The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-05-23

DreRtened With the loss OF Its usual cut.pre-s va
quite enough to fight about And then they dscNss> IN
probability OF French inerfe ence, for what N.
ON earth that could be settled 10 the way Of fgsng Il
France did not lend helping hanoi
How they would have So ved difficulty know ~,
but suddenly sky became overcast and as the val
ture snus the scent of blood from afar flies 9ith
outspread wings 70 the battle field Partisan MUD
president Of storm In instant the sounds Of Rayety
are neutrality-suspicious. is banished The sleek shining
take IT c1 bodily and prefer that the angry
clouds should empty themselves on their uncovered
heads, rather than oesecrate their holiday beaver I'm
brellas are, OF course, at premium But the ciolenns
dc Paris, who shall paint their di.may?
but let us turn from this storm OF the physical
element TO the still but deeply threatening po
cal horizon There are Two dislact results which may
arise from fearful and bloody internecine war on your
shores The sight of humsn slaughter, in It's most har
or tho thunders oil vrgnag berating across the
broad Atlantic, may evoke an initatve sy npany Oer
tain 49, that there are nowhere symptoms Of conca
lion.
The Southern Commissioners I'm England.
THEIR FINANCIAL LEvEEs IN LONDON.
yFrom the ondon Telegraph democratic orgsn) May
The following communication relates to the bonds Of
she Confederate 5tates'' OF America
EDITOR or THE TELEGRAPH.
As am led to understand that many OF the Confe-
derae bonds have been are about TO be offered and
introduced the British stock market by the called
southern Commissioners whose leucs in Aemdrse street
are ate offended by Stock Exchange representatives. allow
me EXPOSE few flaws existing IN these bonds, which
viii DOUBTLESS operate to deter ell but the most reckless
from investing their money in them
In the first place, the body calling itself Congress
The Confederate Staes had right whatever 70 ssue
bonds 10 incur binding Deb ulon the people OF the
Gulf States That body consisted OF individuals chosen
by the various secession conventions. These
lions elected by the people for the pur
OF severing the connection between the
States and tie federal government. That act per.
formed so far as the organic convention could perform
il, the functions or the conventions ceased and they
had longer any power 70 perform any other act bind
the Of their respective States They had no
power to bind their people for the payment or bods
than meeting of ladies' round tea table Much lees
could they, their motion create out OF them
selves Q new booy-whch they not authorized By
the people TO establishand confer upoo that body the
right of creating punc debt ON these grounds
as common revives the Gulf states the Oonfeie
bonds will be pronounced illegal by the courts aud
will be repudiated by the people Mississippi repudiated
Planters Bank ,nds gounds far less clear and
cogent But again If under the pressure OF patriotic
feeling the courts of the Gulf states should overlook the
fatal egaty which taints the inception OF the COME
derate bonds the clause in the constitution OF the
. Confederate States distinctly securing 10 each
State the right OF secession renders them vaueess
unt they have been by the States in
their individual capacity They are the promise OF col
lective body which, in its very organic act provides for
its own dsinegr To could the creditor look
for pay the event Of the secession OF two three
of the States constituting the Confederate
Satess Not 70 the remaining members OF the coniede
raey, for they would be entitled to pay their share and
reer him their la Tor The balance yet
to the seeded states for they would assure him that
they had nothing to do with the conederacy What
safety would there be in hold such security as this
Again, is stated in the act Of the 80 called congres
of Confederate Sates that the proceeds or the export
duty cotton pledged for The payment of priucp
and interest, mortgage improved city property in
Timbuctoo would be substantial security in comparison
with this pledge OF export duty cotton BY the ls
August when the export duty begins TO be levied there
viii hardly be port IN the Cuff states from which
bale OF cotton BIO shipped. Whatever sh,p.
ments made during the ensuing year or
thereafter from any of these ports VIII probably
be under the United States flag, in vessel
with United States clearance sgued United Statos
cole ctor sent TO under United States guns An
attempt 10 levy export duties on such goods would 40
proxate closely TO the legal understanding OF pra
cy that ii would not be likely 10 pc made more u N
once Similar difficulties will exist If the iDsurgent com
munes OF the South attempt 10 lew toll on cotton con-
ing North by lail The would fall uncer the cog
OF the district attorneys Of The UDied States
ard would be governed by the simple principles OF
law. In a word, in very few months from this time
Abe theory export duty cotton vii be laid sideby
side with the schemes for lives RI steamers
Charleston and Europe, which constantly the
OF realizaton yet are lever actually realized IN
the Northern states s treason to buy deal IN these
Confederate bonds. and patriotism did not restrain
people the grand juries might In this country the
hmcry CT Mr. Jefferson Davis and the Mississippi boz 81
has rendered further caution needless RPM.
Mays.