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From the Southern Capital.

the $15,000,000 loan--Secretary Memmin-
ger — the feeling in the Southern Confed-
eracy — enthusiasm of the people.

[Correspondence of the Richmond Dispatch.]

Montgomery, Ala., April 8, 1861.
The portion of the fifteen millions loan required by the Government has been greedily and eagerly taken, or at least the money has already been tendered. Offers for the bonds have come in from all quarters and sections of the country, not withstanding the short time the loan has been before the public. Numerous propositions from New York, Philadelphia, and other cities without the limits of the new Republic, have been refused in order that her own citizens may share the benefits of an investment which places them in the proud position of abstaining the cause of their country. The plan of the sinking fund adopted for the redemption of the bonds which will be issued under the act authorising the loan, is highly commended, dissipating, as it does every doubt about the promptness and certainty of their payment by furnishing a fund which will be always ready to redeem the bonds in full, even before they mature. The export duty of one-eighth of a cent per pound on cotton, or about sixty-two cents per bale (an article which the world cannot do without, and which these States can alone furnish in perfection.) imposed, to meet the annually accruing interest, will exceed this requirement by a million or more of dollars each year as the minimum estimate of its proceeds, and this surplus the Secretary of the Treasury appropriates for the purchase of bonds from the holders. Never was a loan for tiffed by as many advantages, or the terms so mutually advantageous to both lender and borrower.--All the regulations adopted by the distinguished Secretary in connection with it, are calculated to give the fullest effect to its liberal provisions.

It was indeed most fortunate for the country that President Davis so wisely called to his Cabinet, in the important capacity of Secretary of the Treasury Department, of a new Government, the Hon. C. G. Momminger, of South Carolina. Well known to the people of Virginia, and especially of Richmond, for the ability and eloquence he displayed as the Commissioner of South Carolina to the Virginia Legislature, he stands now in the very front rank of his compeers for fame in the new Government. A man of unquestioned ability, of high intelligence and moral character, great application and industry, and possessed of a practical business capacity that is not surpassed by any in the South, for him may be confidently predicted a solid and brilliant reputation as Secretary of the Confederate States Treasury. Should the new and intricate relations surrounding the recently organized Government involve him in official conflict. whoever encounters him thus will find a giant.

What policy the Government at Washington will inaugurate in regard to the revenue and forts, seems to constitute somewhat of an enigma to the Southern mind. The indications of war and those which signify peace, alternately predominate.

Lincoln has accepted an invitation to visit soon the Theatre in Washington, say the papers, and it is to be hoped that the manager will have produced on the occasion Shakespeare's Merchant of Venice, in the same spirit that Hamlet had presented to the incestuous King and Queen their murder of his father.--Let the President see the knife and scales drop from the nerveless hand of Shylock, when told that his bond gives him an equal pound of flesh, to be cut from Antonio's breast, but not one drop of blood, and remember that the attempt to ‘"hold, occupy, and possess the property and places belonging to the United States,"’ or collect the revenue, will cause a shower of blood to fall in witness of it and we shall then see if the incumbent of the "Black House" will not be affected as vas the dirty and exacting Jew.

Whenever the war shall commence, the new Government can bring into the field, either for defensive or aggressive action, a strictly volunteer army, of such rank and bravery as must prove irresistible against any hireling force that may oppose it. It is recorded in the history of the Revolution, that at the battle of Bennington the American commander, pointing his brave hand to the hireling Hessians, briefly addressed them thus: ‘"Soldiers, chose German gentlemen are bought for four pounds eight and seven-pence per man, by the King of Britain. Are we worth more. Let's prove it, now we can!"’ Language that affords an apt description of the character of those with whom they threaten the subjugation of the great South.

Whether the policy of the Black Republican Government shall inaugurate the catastrophe of war, or perpetuate the blessings of peace, it is known here that a reconstruction, or reorganization of the Union, except by the adoption of the Constitution of the Confederate States, is as hopeless as the flames that burn to light the dead. The enthusiasm of the people in support of their Government, even in North Alabama, where co-operation was preferred to separate State action, is as universal as the scorn and detestation with which the Lincoln Administration is regarded.

The people of the District treat with contempt the acceptance by Geo. W. Lane of the Federal Judge tendered him by Lincoln. His friends, if he has any, it is said, will, of course, prove a sinecure, (the Hon. Wm. G. Jones holding the same appointment under this Government.) and is only important as showing the animus of the Black Republicans not by any act to recognize the separation.

The temporizing and procrastinating conduct of Virginia excites the deep mortification of her Southern sisters. It is known here, however, that the Convention does not truly reflect the sentiments of the people, being composed largely of anxious submissionists and enemies to Southern rights.

J. R. P.

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