The southern aegis, and Harford County intelligencer., 1864-01-22
FROM EUROPE.
The Confederate Cotton Loan,
WON the Londo,, Indsz


During the year now closing, about
100000 bales of cotton, of about 500
pounds weight each, have found their way
through the blockade to European ports,
which, at the ruling prices, sold for up
wards Of e6, 100000 sterling. With this
fund to its credit, had the cotton Been ex.
ported for its own account, instead of, for
the most part, private spectators, the.
Confederate Government might have dis.
pensed with foreign loans, might have
bought its warlike stores at the lowest
cash rates, and supplied its citizens with
commodities Of prime necessity at mod
crate advance ON cost. 't ''.. o..
Not only would it have earned the fab
ulous profits pocketed by foreign mer-
chants, but it would have saved itself the
issue Of that food of promises to pay with
which it purchased importations, and
which the importers made haste to dispose
of on any terms. And what creditors at
home could have doubtedthe solvency of
a debtor who was the largest holder Of
foreign exchange in the country?
LetSit not be said that the Government
wop,d have failed where private enterprise
succeeded. The experiment has been
sufficiently tried to demonstrate that the
Government, in blockade ventures, has
been equally or more fortunate than indi,
viduals, probably for the reason that,
thanks to the patriot enthusiasm of the
whole people, it is at present the best SER
we'd Government in the world. '-"
To its success in this respect is due the
credit which, amid the most adverse cir
cumstances, it still commands in the mar.
kets of Europe The question, then,
would simply have been to extend on
larger scale what has been done with con-
siderable success On small one. Tie
mercantile marine Of every country, not
excepting that of the North, is open to it
to select the staurchest and the swiftest
vessels. - s'~'Ee ''s"- *t- 7al
It commands astaff Of naval officers in.
ferior to those ofno countryin skill, cour-
age and dash; and although the service
may not be so brilliant and 50 much to
their taste, at the country's bidding they
would render it as zealously and as deso-
tedly as though they trod the decks Of
Merrinndcs and ,Alatagsds twill scarce
ly be contended that vessels avowedly the
property of the Confederate Government
would run gfeater risks ,ofl.the high seas
from thesenemy' 3 cruisers than those own
ed by British subjects run under the
warm neutrality of the Foreign Office. I
But If private enterprise must be cal
led into aid, the cotton bonds now in the
hands Of Enropean holders afford the desir-
ed machinery, provided all private expor-
tations, except ia redemption ofsthese
bonds, is prohibited. Y The e3, 200, 900
which the government nowowes in Europe
represents, at Sd. per pound, 100000
bales ofcotton, which, at the rate Of this
year : expectation, could be run through
the blockade in about two years. 9 p
Every obligation thus redeemed would
make room for new one, which, as the
only means Of purchasing cotton would Be
eagerly soughtlat prices remunerative to
the Government. We are told that sound
political economy forbids fhe granting of
fnonopolies but blockade running is vir-.
tually already the monopoly of those firms
which we're the FIRST and the most enter,
prising in the attempt: Why not, II d mo-
popoly must exist, give il to these who have
trusted ths Government? Besides, no one
is injured thereby, for those who nov hold
this virtual monopoly may still retain III,
BY merely changing theis purchasing me.
dibm..yh ssN ~ 1si sss1 Y ps ''l elE'
I We have reason 10 beiisvs that Id tad.,
vocating this RECOMMENDATION Of Mr.. Nc.
Rae We express the convictions of nearly