Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1863-04-21

l
al first sight, this new nation, who have not
naval strength enough TO keep open one sin
gle port for the puposes OF trade, bids ieis %
achieve one Of the greateatfinancial SUCCESSES
liz borrowing that has happened in the mem
DRY Of man; a success that will go far 70 re-
suscitate their slightly shaken dogma that
Cotton is King, for cotton is the magician
whose wand has ooniured up these millions
of sovereigus. Some fifteen years ago, when
Russia was seeking loan in London, Mr..
Golden held meetings, at which he demon
sttated the uhsoundness OF Russian finance,
and promised 20 oramble ap the Russian
Empire like a sheet Of cappaper. Yet Rus
lsia succeeded in borrowing every rouble she
applied for, and.the public, needless Of Mr Cob
den's Cassandra-like warnings, we're so eagerto
become her creditors that they tumbled up
stairs and fell over one another in heaps in
the room where the applications for allotment
were received 'n
When the Emperor Napoleon, at the period
of the Crimean war, proposed to borrow direct
from his people, great and small, his people
offered him two or three times as much as he
required and the Emperor, for the double
purpose of showing his gratitude and reward
ing their patriotism, borrowed the whole sum
rendered But Russia and France were strong
independent empires no blockade impeded
their mercantile operations; no ruinous civil
war was desolatng their provices. twas re-
served for the Government OF the Confederate
States to find way out Of financial difficult
ties under circumstances OF adversely such
as few nations have labored under. We be-
leye this way has been found, accompanied
by security to lenders such as no lenders
have before enjoyed
! Capitalists are, no doubt, the most realistic
of mankind yet we are romantic enough to
believe that Exeter Hall would subscribe with
much less avidity to Confederate loan than
to fund for enabling Garibaldi to revolution
ize Rome ard blow up st Peters, even sup
posing the security and interest were not
quite the same in each case. We are inclined
TO think it would require two or three per cent.
extra to carry the day against the Italian
lGeneral; and in the present case we can not
help fancying that political feelings, or con
Ivictions have operated pretty freely We do
not believe that Federal loan on the security
of pork or corn would have the same success
The pocket is considered, by'unihinking per-
sons, an entirely neutral organ, incapable of
being affected by love or hatred. This is a
great mistake the pocket is quite amenable
Ito conscientious sensibity No wealthy
Englishman or Frenchman would or could
subscribe to loan for suppressing the Polish
revolution, not even at twenty per cent, with
security over The Uralian gold mines and if
i thisbe true in a negative aense, there is no
absurdity in believing it equally true in a
positive sense Hence We look upon the
present transaction as no less a polital than
a financial triumph for the Confederate
T States.
1t is true that the comparatively small sum
of three millions will not provide them with
a navy, it will not pay their enormous armies,
nor supply them with cash sufficient to estab-
f lish basis for their currency moreover, il
! flhe supplies to be purchased with this money
are to be introduced into the country by
the medium Of running the blockade the
means are perilous, and the success Of the
, scheme doubtful We believe, however, that
something more certain and less hazardous
! is intended. In the first place, it is undenia
BILE that great financial success gives a
= moral strength and position to the nation
which achieves it such a practical proof oi
the confidence Of Europe in their cause is q
+ mighty encouragement and II mustb be further
observed that the security for this loan is o
4 necessity based on the loyal execution Of the
/ engagement entered into.
E Those who are prepared to lend their money
to the Southern States must feel convinced
1 that the pledge undertaken will be faithfully
! performed OF setting aside certain property
for the liquidation of this debt The cheer
!, full cooperation of the planters in handing
q over their cotton for the purposes Of a strug
2 Cling Government must be assumed, IL is &C
a far a question of good faith, That gooC
q faith will be observed seems to be implicit,
o believed The power Of the Southern Govern
1, ment to protect such an amount Of propert,
/ is another element in the calculation, and thu
sword Of Lee must endorse the word of Davis
ls The cotton shut up in the South must, at tn,
ir moderate price Of Cd. per pound, be wort
d fully forty millions sterling as we know tn
sr eovetous energy of Butler was entirely unabl
Dt to reach more than a very insignificant POI
a ton of it It's said, indeed, that the severlt
OF that hero towards the inhabitants Of Ne,
W Orleans was caused in part by this disappon
IA ment ,l-.rtrr M
"a There il another point of view in which, q
lg Engishmen-or, rather, as Europeans--w
le may regard this question By granting thi
le loan we are furnishing ourselves with thre
rs millions worth of cotton at less than the ord
p. iuaFy price One great danger awaiting us i
le the future was, that so soon as the cotton port
IN were opened, we might be compelled to pa,
I'd within a brief period, for three or four mi
is. lions oil bales OF cotton, at a price whic
would inevitably be exaggerated by q consiC
H. erable export duty From this export dut
pit the subscribers to the loan are guaranteed
and the prospects Of our money market. al
proportiopately improved Commercial me
who have paid attention 10 the subject, wi
, hot have failed to remark the trade which
springiDg up between liverpool aud the Me,
.a ~ icAn port Of Matamoras. The town is on
=, separated by aFiyer from the Texan town
al Brownsville, and, though long land earFiag
"a is an extensive operation, the route seen
~ pretty sure and safe into the heart OF the Coz
~ federate territory. 1t becomes merely que