Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-04-23
rNrEnEsrINc FROM EUROPE.
From tie Liverpool Albic;', March q
THE coSrrnERArE LOAN.

southern independence is recognized AT last! Ai.er
wo long years of weary warfare the existence OF the
States as distinct Government has been
indeedby foreign Governments, but
what is probably even more important by foreign capt.
tass OF all the clever things done BY the ssgacious
men who guide the destnies Of the Southern States
this is perhaps the cleverest Next to being able to
lend the finest thing in tie world is certainly being able
to borrow, and this feat they performing with
signal success The Confederate Government have in.
troduced new feature into their transactions The
Moorish loan, concluded some twelve months ago. pro-
yided that certain proportion of the regular custom
house should be set apart for rembursng the
lenders; and the Egyptian loan entered into on
somewhat similar understanding but the present IS We
believe the first occasion on which foreign Govern
IN, has proposed TO place in the hands OF t creditors
a real tangible, commercial security-a security en-
whose value every can form his own opinion with
certainty and distinctness.
II seems to us that the change is decided improve
ment and this feeling is evidently shared by those who
are offering TO lend twelve millions sterling to people
who only ask for three. Strange il may be thought
at first sight, this nation, who have not naval
strength enough keep single port for the pur
poses of trade bids fair achieve of the greatest
financial successes in borrowing that has happened IN
the memory OF man; success which viii go far to re-
suscitate their slightly shaken dogma that Cotton Is
King for cotton is he magician whose wand has con-
iured up these millions Of sovereigns. Some hlteen
wears ago when Russia was seeking loan in London,
Mr. Golden held meetings, at which he demonstrated
the unsoundnesS of Russian finance, and promised 10
crumple up the Russ an Empire like sheet OF cap
plper Yet Russia succeeded in borrow ne every rou-
BILE she applied for, and the pubic, needless OF Mr.
Cobdens Cassandra like warnings eager TO be
come her creditors that they tumbed up stairs aud tel
over one another in heaps in the room where the ap-
plications for allotment were received
When the Emperor Napoleon, at the period OF the
Crimean war, proposed to borrow direct fom lis peo-
nile great and sma Lis people offered him three
tunes as much as he required; and The Emperor, fer
the double purpose of his gratitude and reward
ing their patriotism borrowed the whole sum rendered
But Russia and France were strong independent en-
pres: no blockade impeded their mercantile opera
tions no runous civil war desoating their p:o.
v;nces Twas reserved for the Government of The
Confederate States find way out of financial dith
entities under circumstances Of adverse y such as few
nations have labored under. We believe this way
has been found accompanied by security to lenders
zach as no lenders have before enjoyed.
Canitalists are no doubt the most real site of man
kind vet we are romantic enough to believe that Exc
ter Hal would subscribe with much less avdity to a
Confederate loan than TO fund Tor enabling Gatibald
to revouonize Rome and blow up St. Peters, even sup
posinp the security aud interest were not quite the
same In each case We inclined 10 think it would
reonie two or three Ler cent to carry the day
AGAINST the Italian General and In the present case we
cannot help ancying that political feelings, or convic-
tons have operated pretty freely we do not DeieVe
that Federal loan the security OF pork or corn
would have the same SUCCESS PoSASb
cd nv untbipking persons entirely neutral organ,
inranahle of being afec led by love hatred This is
great mistake; the pocket is quite ameIa5e to con.
| . Gentious s,nsibiity. No wealthy Englshman or
Frenchinan would could subscribe to loan for sup
messing the Polish revolution rot even at 20 per cent
ith security over the Uraan gold mines and if this
no true in negative sense, there is no absurdity in
believing it equally true in positive sense Hence we
lool upop the present transaction as no less political
than financial triumph for the Confederate States
Its true that the comparatively small sum OF three
millions Will not provide them with navy it will not
| nav their enormous armies, supply them with cash
Sufficient to establish basis for their currency more
over If the supplies to be purchased with this money
arc to be introduced into the country by the MEDIUM
running the blockade the means are perious, and tat
success of the scheme doubtful We believe however
at sometbiug more certain and less hazardous 10 III
tended Ia the first place, it is undenlable that gees
financial success gives moral strength and position
the nation which achieves it; such practical proof
the confidence Of Europe in their cause Is mighty en-
courapemept and it further be observed that thu
security for this loan is Of necessity based on the oya
| execution of the engagement entered into
Those who are prepared to lend their money TO tn
Southern States must feel convinced that the pledg
undertaken will be faithfully performed OF setting asid
cera;n property for the liquidation OF this debt. Tn
cheerful cooperation Of the planters in handing owe
their cotton for the purposes Of struggling Govern
ment must be assumed 1t ia so lar question oil GOO
faith That good faith viii be observed, seems to b
impcitely believed. The power OF the Southern Gov
ernment TO protect such an amount oil property al
other element in the calculation, and the sword OF lie
must endorse the word of Davis. The cotton shut U
in the South must the moderate price of Cd per 10
be worth fully forty millions sterling; as VIC know Il
coyetoUs energy OF Butler was entirely unable to reac
more than a very Insignificant portion OF 1t. 1t IS sa
indeed that the severity Of that hero towards the u
n habitants of New Orleans was caused in part 10y tn
: disappointment.
c | men or. rather as Europeans-we may regard tt
arestion BY granting this loan, are furnishing on
sves with three millions worth of cotton ~. less tn
the ordinary price, One great danger awaiting US IN
future was that 20 soon the cotton ports were ope
cd wemght be compelled to Pay, within brief pero
for three or four millions Of bales of cotton, alta pr
which would inevitably be exsggeTae by considerat
export duty From this export duty, the subscribers
the loan are guaranteed and the prospects CT our mon
| market are proportonaely improved. Commercial m
who have paid attention to the subject, will not ha
o failed to remark the trade which issprDgrg up betwe
i. Liverpool and the Mexican port Of Aatamoras. Tn
town is only separated by river from the Texan toy
< of Brownsville and though long land carriag' Is
extensive operation, the route seems pretty sure a.
safe into the heart of the Confederate territory 1t
e comes merely a question Of money In al probabi
not one sovereign will leave these shores in consequen
of this Loan the whole will be invested in the stor
50 much needed by the inhabitants OF the land OF Dix
and the manufacture of these articles will give Wag
and comfort both present and prospective, to many
English aborer To those, therefore, who object Ii
the success of this loan will lead to further SIMILAR tran
actions, we simply reply that, for the good q Il
# country we hope there may be several more COME
/, crate loans brought out on similar security and wi
p | similar success.
THE CONFEDERATE FLEET IN ENGLAND.
o The London correspondent of tho New York Time
under date of March 2sth 1868, writes as follows: