Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-03
PROSPECT OF ITS PASSAGE
New Nominations in the Senate.
Birth of a Brazilian Prince.
Washington News.
The Rebel B-oudhOIders.


WASHINGTON, May 1.-The correspon-
dence submitted to the House to-day com
prises several letters and enclosures address,
ed to Secretary McCulloch, and by him
laid before the President. Toe letters are
from q committee of English cotton bond
holders TO President johnson; another to
Governor Orr, of South Carolina, and an
other TO Secretary McCulioch also two let
tiers from George McHenry, who appears to
be a mouth piece and agent for this Com
mittee.
air, McHenry deveiepes / plan which he
says be has proposed to the aforementioned
committee, and which they lave accepted.
This plan is that the United States Govern
ment shall furnish to hat committee acopy
Of the contract which he said was made be-
tween Granger & Company, of Paris, and
the late Rebel Conspiracy of Richmond.
This, McHenry assumes, is to be found
among the documents of the traitorous con-
spirscy, which has come into the possession
Of this government. Then the committee
promise that the outstanding rebel cotton
loan bonds shall be delivered up to the
agents of the United States Cor cancellation.
Second-The aforementioned bondhold-
ers shall waive any right or claim they
may have under the laws of England on
any funds that are in the hands OF the for
mer agents of the traitorous conspirators at
Richmond.
Third-The said bondholderS shall guar
antee that they or their friends will sub
scribe forthwith to a new loan, to be created
by the cotton and tobacco States, for e.
OO0, 600, at 50 per cent, payable in London,
the money TO be used solely in re-deYelop-
ing these States.
Fourth-In the event OF the credit Of the
Southern States being restored through the
influence of the last named persons, a Sec
0nd loan of f5,0 00, 900 is to be taken at 60
per centum, within three months after plac-
ing the first loan upon the market.
Fifth-In the event of such secured loan
being successful, then q loan for SI6, 000,-
200 is TO be taken at 20 per centum, after q
like interval of time.
McAenry urges IN support Of this scheme
as follows:
Thus the Southern States will receive
s2O,0 O0, 900 in bonds at an average of 624
per cent. in sterling, equivalent to about 90
per cent in Federal currency. The interest
and principal being payable in London, the
bonds would of course still remain in Eu-
rope.
He dwells upon the elevated credit of the
Southern States, and argues that if these
cotton bonds are not put out of the way
England will but extend her system of
private business to those States. The
English Council has decided that the
United States Government is responsible for
these bonds, but the point is waived. The
applicants then compliment the President
on his statesmanlike policy, and urge him
20 persevere. They say that they pur-
chased the bonds as a purely commercial
speculation and not out of sympathy with
rebellion. The bonds were for the pur-
chase of cotton at the rate Of six pence per
pound, and represent q claim of eight mil
lions of pounds, and that every effort has
been made TO obtain an account from
Erlangef and other rebel agents.
This MoHenry is known as the author of
on Cotton and Negro Slavery"
hostile TO the United States and pre-
with extracts from JEFF. Davis writ
ings, ard he avowed himself an American
rebel in Europe.
The following is the concluding para
am Of the opinion that neither the
nature of these several communications, |
nor the matter discussed, nor the form in
which they are in, nor the character of
author or that of the agent, is such
as to deserve consideration on the part of
the government of the United States.
l have the honor TO be yours,
VIZ. Il. SEWARD.
I