The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-04

this country But what is the course pursued nv
the United states9 They first appeal courts Of
equity Tor Justice and then repudiate their decision and
expect the British government abet them denying
law and juscel The government Of the United States
has, by the indscretion OF Mr. Seward, thrown
away glorious opportunity as ever q nation
had TO establish its credit in Europe at n small
and mdgnan,naous enough TO have acknowledged this
insignfcdnt foreign debt of the government they have
superseded, instead OF shocking Europe by procaimng
policy OF reputation and defiance OF international law
their financial credit tUoud haze D. the highest posi-
Die pitch; instead Of which, since the publication OF
Mr.. Stewards despatch, the demand for United states
securities has fallen off, and the United States debt
may be computed at 1850 900 600 sterling, against the
Confederate cotton debt OF e. AS OO0 the loss occa-
States debt would pay of the Confederate debt three
times over j. may be expected that your committee
guidance of the bondholders Your committee, how
ever, decline 30 Craze responsibility they, however,
best policy to be adopted is calmly 10 dcdi euens which
appear TO be progressing as favoraby for the OF
the bondholders could be desired The President OF
the United States Of America with true satcsmanke
views, appears to have nothing more at heart than
that the Southern States should be cordially reunited
TO the unon and that with the exception OF slavery
they should have full liberty regulate their affairs
as sovereign States Assuming this policy 10 be carried
out such the confidence OF committee and they
have doubt it is equally shared by the bondhode
the honor OF Americans Of both North and South that
nation will be to paw the Confedeiae cotton loan 70 the
uttermos arthing either by the Northern States paying
the debt as matter OF State policy or by the States
lately in secession arranging II by convention between
themselves or by each State taking upon itself ITS pro-
portion of the loan Assuming, as your committee do
that this viii be the course adopted your committee are
Of opinion that would be most grateful the Southern
States in this their hour of adversely the bondholders
were not only TO pass vote OF confidence In their ineg
rty, but likewise to form as powerful financial COM
mittee as possible with instructions TO make known TO
the Southern States that whenever they feel themselves
in condition to enter into pecuniary transactions
the committee is not only ready TO make arrangements
regards the cotton loan suitable TO their present cond
on but likewise to their utmost exerons procure
prosperity Such policy your committee convinced
would be the true adopt regards the Southern
people, who would never forget the confidence shown in
them in the days OF their adversely There other
suggestion which your committee venture to point out as
absolutely essentiabut before doing they beg most
respectfully to resign their functions TO ADLER and more
influential bondhodersand that u.s. that the bondholders
should place ample means in the possession OF any CON-
mittee they may appoint to enable them act vigor
DUSTY for their interests as circumstances may arise II
Is not TO be expected that any bondhoder WILL under
existing circumstances advance hard cash to any CON-
mittee that may be appointed but bondhoder would
object TO pledge himself to allow percentage payable
in bonds OF the existing seven cent cotton loan in the
event Of satisfactory arrangement beng made in
spect to it. This percentage, your committee suggests,
should be at least five per cent the nominal capital Of
the debt it would enable them send negotiator Of
high standing the Southern States and reward
mtec you may appoint for their services being under
making whatever advance may be required and renounce
any claim on the bondholders in case OF nonsuccess
These suggestions thrown out for the consideration
of the bOndhoders and, being adopted by the meet
ing your committee are OF opinion that great impulse
depressed quite out of proportion to their prospective
value; for on their recognition and payment by either
North or South depends the future financial credit Of
both in Europe Your committee, in conclusion beg to
remind those whom it may concern, and especially Mr.
Seward that the cotton loan strictly mercantile
transaction based and subscribed for an hypotheca
ton OF cotton which has been seized by the United
States and which, by the condition and expressed
in the bonds the holders had the option of exchanging
for cotton at Cd per pound six months after the concu
sion Of peace and which option made every cotton bond
holder promoter OF peace and moreover without such
n md hxVof Iaeaf fn, thn haxya mad
vanced their money Your committee are surprised,
therefore, that under such circumstances and considering
their strong legal position bondholder be induced
part with his bonds at existing rates. for although Mr.
Seward at present repudiaes the liability Of the United
States TO pay the bonds IL is admitted that the federal
has seized on the cotton hypothetical to the
bondhoders. But, apart from this the bond remains q
seven per cent bond with two per cent per
dcmpton fund at 100, for which the Southern States
lately in secession separately and collectively liza
bc and which they bound TO pay by every principle
which can induce States TO fulfil their sacred obligations
Your committee beg to thank the bondholders for their
confidence and respectfully to resign the trust reposed
in them into their hands Your committee in SO DOING
strongly recommend that, II the large and influential
Jondholders that knon 10 eria do not forward
this meeting will pass resolutions in conformity with
journ the meeting to future day; and in the meantime
IL II eyour pleasure, your committee will continue to
act until the Of the eondholders become such
that men OF the highest position who now stand a0of
VIII only 90 too happy to form strong and powerful
M CHAMBERLAIN
VIM MORGAN
discussion followed the reading Of this opinion.
The CHAIRMAN moved that the report be received and
Mr. G. TAYLOR inquired what amount OF stock was re-
presented by those sitting in front Of the chairman;
Mr.. NoRGAS-1t Is impossible for me to say, but my
self represent five hundred thousand pounds Of the
bonds
Mr. G. TAYIoR-But we, very small body here, may
be pcdging by resolutions the great majority of the
holders who are altogether unrepresentcd
Mr. GREEN thought as the United States debt was so
large, that Mr. Sescard might add to the Confederate
Mr. MORGAN said they would not look to the federal
government, but TO the late Confederate States.
Mr.. G. TAYLOR would formally move the adjournment
Of the meeting to some future day. when perhaps 9TH
might be present to assist the movement, who were
ashamed OF being holders Of Confederate bonds For
himself he had any sympathy Nth tte Souh, and
being the enemy TO slavery might be said 10 have been
always hostile TO their cause He had simply bought the
ry chap all he gave for them being seven pounds and
ten shings per hundred
Ultimately the report received but not adopted,
and the matter stands adjourned TO the 18th Of January
next
The United states and France.
The London Ne,n says:-Thc story published here
that Mr. Seward had sent an ultimatum to Paris, de
clang that President Johnson would mot permit the
despatch of French troops to Mexico has at
length dwinded TO the statement, which Is not improb
to Mr. BiseioW expressing the earnest desire Of the
United States government to remain at peace with France
and all the world but intmatng that II Is feared Con-
gross will demand extreme measures II ADDITIONAL troops
are sent into Mexico.
La Pdtris, speaking on the same subject, says:-Thc
Cabinet Of Washington, being uneasy on account
OF the project attributed TO France OF recruit.
ing in Egypt and sending to Mexico new corps Of
black troops has submitted TO the imperial government
in the most reserved terms the objections which such
might give rise to; but the communication Of
the American secretary, bearing exclusively upon this
particular fact necessarily abstaned from all rcnec
tons upon French intervention. properly SO called This
communication s, moreover, now unimportant because
the plan which for instant the taps has since
been given up.
The London Pod says:-N is mentioned that few
days since Mr. Bgeow had an interview with N. Drouyn
dc Lhuys on the Mexican question, when the explana
tons given by the former were deemed satisfactory
II stated Paris that Austria acting on the sug
geson OF the French government, had sanctioned the
annual enrolment OF thousand men for service In
Mexico and that this change Of policy had given great
satisfaction TO the Emperor Napoleon.
The London Gbe correspondent at Paris also says that
Mr. Bieeow had called nj the French Foreign Office to
contradict the sensation telegram
Hospftnlitv 90 the United states War
Xcsaela In Rrlliah P0rla.