Arkansas true Democrat., 1861-08-08
From the Washington Telegraph Confederate Loans.

COuIGucIdIc AVoA0.
 The best laid and most plausible financier- ing schemes often terminate unhapplly. There are so many clements to be taken into consideration. and the laws of trade are so subtle that it is almost impossible to calculate certainly upon the result of any untred experiment in finance.
 The pain devised, however, for raising means for the Southern Confederacy Is so fully guarded at every point, and based up on such sure foundations, that it admits of scarcely any question. By 1t the planter may not only assist his government, and gratify his patriotic impulses without per sonal sacrifice, but the very securities which he takes for his loan, become themselves an additional aid to the trade of the country by furnishing species of circulating me dium
 There yet seems to be some considerable misapprehension of the plan proposed by the Confederacy. The mistake has crept into the papers, and has very much retard- ed the subscription of produce on the part of those whose obligations or necessities will not permit them to lie out of the use of any part of their crop. Planters, especially of cotton, are notoriously i'm provident, and mostly require the full pro- ceeds of all they raise. Hence they shrink from the idea (unless very wealthy )of suJ scriJing any portion of their crop consider ed as voluntary subscription. It would, indeed, be too severe tax upon the plan ters, who are not more interested in sus taining the government than are the mer- chants, mechanics and professional men,. Many of them are under the impression that the cotton subscribed is to be retained in warehouse, and the aggregated mass of two millions of bales, perhaps, is to form security upon which loans are to b) nego- tiated with foreign capitalist, and to remain meanwhile unsold; and that the planter is to await some future period when the gov ernment shall be able or see fit to reumner- ate him for his share of the facilities afford ed. The truth of the matter is, the plan ter does not lie single day out of the use of the proceeds of his crop. It is shipped to his factor as usual and sold on his ac- count, the whole of it. Such portion of the proceeds as he may have subscribed IS paid over or transferred to the crdlt ot the" government, and, instead of money, the planter receives so much in government bonds. bearing interest at eight per cent. If he should not be in debt, the bonds constitute good investment, paying clear annual profit of eight dollars on the hundred; always easily convertible into cash to serve his purposes. There IS no doubt that the bonds will be sought after for many purposes of permanent invest e, obo, h fhot hn various State legislatures will constltue them authorized investments for the money ofguardians, administrators, receivers, and other public functionaries, who have funds in hand not immediately required for use.
 If the planter should be in debt, there is no question but that his factor will place the amount to his credit, and use the bonds himself. Indeed the whole thing works so advantageously to all parties, that at first blush it would almost seem to nasty thinker that so much wealth was actually created-that the government got all it wanted, and that the planter had all he ever did, still left. The problem, so i'm possible of solution to us, when boys, how to eat our cake and have it too, seems work ed out. The'government and the planter appear in the light of the two boys who locked themselves in a room and made five dollars apiece swapping knives.
 Pay day must come of course, and 1t is paid in some way or other by the commit nity. The government bonds, sooner or later, must be taken up. It is only the assurance of that which will continue their value. But the planter will not be burdened by this individually, perhaps not all. It will fall equally on the whole community of the next generation, perhaps, as 1t should. Whether it be paid by imposts or direct taxation, it will not oppress the planter who subscribes more than any other. He will have been able to lend his gov ernment money without suffering for it him. self.
 Nothing but a cotton-producing country could have such an element of power, in the certain facilities of rapidity raising money, as Is here afforded. It is a sure reliance--as surely as the world must have cotton, so surely must the money come. No grain-producing government can resort to such an expedient. It is only now and then that grain bears exportation, and be- yond the mere food of armies a subscription of any amount of grain might prove wholly useless as a means of raising supplies Hence the novelty of the experiment. No nation was ever before similarly situated. We are the only cotton nation in the world. We have never needed money before. The experiment is therefore attended with no suspicion, from the fact of having been hitherto untried. If ever scheme could be seen through to successful termiation, this can.