Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-04-03
The Southern Loan.

The aggregate of appropriations for "imaaediate
contingencies for each department Of the govern
ment of the Confederate States" is $1,46s,19O.
This amount is for necessary expenses, and contains
only about $40, 600 for the army and navy A re-
spectacle navy to begin WITH will cost $25 900 000
An army of twenty thousand men-less than half
the number required by President Davs-wil cost
fifteen millions of dollars per annum. The navy
will require nearly as much per annum. So we may
estimate the debt of the new governmeu at $685.
600, ,Oc0 to begin with, with annual expenditure
of about the same amount And these large
amounts, be it remembered are to be contributed by
about two millions Of white persons
1t will be seen by the notice below, that the
Secretary Of the Treasury is in the market as bor
rover. But who will take his bonds? In the first
place his government is not known to the world.
1t has no recognition by other powers, and therefore
no existence among the nations. Its flag is nothing
more than plaything, for no nation is bound to
respect it Then Mr.. Memminger's government is
bottomed on the element of anarchy, to-wit the
| right Of any State to secede under a whim or
caprice. That is a new doctrine. 1t never had
any place in the Democratic creed and it is the very
opposite of stability and order It not only MEANS
but it works insecurity, disorder and Reputation.
| Who uiW take the Jonds' Perhaps the States will
| give them their individual endorsement That
would render them more desirable, and they might
be sold at 60 to 70 cents in the dollar; but then
Mississippi would have to endorse them one Of
the States and so far as the foreign market is con-
cerned, that would absolutely injure their SALE
Mississippi repudiated her own debt, portion of
her own debt some twenty years ago. Foreign capi-
aliss have not forgotten this, and they would not
be likely to take any bond, at any price, with the
name of Mississippi on it. But for the protection
which Mississippi enjoyed as a member Of the
Union, on which she has now turned her back,
she might have been required to pay that debt at
the mouth of the cannon. 1t is singular fact that
those States which have received most from the
Union are most hostile to it. while those who have
received little nothing are truest to it.
We would rather have the bonds of North Caro-
lima at ten per cent premium than to have these
bonds of the Confederate States" at fifty cents in
'''0 ~ THE SOUTHERN LOAN.
LOAN FOR THE DEFENCE OF THE CONFEDERATE STATES.
Five millions OF this most advantageous invest
ment will be offered to the pu6llc on the lIth April
ensuing, and every citizen throughout the Confede.
rate States will have the opportunity of taking a
share of the benefit, and at the same time Of sus-
tanning the cause of his country.
Bonds with coupons, will be issued in sums from
ST. 900 to $780, and where it is preferred, stock GER
tifcates in the usual form may be had. The inte
rest is at eight per cent per nnnum, payable every
six months, at all our principal cities.
The debt has the very unusual and important
security of duty of oneeighh OF a cent per pound
about sxty-two cents per bale on all cotton ex
ported This duty under all circumstances Of peace
or war, secures the punctual payment Of the inte
rest and furnishes sinking fund for the redemp
J ton of the principal. The coupons when due are
receivable in payment of the duty on cotton, and
are thus made available as coin everywhere in oul
country. In order to enable all portions of oul
people to take part of this valuable investment anG
to exhibit their interest in raising funds fol
the common defence, books of subscription will bt
opened at tne cities and principal interior towns
five per cent must be paid in cash at the time o.
subscription and the remainder or before the Is
May interest to run from the date Of such payment
Persons desiring to secure their subscriptions may
pay in cash the whole amount and take receipt fol
the delivery of bonds or stock. To equalize th'
rates of subscription at all points, and to enable al
persons conveniently to subscribe, current banl
notes of the place will be received at their marke
! value in coin.
In case of an over subscription preference will b.
given first to those who pay down their whole sub
scription next to subscribers Of $50, next to sub
: scribers of 800. -.. ..
G. G. MEMMINGER, Secretary of Treasury.
, MONTGOMERY, March It, 1861.