Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-04-30
InteresssBg from Rurope.
From the Liverpool Albion, March 2s.


two long wears of weary warfare, the existence OF the
Confederate States as distinct Government has Teen
Acknowledgement indeed by foreign Governments, bu'
what is probably more Important Oy Foreign capl-
talists Of all the clever things cone ny me
men who guide the destinies OF the Southern STATS
this is perhaps the cleverest Next to peng aoe 10
lend the finest thing in the world is certainly beng
able to borrow and this feat they are now performing
with signal success. The Confederate Government
have introduced feature into their TRANSACTION
The Moorish loan, c3Dcuded twelve months ago,
provided that certain proportion OF the regular Gus
tomhoue should be set apart for reimbarslng
tie lenders and the Egyptian loan was entered into on
somewhat similar unders landing but the present 10,
we believe the first occasion which foreign Gov
ernment has proposed to place in the hands OF its cred
tors real tangible commercial security security
whose value every can form his e~n opinion with
certainty and distinctneSs.
Il seems to us thatthe change is q decided improve
ment ard this feeling is evidently shared by those who
are Offering TO lend twelve millions sterling TO people
who only ask foI three. Strange as it may be thought
at first sight, this nation, who have not naval
strength enough to keep open one single port for the
uurp SIS of trade bids fair to achieve one of the great
est financial success in borrown that has happened III
the memory of ran sue which will go far to re-
suscae their slightly shaken dogma that Cotton Is
King for cotton is the magician whose wand has con-
iured up these millions of sovereighs. Some fifteen
wears ago when Russia seeking loan II London,
Mr.. Golden held meetings, at which he demonstrated
tie uns0undn Of Russian finance, and promised to
cTuTnp!e the RUSSIAN Empire Ike ID bJeSt Vi cap
paper Yet Russia succeeded in borrowing every rou-
bic she applied for and the public, needless OF Mr. Cob
dens CassaDdrake warnings were 80 eager to become
her creditors that they tumbed up stairs and Tell over
ore another in hears in the room where the applIca-
tiors tor allotment were received
When the Emperor Napoleon, at the perIo1 OF the
Crnean war, proposed TO borrow direct from bis peo
pie great and small his people offered him two or three
times much he required and the Emperor, for
the double purpose OF showing his gratitude and re-
OT1oI Tho Oh1ln
dertd But Russia and France strong indepen-
dent empires no blockade impeded their mercantile
cperatons no ruinou3 civil desolatiDg their pro-
vinces 1t was reserved for the Government OF the
Confederate States to fed way out of fnaRcal Diff
cues under circumstances OF adversely, such as few
nations have labored under We believe this way has
been found accompanied by security to Lenders, such as
no lenders have before crjoyed.
Capitalists are no doubt the most realistic of man.
kind yet we are tic enough to believe that Exc
ter Hall would subscribe with much less aVldlty to
Confederate loan than to fund for enabling Garlbadl
to revo!utonze Rome and blow up St. Peters, even
supposrg the security aid interest were not quite the
same 10 each case. We inclircd to think it would
require two three per CeCt. extra to carry the day
against the Italian Genera and IN the present case we
cannot help tancyng that pocat feelings, or conVc-
tons, have operated pretty freely We do not believe
that Federal loan the security OF pork or corr
would have the success. The pocket is consider
ed, by unhinking persons, entirely neutral organ,
Incapable OF being affected by love hatred. Ibis is
great mistake; the pocket is quite amenabe to con
scientious senSibHty. No wealthy Englshman or
Frenchman would or could subscribe to loan for sup
pressing the Polish revolution not at 20 per cent
wi n security the Uraan gold mines and If this
be true in negative sense, there is no absurdity In
believing it equally true in positive sense. Hence we
look upon the present transaction as no IS political
than financial triumph for the Confederate States.
1t is true that the comparatively small sum OF three
millions will not provide them with navy, it will not
ay their enormous armies nor supply them with cash
sufficient to establish basis for their currency; more
oVer if the supplies to be purchased with this money
to be introduced into the country by the medium OF
aiming the blockade the means perious, and the
success of the scheme doubtful, We believe however,
hat something certain and less hazardous is in
ended. In the first place, it is 1ndeniabe that great
naUcal gives moral strength and position to
be nation which achieves it such practical proof OF
be confidence OF Europe in their cause is mighty
ouragement and it must further be observed that the
ecurty fer this loan is of necessity based the loyal
xfcution Of the engagement entered into.
Those who are prepared to lend their money to the
southern States must feel convinced that the pledge
ndertaken will be faithfully performed, of setting aside
eFtan property for the liquidation of this debt The
heerful cooperation of the planters in handing over
heir cotton fer the pHrpJsas Of struggling Govern
lent must be assumed 1t is so far question of good
sits. That good faith will be Observed to be
implicitly b~lieved The power Of the Southern Gov
rnRent to protect such amount of proper anoth
element in the calculation, and the sword of Lee
The South must, at the moderate price OF ed. per b.
worth fully forty millions sterling know the
OVetous energy of Butler entirely unable to reach
lore than very Insignificant portion of it. 1t is said
ldeed that the severity Of that hero towards the in
abitants Of New Orleans caused in part by this
iaappoin tment.
There is another point of view in which, English
len-or, rather, as EurOpeans-We may regard this
uastOn. By granting this loan, furnishing
Ives with three millions worth Ct cotton at less than
ordinary price One great danger awaiting in the
lture was, that 50 the cotton ports open
], might be compe5d to pay, within brief period,
three four millions OF bales of cotton, at price
hich would inevitably be exaggeraedby considerable
zport duty From this export duty, the subscribers to
e loan guaranteed and the poets of money
arket are propcrtionately improved. Commercial men
he have paid attention to the subject, will not have
lied to remark the trade which springng up between
liverpool and the Mexican port of Matamoras That |
wn is only separated by river from the Texan town
Brownsville and though long land carriage is an
IttnsVa OPERATION the route seems pretty sure and
IL into the heart of the Confederate territory 1t be-
smes merely question OF money In all probability,
1t sovereign will leave these shores in consequence
this loan; the whsle will be invested in the stores
much needed by the inhabitants OF the land of Dixie
I'd the manufacture of these articles will give wages
I'd comfort both present and prospective, to many
Dgl6h labO er 10 those therefore, who OBJ ect that
success Of this OAn will lead 10 further similar trans
tons, we simply reply that, for the good of this 1
un1ry, we hope there may be several more ConfedC-
tie loans brought out on similar security, and with
nilar success.
From the Mobile Tribune. I
FRANK INCENSE; r