The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-27
Action or European Creditors Of the
Southern states.
From the London He

IRON the LONDON Herald, Oct. III
meeting of holders Of bonds stocks and shares,
whereon the coupons interest dividends are In
arrcar in consequence or the late American war, and
other causes held at the London Tavern yesterday
The meeting convened at the instance OF Mr. Lewis
H. Hssewood for the purpose OF taking into consdcra
ton the position Of these securities forming com.
mittce represent and protect the common interest and
the invitation responded 10 by about fifty gentle
men; Mr. Edward Haslewood, in the absence OF his
brother through domestic aicon occupying the chair
In opening the proceedings,
The CHAIRMAN said they had been requested to
attend there that day TO take into considola alton their
position, and TO adopt such steps ms they might
deem most advisable The number OF their
friends who were constantly inquring what
was dong or going TO be done by those States
who In forced upon their attention tho abso
lutte necessity for finding channel through which
the bondhoders might make themselves slthoriativcy
heard, and hence this public meeting. There was
other object In calling them together IL felt that
great benefit would accrue TO the States themselves by
giving them nucleus through which their Legislatures
might obtain knowledge Of Tho wishes Of the bondhod-
ers and carry on negotiations for such satisfactory ar
angeents would restore to them their former credit
and position. That the meeting might form idea
Of the amount Of the Indebtedness OF sons Of these
States the following particulars had been collected
see Esoo 900: do. guaranteed, ca 800, 600; North
Carolina 81, 100000; Georgia, f6oo, 600; Arkansas,
aSs, 600 yi on oso Gil Lousaus
added at least 100000 70 reprcscn. the debts
Of the cities, counties, railroads, banks and
bonds OF Mississippi, which, with the arrears now
amounted "a 600 000 which must be settled some
day netncr du include any variety OF Indebtedness
arising out OF the war The list only represented those
debts which, for than quarter OF century had
been in existence. The total Of arrears could
be less than four millions sterng whilst tho aggre
gate OF the debts OF these states was not less than
i've millions sterling and experience had shown that tho
longer settlement Of the debts OF States which had
embarrassed delayed the greater the dim
Guilty the authorities found IN rcsuming their former en-
vabe position the the terms offered 10 the bond
holders and the slower the return Of the public credit
On these debts for nearly thirty years tho dividends
had been paid with amount OF regularity that
had never known the slightest suspicion OF default
The money had been borrowed for public purposes;
II had been wisely and judciously expended; the
public works reproductive, and existed still,
and although In many instances they were injured by
the war yet not 10 great an extent but that
Few months would restore them TO their original condi
tion In reviewing their position the bondholders must
not allow any Responding feeling TO arise that the change
from slaves into freedmen would In any way lower the
ability OF the States TO pay the interest on their debts
They must not suppose that second Jamaica would
arise In the States Indeed there marvellous dit
Terence between them; for In the West India Islands the
owners were absentccs who only regarded their proper
ties NJ the source from whence they could draw large
incomes. The owners cared only for their rights, and
disregarded their duties Here the case dssim-
lar az possible The owner In tho midst OF his peo
pie; and whether they slaves or free they
bound together by mutual dependence each requiring
the other for the joint progress OF both The Amer-
cans we're not nation to encourage soth and had
intention In freeing the negro TO permit him to be-
come idlcr less productive than observation-disclosures
draw their attention giving grounds for hope For.
merry labor considered 10 be derogatory In the
South. In consequence there was large class too
proud to work. who consumers but not producers
and were OF advantage TO the body polite. This class
would hereafter either Oil important position or
De superscded by energetic people from the North
and from Europe Another element OF prosperity would
pe, mat the government national currency would per-