New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-04
TIE FIFTEEN MILLION LOAN.

The Montgomery Mail has the following article
explanatory of the fifteen million loan for the Con
federate States, five millions of which will be offered
on the 18th Of this month:
The FIFTEEN MILLION LoAN-The great diff
Guilty which new Government encounters is an
empty treasury. How to remove this difficulty is
generally the first question of importance to be de-
cided by those who put new political system into
operation This, however, has not been the case
with the Government of the Confederate States
These States possess such an abundance of wealth
that an ample revenue can be raised without ser
Ous embarrassment
Permanent revenue laws have not yet been
adopted. They will, of course ,,be enacted in due
time. In the meanwhile the Provisional Congress,
at their late session, made q very wise arrange
ment for supplying the temporary wants of the
Government. They authorized loan of $l5000
900, upon such terms as will be mutually adVahta
geous to both lender and borrower. Secretary
Memmnger has adopted such regulations for car
ryng out the law as will give the fullest effect to its
liberal provisions. Five millions of the loan will
be offered on the 18th of April for which bonds,
with coupons attached, or stock certificates, at the
option of the subscriber, will be issued, in sums of
from $1,000 to $50. Preference will be given to the
smaller amounts in the event of an excess of sub
scriptions over the amount required, The bonds
run for ten years. with interest at per cent per
annum, payable semi-annually. By the issue of
bonds of small denominations the benefits of the
loan are placed within the reach of all classes of
our people. Men OF moderate means have favor
IL
thus the plan Of the Secretary Of the Treasury en-
braces in its operations happy combination of
patriotism and pecuniary interest.
To secure the payment of the interest on these
bonds, and the ultimate eXtingushment of the prn-
eipai, a duty of nneeighth of cent per pound
has been levied upon all cotton exported from the
Confederate States. A few figures will show the
great value of this arrangement. The cotton crop
is row over 100000 bales per anuum. From
aseertained laws governing the production of this
article it may be safely stated that the future in.
crease will be such that ten years hence the
yearly yield will be at east5 400 900 bales. The
average annual crop, therefore, for the next ten
wears will be over f0ur millions and half of bales
Bat taking 45G0 900 as the basis of a calculation
and then adopting the estimate of the Secretary
of the Treasury, of 81 cents as the amount to be
collected on each bale. have 81 100, ,0C0 the
annual export duty The revenue thus produced
in ten years would make an aggregate of $27,
100000
Now. should the entire loan Of Sl5,0OO,0G0 be
required and taken, the principal aud interest
thereof for ten years wnnld be $27 000 900. Hence
it will be seen at glance that Congress- in author
izing the loan, made ample and certain provision,
not only for the payment of the interest from time
to time. but also for the redemption of the bonds
at the expiration of the ten years. This loan,
therefore will not hereafter rest upon the people
in the form of public debt. For its payment q
specific pledge il gwen in an assured form, such
as no other government could furnish. The pledge
is tax levied upon an article which these States
alone produce, and which the world cannot do