Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-04-13
LONDON, ENG, March 25, 1868.


Loan.
LONDON, ENG, March %, 1863
As you are already aware, the government
of the confederate states has negotiated here
loan of three million pounds sterling. The
terms offered are such as to leave no room
for wonder that the loan was so readily taken
up even in view of the hazardous chances of
its ever being paid. 1t is overlooked, per-
haps, that the head of that government was
once an enthusiastic champion of reputation
in Mississippi, and that the policy of the
whole south since the beginning of the war
has been reputation. The bait, however,
proved too tempting for the English specula-
tors, and, instead of three millions, twelve
millions were offered in as many hours. The
stock bears interest at seven per cent, and is
convertible into cotton at sixpence Twelve
Cents) per pound. Cotton cannot fall to that
price for a long time after the conclusion of
peace. Should it even fall to eighteen cents
per pound, the offer is tantamount to PROM
Use Of fifty per cent. premium as soon as the
ports shall be free from blockade. 1t is not
surprising that, although the loan was issued
at ninety, it has commanded four or five per
cent. premium, or that the subscriptions
should have reached twelve millions, especial
ly i'll view of the general conviction, fully i'm
pressed upon the minds of nearly all men in
Europe, that the south must win. 1t would
be childish and unreasonable to attribute this
readiness to replenish the exchequer of the
contederacy to any sympathy with slavery or
any prediction for the southern cause. Mer-
chants and commercial spectators have little
to do with moral or political partialitieS only
lr n aft aptt 10 Of
cial speculations. They are ready to adven-
ture upon running blockades of southern ports
or take contracts to supply federal armies or,
many of them, even to risk their money upon
a cargo of Africans. Their business is to
measure the profits expected to be realized
with the risks necessary to be incurred. They
have no more concern with the merits of
those to whom they lend money than an advo.
cate III Il civil cause has with the personal yir-
tues or vices of his client. Their professional
duty is to look at the chances of profitable
return for their Investment. Before risking
their money they would be likely to examine
the probabilities and contingencies affecting
this condition. The surest and most univer-
sal as well us most effective way of getting alta
mans opinion is to force him to back it with
his money. l firmly believe that nine tenths
Of the English people, uniformed as to the
mighty resources and indomitable energy and
perseverance of the north, as compared with
the south, would risk everything on their
conviction that the south can never be con-
quered. One cannot even suggest the proba-
bility that the south must eventually yield
without mourning the risk of being laughed at.
Englishnen confess even that it is a task the
mighty power of England could not accom-
plish. mol" they will add, ''not if assist
ed by all the armies and fleets of the whole
world combined" 1t is easily believed that
they are less informed of the state of affairs in
the south than in the north, and more heter-
ogenous conglomeration Of crude ideas as to
everything American it is not easy to con-
ceive of. America is the last country studied
in the geography, and few advance so
far in that study. People learn more of
foreign country when it is in state of war
SO now people are getting informed or miSta-
formed on American affairs. 1t may be adj
ducd then that correct opinions are seldom
formed in this country as to American affairs.
Therefore we cannot wonder at the universal
prevalence of the conviction that the north
cannot conquer.
This conviction is now expressed in the
most significant manner Taken UP by the
great capitalists and subscribed for by men
OF all ranks and Stations this loan is touch
stone of public opinion that cannot be mis-
understood. Men of the Stock Exchange are
somewhat chary of running risks outside of
the usual line of business, and the success
of this loan amounts to nothing less than
complete recognition of the confederacy by
the business community. As | have said, it
would be childish to chiGe the English gov
eminent or people, as many no doubt will,
for having ga finger in the pie" All gov
ernments, kings, emperors, princes, or pri~
vate companies come here to borrow mon
ey. England is the great banker of the
world She has right to lend to whomso-
ever she pleases, whether belligerentS or 9TH
erwise without reference to political preju-
dices. Mr.. Peabody himself may have en-
tered into the speculation, as am convinced
from personal observation, that he believes
the federal cause hopeless. l know that
Massachusetts man, and rery strong Union
man, undertook to negotiate a sale of arms
to the agents of the confederate government,
a short time since. | heard him say that he
would as soon sell to contederates as to
federals. If he didn't somebody else would
So | have no doubt, and have been informed
that some subscribers to the loan were of
strong northern sentiment.
Money has charms so sooth the savage
open rocks &cn
Events which have been transpiring on
this side have SO much absorbed the public
mind that American affairs have been some
what forgotten. Polish secession now vies
with American session in occupying public
attention; but rivalling everything else has
been the excitement attendant on the receu-
ton of Princess Alexandra of Denmark. the
future queen consort of England. You have
read the accounts; but l may say sometime
of interest, that you have not read There
is no doubt that the union of the Prince of
Wales with Princess Alexandra, is one of
love as well of partial necessity. 1t is
not necessary to believe that it is his first
love. Madame rumor says he has another
wife living-a young girl of Irish family,
about eighteen years of age. OF course this
is no impeachment to his marrying Alexandra,
because the law makes such marriages lille
gal. 70 marry legally, he must marry a
damsel of royal blood. The Duke of Cam
bridge has wife and several children. Yet
tomorrow he may legally marry woman
of royal blood-the law regarding the other
marriage as null. General Scandal says that
this Irish lass was the indirect cause of
Prince Albert's death. While at Cambridge
the Prince of Wales, unable to remain sep
arated from his 'carissima, provided place
for her near at hand The father visited the
son to demonstrate with him upon his folly
During the discussion which ensued, and
which was carried on with considerable
warmth, the son suggested to his father the
proprety of calling to mind his own youth
full follies. This suggestion so enraged the