The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-24
The state of Michigan the Stock Exs
change OF London.

from the London Times (Cty Article), Oct 81
me difference between the Northern and Southern
though the result TO the bondholder is the Mis-
S ssep p eers a bold-Mchgan course When
COL Jefferson Davis In the legislative hall that had been
butt with foreign money laughed at the " crocodile
tears Of those who had been foolish to lend it.,
there was no attempt at sophsry Mississippi intended
TO rcpudiate, and man. esied her cidirous pride IN
on aro~ul Of the fact Michigan, on the contrary,
false accusations She repudates and tries to her
shame by fresh delinqueneies In recent number of
Leading New York journal, the fraud practsed by
Michigan on her creditors is described as " diff
tcaty," about which " financial opinion has diff
iered on both sides of the Atlantic ever since
the original default occurred - and a letter
is inserted from Mr.. James f. joy, who is
mentioned as well known legal authority
gether wrong in CHASING Michigan with Mississippi
relndiaing state But the state ments OF Mr. joy, not
are all erroneous The bonds issued by the State OF
Michigan TO the gank of the United States and be
paid Tor by that establishment in four half yearly install
failed but previously to that event the bank through it's
agent Mr. audon had gotiatcd the bonds Europe at
the price Of eighty to the following hous namely
Messrs Ienison Co., OF London 100000; Messrs.
Rothschd, Of Paris 81 4s1 co., and Messrs Hope Co.,
Of Amsterdam 81 1852 COO the total being s. OO0
fll6,toO Subsequently the state repudated all liability
on these bonds except for the small she had received
from the Bank Of the United States, and in that
she proposed to deduct twenty ve per damages"
Five years after the original default she offered the
ptance in question and reduced her claim for damages
from tw nty five to three per cent This proceeding
accompanied by solemn declaration the part Of the
State that she would pay and OF the ind-
vuals to whom the bonds had passed and who had been
exposed to great suffering compelled to accept the
amount and TO content themselves with formal denun-
citation Of the nquy that had been practised. The YER
sion, however, given by Mr.. James JOY and cir
cuated by the New York journals is that the amount
advanced on the bonds by the European subscribers
less than that which the Safe of Michigan had received
from the Bank Of the United States and that consequent
ly The offer OF Michigan amounted to proposal TO return
them all the money they had advanced when the bonds
were pledged to Them In coroboratt Mr. Joy winds up
by citing the fact OF large proportion OF the creditors hav
Ing accepted the sum accorded In proof that they
quite satisfied although upon application the Treasury
department. he might have been furnished with copies or
the protests under which the spoation submitted TO
by class of sufferers who knew that their debtor was
not subject to any legal process and that the only secur
ty they possessed founded the 'honor and good
faith'' of the State in its promise to pay "n gold
silver" both principal and interest, with punctuaty at.
New York Until the actual circumstances be botted
from. history, the State shall have made amends, II
will be BETTER theref that only every well known
legal Authority OF Michigan, but also the New York ad
mirers of her conduct should iobear from challenging
reproduction Of the narrative 1t may be desired just
create favorable impressions Of the financial ante
cedens ii the North In contrast with those Of the South
and there is wish this side to impede that Objects
but some regard must be paid 10 precision and looking
nj the present details persons possibly be found to
prefer the frank style OF Colonel Jefferson Davs dealing
with such questions to the special course Of Mr..
James i. JOY.