The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-17

" r0Duke ana extermlna6 TINS outrageous
swindls upon government employess
The Confederate Cotton Loan-Ths Eng
Iish Denfals.
BY the latest European news we have seve-
raj so-called denials Of the statement that
shares in the Confederate loan were owned in
very influential quarters in England. The
London Times, Mr.. Gladstone, Mr.. Laird, the
Hon Evelyn Ashley, and Mr.. Ridout of the
Morning Post make their several denials, each
in his own peculiar way. II Is amusing to see
these English friends Of the rebellion so anxious
to wash their hands Of that magnificent failure,
and instructive to notice that however great
King Cotton was the other day there il now
"none SO poor TO do him reverence" But the
important fact in relation to these denials Is
that not one Of them is sufficient Not one Of
them is an open, satisfactory declaration, sufi-
cient to discredit the original statement They
are ingeniously contrived to seem like denials
to the English people, that people being igno-
rant perhaps of the peculiarly American sys-
tenn by which these several gentlemen were
made shareholders in the loan. Thus they
show q dishonest purpose on their faces, and
are so far combinations Of the charge of cor
rupt influence as it Is made against the persons
in question.
The system by which these men were "put
down" for certain amounts Of the Confederate
loan doubtless originated here in the lobby,
as part Of the machinery by which bills are
carried through our State Legislatures and
through Congress- By this system men who
want to carry bill through for a railroad or
some similar matter pick out the influential
members, editors and others and put their
names down for so much stock. The persons
whose names are thus used may not know it at
first; indeed, they may never know II until
they End out some day that they are some
thousands richer by the possession OF stock in
paying road, though perhaps they could
have guessed at Ii at almost any time. Of
course il .hc road should fail they would be
more the poorer, and they could at any time
deny their interest. Generally they are in
formed Of this little transaction whenever their
assistance is wanted--whenever vote, q
speech or an article may help or save the bill.
Now the Confederate agents carried this Ameri-
can system 10 England, and applied it on a
large scale. They applied il skiliully, too.
The Southern confcdcracy was the measure they
wanted 10 carry, and in favor of which they
wanted to influence the British public. So
they put down two or three men on the Times,
a man on the Morning Post, some members Of
Parliament, and they even went SO high as the
Cabinet None Of the gentlemen thus put down
Of course ever invested dollar; none Of them
bought or sold none Of them had an inter
est,' as that term is usually employed; and
Of course none of them .lost" when the con-
federacy went to smash. They would be none
the regrcr for the loss Of millions writtcp
on such paper; but bow much richcr they
would have been if the confederacy had not
gone to smash |!
This explanation will enable the English
public to appreciate the answers made. The
Times says, "The statement that the editor OF
the Times is q loser is complete falsehood."
Certainly. As matter of fact he never lost a
cent, for ne never invested one but that
charge that the editor Of the Times would
have been some thousands Of pounds
richer il he and his associates could have gotten
the confederacy recognized and so make IL a
success-the charge that the course Of the
Times on the American question was influenced
by his knowledge of that fact. It is the same
with the Hon. Evelyn Ashley; the same with
Mr.. Laird, who ''never soldr any Of the shares
and The same with Mr.. Ridont, Of the Morning
Post who 'neyer applied for any. II il
worthy of notice that Mr.. Gladstone makes nc
denial al all. He wishes il TO be assumed thai
he is not one q the men in Walpoles cate
! 9ory-that he has no pricc-at least none tha
can he counted in pounds. He only expresses
the hasty desire to have his name taken out o
such bad company. Perhaps he may consider
thai the less no says on the subject the better
ale that rcfraineth his lips is WISE" The Time,
attempts to discredi the whole story OF The
Confederate loan, and sneers al il as matter
| given to the world by the New York HERALD
The Times dared not "face the music" The
document in question emanated from the State
| Department, and was one Of the archives OF Tho
| Southern government II was given stimuli
tane0usly 10 the whole American press.
SECRETARY McCu1ocH's SpEEH.-secretary
McCulloch's Indiana speech on the financial
affairs OF the country has been widely cir
culstcd and dihusely commented upon. The
Tribune assumes that the views Of the Secretary
differ materially from those which we have cx
pressed; but this only shows the T'ibune''
ignorance Of the history Of finance. fit had
studied the question it would find that oul
opinions and those Of the Secretary Of tho
Treasury were similar, differing only upon the
question Of time. Mr.. McCulloch put forth
certain dogmas which are quite practicable
but they require length Of time e effect y,
results aimed at. The sudden reduction O
paper currency to specie value would neces