The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-09-14

RAAst M VI ASOthIk x9htNoNI ASOhnoW
ING Mlssios--During the late session, 81
the Federal Congress. ArersTE BKLMoEr, the
agent of RorascniLps in Wall street, was in,
duced by Secretary CHASE 20 make trip to
London on borrowing GRAND The object
was to whether a good portion of the
Federal loan. which Congress was about to
authorize, could not be placed in the Euro
pean markets, under the influential patronage
of the KornscHrrps. NJ BELaoxr has been in
Europe for six weeks. He had The misfortune
Ia be followed over by the news of the Bull
Run disaster. which reached England BY the
next steamer after that which conveyed him
self
Mr.. CHASE certainly took very efficient
step tor the success of his loan He placed
as European negotiation in the powerful hands
oil n firm which has given currency tn even
moro worthless Government paper than that
Of Lincoln He chose the smartest iiaancier
IN Wall street as the interceder with the
RoTBs4HrLps, @ man holding no less intimate
"a relationship with that firm than it's partner
IN this continent and the illegitimatc but recog-
hized son of one of It's members; n man withal
who is said 10 have the best financial mind in
that grca; house.
1t may be Inferred that the partner of the
RoTHscHiIps Succeeded in enlsting the active
and powerful support OF those bankers in aid
OF the loan. 1t may be taken for granted that
all was done by that house which could be done
to give credit 10 the Federal raper-that the
most powerful appeals We're made to the capt.
34if az in he'll hot
before made in behalf OF any loan ever before
pat upon the European markets. The mission
Of Monsieur BELMONT however. has proved
IA failure. Bull Run and the MORRILL, tariff
have eSerted more potential influence than
TIE great house of RoTHsCHILDs. The Lon
don Jonrhais contain significant sentences ike
the following, employed by the saturday
Heriew.
I'VE need scarcely say that the attempt to
introduce the proposed Federal loan into the
Ioi,uo market has proved a failure. Mr..
a BELsoNT, the New York agent of the firm
OF Roihschlld has finally taken his departure
convinced Of the hopeIe ssness OF persua ding
the English public 10 lend themselves to the
spfcuiafion. tits universally felt in this coun.
Try, that II the Northerners mean to eonouer
ia the unhappy strife, they must conquer by
tDtlf own energies, and their own money -
The Fed'rot Gorernmeat can eipe no adequate secu-
rdg; ana the English pu bile are well aware
that neither Messrs. Rothschiid nor any
otlcr hIpl, however eminent, can OF miU 2ire
Sc@rtiy fo" ne payment punctaat anpanctaal OF
Tie iHttrGst.'
Could the result Of negotiation be more
hnmiliating than this The agent returns in
despair. The loan is rejected, not for the
usual reasons. politely alleged, that money is
scarce, and the market is under too heavy a
pressure for any additional burden; but for the
reason that ehe Government can offer 10 valid
security, and that its own agents themselves
VIII not guarantee the interest Eight months
ago United States skies stood at higher
figure IN the London market than almost any
Government loan on the stock lists. They
comuandedthere heavy premium, and in our
home markets brought fifteen per cent more
than par. Now the price at home is twenty
per cent. below par, and they wont sell at
any price in London because ''the Govern
ment can give no adequate security" and its
own agents will not guarantee the interest
The Europeans are beginning to understand
the relative resources of North and South pref
ty well. The North, in their assurance, have
been in the habit of believing that they owned
the whole wealth of the Union. and that dis
solution wonld leave them in possession of all
that was worth having, while the South
would go ont into the cold to atarve. The
London Exchange Is the best barometer of
credit that ever existed III the world and by
that test the credit of the North has sunk be-
low zero. Those who supposed, in their com
piaceney that al the wealth and credit of the
~. I'll J.,l 1
find their first loan rejected for want Of secu-
ritv, and from the refusal of their own agents
to guarantee the interest.
In fact. the Northern loan has no basis OF
credit to rest upon. The revenues of the
Government from the tariff 50 far, have been
only at the rate of $50, 001, 600 year. The slu-
ties which Congress has recently put upon free
goods NAV increase the revenuesto $50, 000 900
They have levied direct tax estimated 10 pro
duce $50 1000, coo, but which will not produce
$50 ,0UO, 600 Fifty millions. therefore, is ali
that they can get OF revenue; and Mr.. CHASE
has reported the expenditures Of the year. on
ordinary account, at $50, 00G0Q0, which il ex-
elusive Of the extraordinary expenses of the
war. 4 Government that has TO borrow money
not only for go vastly expensive awar RS the one
they are waehlg, and also for one-thlrd Of
its ordinary expenses of civil administration.
may be Justly said 10 have no credit and it is
not remarkable that n BELMONT has re
turned 10 report a f;,iure, and that tho British
money writer's speak Of the credit Of Ithc
Washington Government with uudisguised
contempt.
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