The eastern clarion. [volume] (Paulding, Miss.) 1837-1863, 1861-07-19
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The Confederate Loan.



Dau Sr:-0n my return from O cam
yassing tour, ] found numerous letters .
from persons in different parts OF the |
State making inquiries and suggestions .
about the now Loan propose to answer /
the letters through the columns Of your |
paper In the first place take occasion 1
to say that in the summary of my re- |
marks al Canton, @ substantial error was |
committed IN printing. The word "valu- !
able" is used for "saloablc.' ] said that |
the bonds might not no first be satclbt, |
bat would become saleable when our
ability to maintain our independence was
demonstrated There is nothing in the
shape Of property, however valuable, that
is saleable when war of invasion Is I'M
pending. There are no buyers at such a
time except those greedy spectators who
wait TO grow rich in times OF general dis
| tress. Business is limited at such time
to operations in articles of actual necessi-
ty-tood and clothing. / regard the bonds
as valuable property, which like all other
property, is affected by the influence OF
war for the time being. 1t will be found
that the best private security will be 70
fused by bankers and moneycd men, who
hold on to coin as the one thing which
will certainly survive war. The bonds OF
the Government are better than any pri-
vate security because they bind all the pri-
yate property in the Confcderacy,
There seems to be an opinion preva-
lent that the subscriber to the loan will
receive 8 per cent, 20 years bonds, or
treasury notes without interest payable in
two years, for subscriptions, as he may
elect and that the bonds may be OK
changed for treasury notes The govern
ment does not propose to give treasury
notes for subscriptions TO the loan. Bonds
only will be given to the subscriber paya-
bio in twenty years and bearing ) per
cent interest. 1t is a loan for twenty
years. The government proposes to issue
treasury notes to DO used in detraylng the
expenses of the war, and thus anticipate
the proceeds of the bonds and the tax
, which may be levied. If the proceeds OF
! the tax and of the subscriptions to the
loan, were now in the treasury in the
1 shape of cash, no treasury notes would be
= issued but as the government has no
T money in the treasury, and Is bound TO
2 employ an equivalent to meet tho cur
= rent expenses of the war, and cannot
y wait for the collection of the tax or the
sale of cotton, treasury notes will be IS,
9 sued to be redeemed out Of the avail oil
= tho tax and the proceeds Of the cotton
II subscribed. These treasury notes Will be
= used in the payment of the army ano
= army expenses. If the government
! should issue tho 90 millions of treasury
notes, to the subscribers to the loan, i
,e would gain nothing by tho scheme DO
ct cause the holders of the notes woulC
re draw the proceeds of the cotton sub
ID scribed. If the government should un
Jc dertake to issue treasury notes to su0scri
ry bers to the loan, expecting to use thu
mt money obtained from cotton subscribed
is to pay the expenses of the war, the note
as would have nothing to rest on, except Tn
he taxing power which could not be ezorte'
rs % an extent necessary to pay them IN IN
q. two years Vneates are to run, Non 81 " "
n , would destroy th6ir+vsaAlati 8 any d
nm Ilecting man can suppose th9.oh' no
IN IN lect an annual tax of one hundf6H' &
ao'r, lions during this war. In offering twer
-, = years bonds there are important obje
vince in view. Tho chief object is to distribl
) I'M the hoavy strain of taxation over lc
period instead of allowing the crush
weight to fall on one or two years, a
+ our combined with this object is the imp
ropo- tant consideration that long bonds W
IN as fair interest are moro sought for in
Ike Stock Exchanges, than short bonds.
Q the that when peace shall be established
lance holders will find ready sale for tn
letter bonds. Parties whomay receive treast
may notes or cash in payment for army 81
y 70 plies, &C., &C., or any holder Of ST.
notes may fund them at any time by
king bonds payable in ten years with
oPEh' per cent, interest.
" On 1t is feared by some persons that
soey Government will force sale of the c
VINO ton before the blockade shall cease, a
ou' thus sacrifice it when there is no mari
for it. Tho government proceeds up
the idea that the blockade will not /
through the cotton season, but should
en- is blockade continue so as to cut off all
ssip- cess to market, the Government will
, can modify tho terms of the subscription as
tend authorize tho suspension of tho sale.
this should DO remembered that the Congr
in it, will be in session almost continually d
fail, ing the present year, and can adapt
I'd as legislation to meet every contingen
or to Rcsides the government is aware that
see credit rests now on the planters. I
mph planters and the government are bou
together by indisolublo ties, and mi
=, ana stand or fall together. 1t is unreasol
= 80, ~ BILE TO suppose, that the government v
oDli, at the outset, destroy the only means
-"s has for its support by sacrificing the CT
tho and the planters, thus defeating the
will iect of tho loan and destroying confder
ID Of in its wisdom and justice. If left to
ndor decision Of the government, the colt
other will be withheld from sale, until m
, sea ket is opened for it. 1t is doubt
that whether the commission merchant W
may receives it on his own account will be
likely to forbear.
nfed- But how is the blockade to be REM
wal ed2 The answer is by foreign intervc
fully ton, or by vigorous prosecution OF
war, to the extent Of the invasion OF
enemies Territory. If from distrust
iH'0' the government, or from any other cal
YOU refuse to assist it now, you will l
y his ret tho Intervention of foreign natio
that and the Government cannot maintain
Is of force sufficient to repel the enemy. I
t we effect Of feeble support now would be
n for allow the enemy to obtain important {
vantages, and create doubt in the min
of foreign statesmen of our ability to 81
os, is tain ourselves The wisest thing
DO, could do to dispell doubt would be to 81
'hcai the assurance that our whole incol
out will be pledged to the Governmel
.nu1s If foreign nations hesitate, you will,
'.0a =, literally assisting the Government email
,s,n" 4 to nut such an army of brave men
Wa the field as will render us independent
day II the impression goes ouI Vlia' .n9 pc