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[written for a forthcoming number of De Bow's Review.]borrowing at home and borrowing abroad — the cotton loan.by George Fitzhugh. If to carry on the war we were to borrow in England two hundred and fifty millions of dollars, at the proposed rate of interest, principal redeemable in sixty years, we should in that time pay to our English creditors, in way of interest, more than one thousand millions of dollars; besides paying back the principal. One thousand millions of dollars would thus be transferred from our Confederacy to England. We should be that much the poorer, and England that much the wealthier, by the operation. If we borrow that amount from our own citizens, we should save in sixty years one thousand millions, and the nation in the aggregate be not one cent the loser or the poorer for the loan. All interest is but taxation. In the first case the tax collected would go to foreigners and reduce to that amount our national wealth; in the latter case, it wou
arly two thousand years, has been unable to find rest for the sole of his foot, is believed to be here looking for a vacancy in the Virginia Convention, and if he is not blind as well as footsore, he will not long look in vain. The Flying Dutchman, that most extraordinary of physical and nautical phenomenons, is believed to be in search of the same assemblage as the only chance for a permanent anchorage in this fluctuating world. The Flying Dutchman is itself a fair type of a body which Mr. Fitzhugh has happily styled "the most singular moral and intellectual phenomenon ever presented to the world." It is only in times of storm that the Flying Dutchman makes his appearance, and then the spectacle of a solid Dutchman moving with velocity naturally causes everybody to start aside and stand from under. The disappearance of the supernatural vessel would be a great relief to everybody, only there is no knowing when it will re-appear. The Virginia Convention, the slowest of all earthly t