The New York herald., 1862-09-17


vIsroS-As appears BY the European in'eli
gence we published yesa srday' Inc Londo
Times Of the I'd inst makes a important s'ase
ment of the failure of Mr.. Pean 'on' snip owner
of Hull, for two millions of doll Ns, "e sr
- hat tbe .llculty occurred by large ven
lures = nc southern ports Of America oon
Of the ships despatched have been CAP 'ureo
while in the case of those that have succc. de'
in running the blockade and realizing hea,
profits the agents find difficulty in transmitting
the proceeds with safety and punctuality.
To explain this news it is only necessary
to refer to other intelligence published in
our columns yesterday and to-day. According
to the Richmond Wing Of the 18th inst. the sx-
pendtures of the Confederate government, from
its commencement to the LIST of August, amount
to $347 ,272,958 The statement is derived
from official sources, and is probably true. 1t
is about half of our own expenditure. But
where did the heads Of the rebellion get the
money to expsnd! This is made clear by let
ter republshed in the HERALD of Monday, from
Mr.. Do Bow, the agent of JED. Davis for the
produce Loan Bonds" The n,odus op~a,sd Is
this:-The cotton Of the Confederate States Is
pledged as the security Of the bonds; but, after
the bonds are issued and the money or value
received for them. the cotton is captured by our
troops or burned by order of the Confederate
government, and the security upon which the
bonds rest vanishes in smoke, like the baseless
fabric of vision. Mr.. De Bow explains that "the
crop destroyed will be charged upon the crop
saved. which it has directly benefited" That
is, the price of the future crop will be so en-
hanced by the destruction of the present crop
that it amounts to no real loss at all. That is,
"live horse, and you will get oats.' How is it
made evident that the future crop will not be
destroyed as we'll as the present. But, suppos-
ing for arguments sake, that the future crop
may be saved, that is Of little benefit to those
who expect to realize the bonds now, and can
not afford to. wait for more convenient season.
1t is by the sale of these bonds that am
munition, and arms, large and small, iron-clad
gunboats, clothing, shoes, medicines and other
essentials to the very existence Of the Southern
army are procured in England. Hence it is
that Mr.. Pearson has broken down. He in
SCStOu III tASGo oCCutleCoJ uuu ouIppcu al Mo
and other articles contraband Of war to the
Southern States, purchased with Confederate
bonds. The cargoes are, perhaps, captured by
our cruisers. But il the ships are not made
prizes in entering the Confederate ports, they
incur great risk in coming out with the re-
turn cargoes of cotton. The profits are great,
but the risks are great in the same de-
gree. The loss OF few cargoes both ways
would soon swallow up the whole profits
during tho war; But such is the gambling
spirit Of the commercial community of England
and elsewhere, that for the chance Of great gain
the merchants and spectators do not hesitate
to stake their all upon cast Of the die. But a
vigorous maintenance of the blockade would 80
completely discourage these SPECTATORS that
the "Produce Loan Bonds" would soon become
utterly unsaleable. and the importation Of arms
and ammunition into the Southern ports would
cease. Deprived Of supply from this source,
and unable to manufacture for themselves. the
leaders of the rebellion must ultimately fail, in
despite Of any temporary successes which they
may obtain.