to sos 600 600.
For the payment of the interest and the redemn-
ton OF the principal fthe first loan of SIS 600 OoO
considerable export duty was laid upon COTTON
AS the amount annually exported has been about
$500 900, 900, aud as there is a LARGE additional
amount consumed by the Northern cot
ton mills, this security is more than annie and
the loan will soon be lquidated after the raisino,
of the blockade that future generations will NOT
be taxed for the debts of their forefatbers Tho
confidence of the capitalists and wealthy pronrie-
tors of the South in the stability of their now Pa
public was fully demonstrated by the pronptitude
with which this loan was taken; and that too .,
time when there was not that perfect unanip,i,y
VI .ee'lng winch exists at present. and before they
mad learned how fully they could rely on the vast
suenEth or the people, and what confidence thew
could place In the ability of their leaders. The
second loan which has been called for bv the
Southern Congress is for $50, 900, 600. As there
may be-indeed probably is-some deficiency of
so'u ana silver, and no means of disposinp for
the present, of the greater portion of the large
crops OF cotton which will soon mature, the South
ern Congress has wisely adopted plan by which
the loan can be effected and cotton disposed of
az Tue same time. The Government has. in
TACT agreed 10 receive cotton in lien of money and
10 take 1t from the planters at market rates civ
'"e'"' III return, bonds bearing ten per cent.
ii"'e''' Ohe-hfth OF the cotton crop of an aver
age year would realize more than the whole
amount now asked for; and when we reflect tina,
IL Is not gwen as contribution but is an actual
sale ior convertible bonds, bearing high rate q,
interest," the7payment of which is secured. az il ;s
py duty Of one-eghh of n cent nor
pound on all cotton exported, it is NOT
difficult to predict that the Confederate
Government will not only receive. at once
the Whole amount required but, if it should
become necessary, will readily obtain as mucb
more, on these terms, as Congress may authorize if
10 raise This simple suggestion has in fact, been
promptly met, in liberal spirit, by the planters
..
we hear of one Of them having raised. within
few hours a subscription of 900 baIes
Several others have rendered one-laIf of tbo;r
incoming crop; and another has subscribed e.,
$50, 900 of bonds per annum during the confirm
ailce o' Inc war The Southern Conederacy will
mus IN all probability, after the catherine
OF The crop, have, not in its Golfers, but in it's
store houses, property representing value to the
amount OF SGT, 900, 900. Cotton may not be cir
culatlng medium. A man cannot carry about
a lew pounds in his purse, nor few bales in his
pocket6ook; but it is just as much representa-
1--WE OF value as gold and silver coin and
large amount of cotton in the Soutbern
treasury store houses can be made almost
as available as the same amount of cold o,a
slVef. indeed there is nothing but the fact
s'' !" Is more perishable article than metal,
WIN" prevents Its being equally available
"i'h MS amount of property directly under ito
control, which will be readily convertible on tho
'ioSe OF the war, if not sooner, Government ran
"' It's Pleasure issue treasury notes Of anv 70,
qulred denomination, for the payment of ,rh;o,
'n'S cotton shall be pledged The issue bv GOV
ein"ieh'S of ordinary paper money having. in
0"9 hctluous value, is a spurious and
iouS system, which must inevitably explode
paper currency, based upon real and ac-
'""' s"l"e, would be a bona fde currency. and one
not liaoie to depreciation Government wopId
'nus nave circulating medium of $40 ooo ooo
with which all its expenditures could be mo, and
which it would receive in pavments of oil d,o.
Nor would this at all affect the orioi,o, -.
gwen 10 the cotton planters. These bonds are
=! Tue Government, and will be provided
lor ny the duty on cotton already referred 70
oo''on subscribed for these bonds is paid in
VI cash. ana there being no prompt sale for
~ 'he Issue OF small notes would be resorted to a.
temporary contrivance-a loan based upon the
P'euse OF ample security, and to be repaid NV the
'"nceliing OF the notes as fast as the cotton vos
solu' There can be no possible imitation Of s,ob
paper currency, for the issue would be regulated
."'re'y oy the amount of cotton in store. IT hos
neeh suggested that similar move be inauo,ra tod
- Virginia and North Carolina, and that tho
Pan'ers OF those States be also allowed n srh
oorioe Tor Confederate bonds with a nortio, =.
their tobacco crops VI
Inc moral effect of a prompt provision for tbe
necessities OF the Southern Government nv nc
own ciuzehs, Is very great. The immense stake
that the SUBJECTS of Great Britain, who have in
vested SO largely in English funds, have in the
support OF that Government, is the best guarantee
OF Its stability. The readiness with which tho
loans, authorized by the Napoleon dynasty, have
been subscribed for by the French, has contrib
uted, more than anything else, to fix the Emperor
hrmly on his throne. The material effect must
DE quite as great. France must have cotton
england cannot do without it. Both countries
ueriVe immense revenues at least 500, COO 600 nor
@nnum' each from Southern tobacco. There is now
M. 'e" weeks supply Of raw cotton in Eurone
49, nave as yet, been no foreign orders for TO-
n''eu IN this market for the present season
osp 10y .'.e Confederate Government has in stora
rh;oh :, 0, cotton and SIS, 900 600 Of tobacco
"nicn is absolutely needed ~ 800 VI 'ooacco'
preservation from starvation and wsio depend Tor
- leaoy 70 exchange for European sas .ne o0utn
"ny que doubt what the eventual rs."I. 'icS, can
so soon as Europe understand. ~. . will be
oaanot make the war short and sneadv vDe north
'pa' Inc South powerful to protect ans s' ana
able to support itself? 0'' anu 1uily
Out the South has not only the c.noo;.n
oare ol l!seif, but also to aim deadly boyv, 'he
D4a"t,'' interests of the North. An art no, - '
pasSeu absolutely prohibiting the sale Of onu
ton 10 any person in the Nortbo,, ~ any cot-
sne Mao Is suspected of desiring to disnosa ~ !.
.,, ca =. S'o,ners. The South does NOT No. |