Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-10-21

VOLUME XXxIII.
THE coxFEDERATE COTTON LOAN,

I AAAA- [0-NA
The following appears in the London
Daily Neus Of September 2Sth:
The attention Of the committee appointed
TO watch over the interests Of the holders Of
the above loan has been drawn to the fol-
lowing paragraph, which appeared IN your
leading article Of yesterdays impression:
For some time past the supporters OF
Mr.. JoHNsoS's policy have been assuring
the public that a great change was taking
place in popular feeling and opinion in the
/ Northern States On this side Of the water
the same tone has been taken, and it has
been 50 confidently assumed that change
had come over the minds Of the people Of
/ the North, that even the disappointed hold
ers of worthless Confederate bonds have
hattered themselves that some little value
even vet belonged to the rebel promises to
pay"
On the part Of the committee, l beg leave
20 say that they have the greatest confidence
in the rebel promises to pay, provided they
we're permitted to do so, and they base their
confidence, rot only on the Information they
receive from the South, but likewise on the
testimony given by Gen. r. i. LEE before
the Reconstruction COMMITTEES appointed by
Congress. General LEE was asked the fol-
lowing questions:
Q-What is the feeling Of that portion OF
the people Of Virginia in regard to the pay
ment Of the so-ealled Confederate debt?
Al believe, so far as sxpy opinion goes
] have no facts TO 60 upon, but merely base
my opinion on the knowledge have of the
people-that they would be willing to pay
the Confederate debt.
Q.-You think they would?
Al think they would if they had the |
power and ability to do it. have never |
heard any one in the State, with whom / /
have conversed, speak Of repudiating any
debt.
/ trust, sir, your sense of justice and fair
play will induce you to publish this testi-
mony.
may further add that no such political
blunder was ever committed by any states
man who had the restoration Of the Union
at heart as compelling the South to repudi-
ate their debt, aud especially this paltry
foreign debt Of e2, 100000 for which cotton
was hypothecated. The result has been to
retard the return Of prosperity to the South
and to aunihilate their credit in Europe.
They required, and still require, money for
the cultivation Of their estates, to enable
them to grow more cotton, tobacco, sugar.
and to repair their railways; they offered
any terms, but that fatal word reputation,
although forced on them, has been the stum-
bling block to their obtaining a shilling.
The committee believe that this fatal
word, so far as the cotton loan is concerned,
s.destined shortly to be blotted out and then
he money markets of Europe viii be again
open for the promotion of Southern enter
prise, and a renewed era of prosperity will |
lawn.
On behalf Of the committee,
WM. MORGAN.
No. 80 Nicholas-lane, September 27
On thisthe Netcs remarks: ave do not
,ather the purpose Of Mr.. MoRGAN's letter.
We have never thought it worth while to in
luire whether the Southern States would
lay the interest on their war debt if allowed.
1t the North il seems TO be though that they
would, or so much care would not be taken
o prevent them. If the Northern states J
men had permitted defeated rebels to make
heir war debt public charge, they would
'e the first in history to do 50. But, in
ruth, no intelligent person ever expected 1t
ghen he lent money to the South. The loan,
ike the war, was a speculation, and it failed.
The statement in cur article to which Mr.
GoRGAN has called attention to is strictly
nd literally true. A Confederate bond is
ood for nothing in the world, except to be
ramed as memorial of the astonishing
reduIity which once gave it market value"