The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1861-04-06
roe., M.urss-see Fourth Page.
~v,ruyrrEx MILLION LOAN.


r.de, the abov. head the Chicago Trb-
xne has an article upon the state OF finances
10 The Cotton Confsdsracy. In speaking OF
this, the srs, loan attempted to be neso;ia-
ted By the young copfederacy, and the sue
cess which attended their efforts in the Dor
Yowiug lice, the Tribune says: "i' - near
" mon,h since the telegraph Informed the
eoun,rr ,ha, the Confederates al Mon'som-
.ry had passed loan bill! for fifteen mill
ion. Of dollars. Grea, confidence was ex-
pressed by the Secession Journals that it
would Be eagerly sna,ehed up by Southern
ea,;,alis,s 10 less than no time. The loan
"a. 10 rue twenty years, and bear 8 per
cent. interest. twas to be mortgage lien
upon all the forts, ar.enal., custom houses,
min,., anI other property stolen from the
United State. Government. The public rev.
euus Of the Confsderasss was pledged Tor
the payment Of the interest, and a SINKING
fnnd VA. attached TO the loan with a capac-
il, 10 sink the Grea, Eastern in spite OF
steam pumps.
The loan bill was all rugged out complete
", and launched On the waters OF pob-
lie confidence. twas advertised in the DAT
ly papers Of New Orleans, Galveston, sa'
vannah aad Charleston, and even IN the
chief cities Of the Border States.
The first repor. that came announced that
the planters had come forward and sabscrIt-
ed the stock payable in cotton. JEFF DAVIS
l, "a, rspor,ed, had offered to take the cot
ton and issue bis bonds therefor, and that
be had sen, commissioners to Liverpool to
cell il and obtain an advance on it. IL was
to be shipped directly 20 Eng.and,a and would
form the basis Of tina. free and direct trade
which was to be inaugurated between the
kipsdom Of Davis and the other kingdoms.
After the public had swallowed all this,
and had it pretty we'll digessed, counter
report came up from the sunny South, say.
ing tina, the cotton story was premature, as
Davis had not agreed to take the bales, for
tho sui!icien. reason that the bales had not
been offered.
A few days Of painful suspense intervcn-
ed, when the telegraph set the public mind
and the Confejera,es' pockets ut ease by the
e1hilaratipg news that the New Orleans
bankers and capitalists had dubbed toge,h.
er, and taken the entire amount at premi-
um Of five per cent, and sighed that the
sum was so small. This piece Of financial
Information furnished the Southern papers
with fns theme for ''leaders."
They did not fail to contrast the high
credit Of the secession confederacy with the
"hard I'D" condition Of the Black Repub'i-
can United States, and they felcsased them
selves that their lines were east in such
pleasant places that it was their exclusive
privilege to live in a land flowing with mig.
sers and cotton, and credit at Eve per cent.
premium; and they thanked their gods tina,
they were no. az those miserable Republi.
cans and Northern sinners.
But, after all, it turns out that there is
come Misunderstanding in regard to the
fifteen million fr.s mortgage sinking fund
loan. The New Orleans papers which have
jus. come to hand, are imploring the CAPT.
tali.ts to come up to the scratch and take
portion OF it, and set an example of conf
dencs 10 moneyed men throughout the Con-
federacy. They are exhorted to buy one
bond apiece, to start the thing. They are
assured that the interest is sure, and cannot
fail 20 be pad. They are reminded that
",his is the frs. loan upon Southern faith,
(which has never yet been tarnished."
Prompt action is urged with oil the force Of
Southern persuasion.
One editor reminds it's wealthy readers
tina. at considerably lower rate "of interest
"ths capitalists of New York recently
"losned larger sum to the United States
"~ith its empty treasury, heavy debt and
"disrur.ed revolutionary condition." and
that the stocks Of tho ruined and undone
Federal Government are quoted at nearly
par. Surely, the Southern Coufederacy
With its wealth and power and the memory
Of it's gallant deeds % robbery and treason
s,ill fresh and fragrant in the public mind
is entitled to the confidence and cash Of
capitalists. The New Orleans editors are
as,onished and indiSuan. tia; men Of
money hold back an instant under such
circumstances, and gently hope that the
brilliant and untarnished Confedsracy may
not B. put to the disagreeahle necessity Of
negotiating forced loan upon "Sou,hern
faith which has never yet been ,aruished."