The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-08-16
Bennett upon the Rebel Congress" Raising
the VI ind,

INC W IL u
Bennett tells his readers that our Congress
! is sorely puzzled about the means of raising
| tie wind. He says we are without money
and without credit" He certainly knows
| nothing either about cur condition or about
history, if he really thinks so. Let us en!ght-
en- him.
In the year 1877, the Bank of England, in
pursuance Of 40 act Of Parliament, suspended
specie payments. By the same act, Bank of
E0giaad notes were made d lawful tender.
The consequence was that spec.e disappeared
almost entirely from circulation, and its place
was supplied by small Bank notes of the Bank
of England. This condition Of affairs con
tnucd fer Il quarter OF century. During that
sine, E1gla carried on the most gigantic
war Of which history makes mention. Her
expenses were enormously beyond anything
of the Ike kind in all history. They reached
tl00,oo0,0 00 sterling in lSiU, and greatly ex-
ceeded that sum during the next five years,
when lin Isl - they eliminated in the amazing
figure Of E147 ,O00, 600 sterling-that is 10 say,
more than S70O, 000,000. During the progress of
the war, England subsidized every State in Eu-
rope 70 fight against NAPOLEON. She had con-
tnually to send specie abroad to pay these sub
sides, besides exporting immense sums to pay
the Duke of NELLSGToN's troops in Spain,
to pay the army in India, and to pay the
troops in the West Indies and Canada. Yet
intern ally, she suffered no more than States at
war always suffer. Her credit at home was
IeYtnctiu uOoH aifhpuph she
only Bank notes. Her people had perfect
faith in her Government, and Bank note was
as good for transacting home business as any
other.
Now the Confederate States are shut out
from all dealings with the world beyond their
own limits. The. Yankee Government did that
job for them, and by doing it, they gave per-
tectcurreDcy and credit to their paper. That
paper is as good to all intents and purposes in
all home transactions, as gold or silver, CT
which latter materials there are, we under
stand, one hundred millions in the South
We have no occasion to use specie for the pay
meat Of our troops as England had, because
rur troops are on our own soil. The Govern
ment in the meantime has the control of the
Cotton crop, and has thus d firm basis for all
It's financial operations because as soon as the
blockade shall have been raised, il viii be
quail 20 specie. The Herald however, tells
that Il the blockade should be continued un.
u. the coming IN Of the next years crop, the !
operation would saddle the Government with |
dobt Of 2J,000, 000, which would be a |
most disastrous affair. There is no possibility |
that it will continue so long far less that "FRE
MONT, with hundred thousand men, should de- |
scend the Mississippi ard capture New Or |
leans" and Mobile with all the cotton those |
cities contain, or that 'some General of oapaci-
y mot BUrLER) should advance with a hun
tred thousand troops and seize all the cotton |
in South Carolina and Georgia" 1t is lu-
i!crous to hear the advocates of LINCOLN talk SO |
msgDioqueuuy three weeks after The rout at
Ball Run.
Nevertheless, BENNETT has convinced him
soli mat the Confederate States cannot " raise
the wind" On the other hand he is con-
vinoed that the Yankee Government can COM
mand any amount Of cash in Europe. Eng
Iish hnanciers he says, are very glad to get
American securities. This is the most un-
Gushing faissEood ever published even in the
NfN York Herald. The Herald knows il TO
"a 20. /. bows TIA. the pitifal loan Of FIVE
H""oaa Offered tie ether day could not be |
@'S27ASsa sT;a Max Yak Gu any terms
at "Astad Joas BuLL trast the Yanksa
! s<fnu4ss.t fert Where axs ia mssns oeI
-.isses fsSeaus, h2w that it oan no louuer
plaader the Southern 5taiesr
"A.l that is wantad, says sAwsxy, in coutia-