Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-06-22
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From the Montgomery Consideration. -ss
The patriotic devotion of the citizens of the cot
ton States exhibited since the close of the last
sion of Congress, 10 the matter of subscribing to
the $50 600 600 loan, is worthy Of the highest COM
mendation. 1t Is victory in finance more brilliant
than that Of the field of Waterloo for it establishes
the credit, exhibits the boundess patriotism, and
| nerves with new strength the arms Of our Repub-
| lie. From every portion of the cotton States we
hear of the most liberal individual subscriptions to
| the fund, many of them amounting to as much as
four and five hundred bales of cotton. There is not
| shadow of doubt that the entire $50 900 900 has
already been voted and large surplus added by the
| gallant States who formed the nucleus of the Con-
| federacy.
This is glorious victory, one which does vast
credit to the wise heads which planned it and the
true hearts which executed it. IL dispels forever
| the udgenerous charges which have been often
| urged against the Gulf States that they were to
reap the benefits whilst others bore the burdens of
| this We have proven to our associates and to
/ the world that we do not need the necessity
| of forced loans to induce US to open our purses
in defense of our country nor even that ususal
| sort OF Governments IN cases of emergency-heavy
direct taxation. But freely, noby bountitully, our
\ planters whom Providence has blessed with album
dance, step forward and from the heads of the
less fortunate the blow which might cripple their
| fortunes for years to come. They have takensupon
themselves the entire loan, sufficient, by the exer>
else of judicous economy to prosecute the war Tor
| year.
| Direct taxation at the present time would have
| seriously affected our resources A forced loan
would have excited painful apprehensions. 1t has
too long been the implement of autocrats to be used
without censure and suspicion in free Republic.
But voluntary loan by the people, vote of sub
sides by no less Parliament than the entire body
OF citizens was the most proper, as has been prov
| en- the most effective means Of supply.
1t has disarmed the sneers and cavils of our enc
miles, whose delight il has been to picture the sup>
posed cases of extortion to which our Government
would be forced to resort ia order to its pecu-
mary demands 1t has proven conelusively that the
foundation of Republic is laid deep in the hearts
of Its citizens and that its rulers possess our unlu
tied confidence.
In contrast with this it is striking witness how
the Federal 50 100000 loan went begging about Wall
street, fifteen per cent below par It is fair infer
that just fifteen per cent of Northen confidence is
| gone? By the time the Congress of the old wreck
meets and obeysMassa Linccln's call for $500
loan shall probably see the bonds hawked about
| at fifty cents for the dollar.
BY this yolu1 tary vote of our people we have
now in the hands of Government $50, 600 900 worth
| OF cotton. But it may be urged by the tlmd, ar
niles can't eat cotton, what is to De done with the
blockade! A very pertinent question, but one which
a few months will ans wer without any prophecy on
our part. When our Government has obtained
money upon the cotton and desires to forward it to
foreign negotators, you may rest assured that the
| blockade will break like pipe stem. The United
States vessels may steam around our ports for the
present. and amuse themselves by sending up rock
cts, or throwing shells at our batteries but when
the time comes when they prove themselves serious
| ly IN the way they win have to weather a squall
( from unexpected source.
| So far we have made brilliant march in the
right direction 1t is worth to victory of arms.