Note 104 — Chapter XXXII · THE CONFEDERATE LOAN.

"Those among the English people who are still suffering from Mississippi repudiation will perhaps view with wonder and regret the negotiation of a loan for a government of which Mr. Jefferson Davis, by whom that repudiation was defended in his place in Congress, is the head. But the Southern Confederacy includes Virginia, Georgia, and other honorable States, and it is by the prospect of what the Confederacy will do as a whole that people will make their calculation. The reasoning that would exclude the South from a loan on account of the conduct of Mississippi, would apply equally to the North, since the North embraces Michigan. It would also have applied to the United States loans negotiated while Mississippi was a State of the Union, and especially while Mr. Jefferson Davis was an influential member of the Federal government, and regarded with high favor by all the Northern population, by whom the remarks of the Times on his financial views were then declared to be nothing but the outpourings of British rancor."[104]