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The blockade running question at Nassau.

Nassau commercial circles, and the papers are engrossed with the new commercial regulations adopted by the Confederate States. The depression in trade there, caused by them, is marked. --The letters from correspondents are numerous, some of them speaking of the new regulations, having "perplexed the most sanguine friends of the Confederacy." They have doubtless "perplexed" the most sanguine friends of the almighty dollar, who find their profits by extortion cut off to a great extent, but we doubt whether any real friend of the Confederacy, sanguine or otherwise, has experienced a moment's perplexity on the subject. One of the perplexed "F M B's," thus writes to the Nassau Herald:

‘ We must conclude that the responsible framers of this measure are fully aware that the agents here will shrink from incurring the responsibility of running the vessels of their principles, without first receiving positive instructions. What then could be the object of the framers of this starting measure, in launching it without even a preliminary announcement, or without specifying a reasonable distant day, when it would come into operation? A surprise was clearly intended, and most assuredly has been effected — with what object we forbear to scrutinize too closely, but that less partial pens will probe the motives for so suddenly announcing, and so suddenly carrying into effect this new and sweeping change, we are quite prepared to expect.

’ We have in our former article stated that the sequel may show material advantages to the Confederacy, and those advantages may arise under the measures being adopted by Mr Slidell, the Confederate Commissioner at Parts. Mr Slidell has issued instructions to the effect that persons holding cotton loan bonds for which they wished to obtain cotton must transfer the bonds to his keeping, and on their doing so he will give a certificate or delivery order for the amount of cotton which they represent. If it be the aim of Mr Slidell, acting of course under instructions, to reissue these bonds at their enhanced value, the Confederate exchequer will be provided with funds, although such a course of procedure will probably meet with coinsure from the bank holders.

Large sums have been made and large sums have been lost in these ventures by English sympathizers and speculators, and the authorities at Richmond will fled that all such persons will retire as soon as the prospect of gain adequate to the risk incurred ceases. It must not be forgotten that the adventurous spirit of English merchants led the way at the outset in blockade running, and it is much to be regretted that the Confederates themselves did not take the initiative in the matter, and that even at this date their enterprise (their patriotism is beyond question) has not been more concentrated on so vital an issue as the conveyance of munitions of war and necessary merchandize to the Confederacy.

We have investigated the merits of the new law with an anxious desire to trace in it marked and decided advantages to Confederate interests, as distinct from all other interests, but we are not of those who consider the cause of the Confederacy will be best served by tacitly assenting to all the measures which may emanate from the Executive, and we consider it to be self evident, that in examining such a measure as the one we are discussing, it is impossible to ignore the interests of the blockade runner. The Confederates have made great and noble sacrifices, but they cannot sure mount the impossibilities, and an impossibility it certainly would prove to be to carry on blockade running on a comprehensive scale without a large margin of profit being allowed to meet inevitable contingencies.

On the other hand, another communication from "Justice," in the same paper, writes the following sensible views on the subject:

‘ Has the present system of blockade running been beneficial to the Confederates? This must be answered by its results. What have they been? A depreciation of their currency — an exorbitant rate of prices, and the establishment of a wide spread and unprincipled extortion.

’ The blockade runner has ever refused to take Confederate money. He has ever demanded gold or cotton, and the country has been drained of specie. This, as a matter of course, increased the price of exchange, and it has been steadily increasing ever since this system of importing began. Gold has flowed from and not into the Confederacy, because the blockade runner has not taken gold with which to buy his cotton; he has always entered a Confederate port with a small supply of goods, such as were scarce in the market at the time, fixed his own prices and demanded gold or cotton in return.

This may be considered as warranted by the risk he runs. But why does he not take gold with which to buy his cotton? Simply because he can demand a greater quantity of cotton in return for his goods. The purchaser, as a matter of course, is compelled to increase his prices before he can retail the goods he buys, and hence has arisen a system of unprincipled and uncalled for extortion.

Such has been the actual results of blockade running. But we are told "it has done the Confederates an immense amount of good; had it not been for it the Confederacy would have 'goes up' long since."

To save our lives we can't see it in this light What has been the character of goods imported — silks, satins, laces, broadcloth, liquors, and ladies' goods generally — while they have carried but a very small proportion of army supplies, and these, fortunately, were stowed in that part of the vessel which the Government had wisely reserved to itself or they would never have gotten there, or otherwise the Government would have been the victim of an outrageous and unparalleled extortion, which would have soon made it bankrupt sure enough. And we may safely add, had not the Government reserved to itself this right it would have "gone up" indeed.

Now, suppose the present companies stop, what then? It must be remembered that the Confederates are fighting for life and liberty, and not for the purpose of enabling third parties to amass colossal fortunes. And there are patriotic and enterprising men in the Confederacy, who will willingly give not only one-half, but the whole of their vessels' capacity to the Government, should the country demand it; and those stopping will soon find to their sorrow that "Othello's occupation's gone," and their places filled by men who are equally, if not better, suited to the purpose.

But the Confederates do not mean to run the present companies off. They offer to pay them large freight, more than the average price of cotton in times of peace — sixpence sterling per pound. Supposes a vessel brings over 200 bales of cotton, weighing 400 pounds each, the freight alone will amount to £2,000,000. Is it, then, their policy to quit?

It is useless for them to threaten. The Yankees can't bring the Confederates to terms, and it is hardly possible they should be troubled by a few blockade runners, who have done them little or no good, and can now do them no harm.

Let us, then, hear no more peevish complaints about the action of the authorities at Richmond. --If those engaged in the business can't satisfy their cupidity, let them stop; the Confederates don't ask them to continue, and are under no obligations to them whatever, for they have paid them well.

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