, 1863-08-15
The Collapse of the Rebel Loan.
From the London News-1

The sudden collapse OF the tonledefate loan
has not nnnatsraliy a1ed S,. the calculating ,t9ss
dIsmay This stock. which, on its In
:cduction to the Engllsh market, Was
80 eki1tul1y manipulated as to. be
quoted at = premium, has, during tie
List few days, sunk by successive p1ungcs to
twenty Discount; oa luesaay :, morning, q a1l, n
however low, but few sales we're eventually
effected at seventeen discount. Yesterday,
while other kinds Of foreign stock rose, the
shareholders loan still retained its alarming
position Of eeyere and exceptional depres-
Sion. Under these circumstances. 1t is hardly
eurpritlng TINT tho panic Of the slaveholderstt
agents aud representatives in this country
should be extreme. This sudden fall in their
{ayorite stock shows that the arts by which It
has been 20 long supported are beginning to
fall, that the outside world can no longer be
deceived by smooth prophecies OF Southern
successes, but Is taking the messu,e Of cur
rent events for itself It shows that tho re.
eources Of plausible mystffeation arc nearly
exhausted, and that the public are beginning
to exercise their OWL Judgment on American
affairs. The ConfederacJ has clerer agents
ard ndvocates in this country. M 1t has able
leading men IN America, and they hive done
their work we'll Their representations have
people not ouly to believe In the omnipotence
Of the Confederate cause, but to invest their
savings In it's so called cotton loan. But facts
a1c stubborn things, md In the end break
down the most skilfnlly constructed hctions,
however long or. loudly they may be re1tera-
ted. The inevitable crash Is rapidly approach
ing, as its victims begin already to discern.
played out, aud the public are beginning to
see the Confederates' In their true character.
The panic Of the players Is, therefore, perfect
II natural. 4 premature crash would obTl-
ous]y be fatal. At all hazards, somc attempt
must be made to delay the final catastrophe.
something,' no matter what, must be said os
done to restore temporary confidence, and
prop up for brief space the falling cause: T
noting else can be done, reso3ute effort
NAV at least be mnde to br8zen 1t out for
time. It Is the very moment to put On 5otd
front and use strong 1anguagc and the Con
federnte representatives In this country haFe
accordingly bestlrred themselves to meet the
The effort is no doubt, In any casc, despe-
rate enough, but # maae with Judgment, de-
cency and discretion, 1t might, perhaps, have
been Intended with some slight amount Of
nomentaIy success. The opportunity has,
however, been thrown away. Bad as the case
Is, the attempts hitherto made to amend it
only make 1t ten times worse. Indeed, the
shif to which the leading organ Of the Con
fede.acy Is reduced seem to skow TINT the
position Of the South Is. far more hopeless
than It's hitterest enemies bad imagined. But
all is not yet lost The accumulating ride Of
the Southern prophet, Jet be rolled buck, and
the Confederaey saved BY an Irish row In the
streets Of New York. We are AFRAID this will
prove rather cold comfort to those who have
invested their saylr 6 In the Confederate loan.
It is clear, however, that it is eu the consola-
ton they are likely to get for some time to
come. Such q precious nlorsel Of comfort
must not be- too hastily dismissed, aud 1t Is
accordingly made the most of by the friends
and rep1esentati tiYes Of the ConfederacY.