Gazette Of The United States & Evening Advertiser

Considerations on the Loan.

It is well known that the French are preparing to attack the extensive line of posts of Cobourg en masse, as they lately did those of Brunswick and Wurmser; if they wait until the greatest part of the troops from La Vendée, join Jourdain by regular marches; the attack may begin about the 10th of February; but if these troops are conveyed by post, (as has frequently been done,) or if they do not wait for them, the attack may begin earlier. It is said that this attack will be made by the combined armies of Hoche and Jourdain, aided by all the troops of the first requisition, within one hundred miles of the frontier; the attack will extend from the Rhine along the Moselle to Treves, and from thence along the Austrian frontier to Nieuport, a distance of at least 300 miles. Cobourg has not at this time more effective men to defend this very extensive line, than Brunswick and Wurmser had in the beginning of November, to defend a line of only thirty miles in length, whilst Cobourg will be attacked by forces three times as numerous as those that defeated Brunswick and Wurmser.

If the French should be foiled in this attempt, they may lose twenty or thirty thousand men or more, they will retire again behind their fortresses, where Cobourg cannot attack them, until he has taken all those fortresses, which will require many years of uninterrupted success; (Marlborough had not completely opened the frontiers in ten years) such an event will therefore tend to prolong the war, and should rather depress our funds below, than raise them above, their present price.

But it is not easy to conceive how Cobourg can prevent such numerous forces, animated by their late successes, from penetrating into some part of so extensive a line, and if any important post is taken, all the adjacent posts must immediately fall back, lest their retreat should be cut off; and as the Emperor Joseph destroyed all the fortresses in the Netherlands, except Luxembourg and the Citadel of Antwerp, it is highly probable, that before the middle of March, Cobourg may be forced to abandon the Austrian Netherlands, and to retire for safety behind the Dutch fortresses. It is difficult to conceive the effect that such a disaster would have on our funds, at a time when the market is loaded with at least seventeen millions of Scrip, concentred in a few hands, many of them unable to make a second payment, and all of them eager to sell. Should the Bank at such a crisis refuse to lend money on the Scrip, (as they once did in the last war) the depression of the funds would be great indeed! and if the Bank lend their assistance,
lend to the holders of scrip, they must in the same proportion withdraw it from our distressed commerce. In such a situation there will be only one consolation left: Cobourg's army having retired behind the Dutch fortresses for safety, may contribute to the defence of that country; this will give us time to reflect; the eyes of this nation may at last be opened, they will then perceive the danger into which they have been led by his Majesty's ministers, and compel them to relinquish a situation for which they have proved themselves so totally unfit. Peace may then be made, for peace only can raise our funds, or revive our drooping commerce. Peace only can save this country from ruin.