The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1861-04-12
Tho Two Revolutionary Govern
ments and Their Loans.


for the loan of eight millions asked for
by the government at Washington, to-
day the new Morrill, tariff goes into opc-
ration, which will shut out the ordinary
sources of revenue. In very brief time
will be required nine millions, the ball
ance of the twenty-five millions author
ICED by Congress to be borrowed, and it
is probable the first proposition brought
up in the extra session of Congress will
be a loan of at least twenty-five millions
more, on the application of Mr.. Chase
The government at Montgomery will Of
fer for sale on the 18th inst, five millions
of fifteen million loan, to be paid for
in full on or before the 1st of May. 1t
will probably soon call for the remaining
ten millions and if the threatened war
should break out between the two gov
ernments, this loan will be followed by
loans upon loans-loans without end.
Now what are the circumstances under
| which these loans are asked for?
In the first place, both governments
are revolutionary, and are preparing to
plunge the country into civil war, against
the will of three-fourths of the people.
Neither represents majority, and neith-
er has any right to drag the country into
war. Neither, therefore, has any legiti-
mate claim for a loan, nor any right to
saddle it upon the community; and it
may be aquestion hereafter whether such
loans shall not be repudiated by future
government representing the whole peo-
pie instead of belligerent factions. In
the second,place, the States over which
these governments are preparing 10 exer-
else the iron rule of dictatorship are al
ready sufficiently oppressed with debt
without new burthens to weigh them
down. The debts Of the several States
of the Southern confederacy sum up in
the aggregate nearly eighteen millions
a much smaller amount in proportion to
population than the aggregate debts of
the States Of the Northern confederacy,
which reach the enormous figure of
STA 900, ,U0O--which, added to city, cor
poration and railroad debts makes a total
of $4,000 ,000. To this fearful sum
must be added the debt Of the Union,
: which will amount to 800, 10000 600 when
the whole OF the s2j,000.000 loan shall
have been taken. The total debt is thus,
in round numbers, $780, COO, GOO, the in-
tercst of which, at six per cent, is thirty
: SIX millions per annum. Thus are we
, rapidly following in the wake OF the
= bankrupt governments Of Europe.
The amount now due by tho seven
: States OF tae cotton confederacy is conf
| palatively small but their new federal
government has taken measures to near
= ly double it in single loan, which, il
, war proceeds is a mere title compared
E with the debts which will be accumula'
9 ted in II very short time. 1t must be
confessed, however, that the Southern
confcdcracy has greatly the advantage oI
the Northern in point of revenue and
expenses, as well as security for Its loan
For the latter it has pledged tax Oh
every bale Of cotton exported, and the
t coupons will be legal tenders for the du
D ties on imports. And while the expen
: ditures of the Southern government are
? ? comparatively small for Office holders, il
:; will receive, owing to the Morrill, tariff
a the great bulk of the imports, thus Civ
ing tremendous impetus to Southern
trade, and it will receive nearly all th'
duties which heretofore constituted thu
: revenue of the Union. 1t is now receiv
!: ing, it is said, 100000 per day, or at thu
!. rate of twenty millions per annum.-
:. What will its receipts be when the Nor
!. rill tariff comes into operation? In thu
event of war, as the North would be thu
' invading party, the expenses of its gov
e ernment would be tenfold greater thai
0 those of the government of the South
: The President, however, of the Southern
i confederacy, and the Commander-in
Chief of its forces, has declared that h
0 will become invader in turn; but his plai
Y is not to burthen his own people with tn
T. cost but to levy upon the rich and popu
y lous cities of the North, where their ar
@ ample stores OF provisions and accumu
Q lated wealth. In the invasion of tn
i South, on the contrary, Northern arm
G would have to take all its provisions wit
!. it, for in the South it would find no store
O of food and few cities to sack. Th
J. South is agricultural, and its populatio
- is sparce, but its chief products cotto
I and tobacco-would be of little servic
n to hungry army. 1t would cost, upo
n the best calculations of military mel
h one hundred millions of dollars to equi
o and provisions for one year an army su
Q ticiently numerous (say 100000 men)
II make amy impression upon the revoll
d tionized States. Where is this vast SUI
h of money to come from?
:. 1t is true that in tho vaults of Wa
street there are some forty millions {
specie. From California, since the ele
It ton, New York received ten millions
gold; from England twenty-five million
\, for cotton and breadstuiis; and Il it wei
L not for our own insane quamels, whicl
Il in a few months, have made our govern
:, ment a moclery at home and an obje,
4 of contempt abroad, we would now |
the most prosperous and powerful pc
i pie on the face Of the earth. But Ii
mony deposited. in the banks cannot
safely withdrawn but for purposes
20 trade, and If the capital of tho countl
\ lie consumed in pnn nnNNder the cnnnmn