New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-12-17

marked oonsisuments Of cotton in the hands Of the
firm Of Fraser, Trenholm q Co.. ss agents OF the late
Rebel Government. This suit is still in an early
stage there having been much hard fighting ever toe
interTogatones and cTOss.inerogatorles MED ny me
several parties; but important point was already
gained by tho United Staes-the defendants had been
required 20 find security for G2O,OOO. From further
information COINED by him during the prosecution OF
the Cotton sUit, Mr. Dudley, IN the summer oi the
present year commenced a second suit OF the United
States agt. Wagner the defendants being the part
neTs of the house Of Fraser Trenholm Co., the 90.
iect Of which was general account and discovery OF
al the transactions Of the mercantile house IN Their
capacity as ananCGl agents for the Rebel Govern
ment and payment Of what should be found due TO
tie United States The suit was purposely framed so
as 70 Include property of every hind except the cotton
the subject Of the suit Of the United States aet.
Tnoleau. At this point new actors appear ON the
in the shape Of Mr.. Morse, the CoDsu for Lon
don and Mr.. Gibbs agent for the Treasury Depart
ment Of the United States in Europe. These genhe-
men, so fer as we know at present, without any con-
sultatiOn with Mr.. Dudley commenced proceedings
IN The Admiralty Court here, TO enforce the claim OF
The United States certain vessels in the possession
Of MessTs Fraser Trenholm d Co. They seized these
ships in the name Of the United States, and without
regard 70 the effect which such proceeding would
have npOn the Chancery suit, for general account,
in which this portion Of the Confederate estete-to
use technical ternl-was already incuded. They
were met by motion on the part Of the defendant to
ind security for the value of the ships they had caused
TO be seized This they decline 10 give, whether from
lack Of authority in this respect from discovering
too late that these Independent and hgh-banded pro-
Ceedings, if persisted in, would ruin the chances OF
success in the infinitely more important suits pending
in CbanceTy !, Of course, Go not know However,
having made the first gigantic blunder, | scarcely
know how they could have got ont Of IL better
Tie next act IN this curious drama took place on
the 9th Of this month Of November, on which day
Messrs Morse & Gibbs, Disguised perhaps with the
result OF their efforts tho (Ourf Admiralty tho
bility for which Mr.. Dudley and his legal ad
VsCrs here declined 10 share descended on Liverpool
IN the temporary absence Of Mr.. Dudley, to whom
they hGdgiyen no information whatever Of their in'
tenton or object. They at obtained an interview
with Mr.. Troleau, Of the firm OF Fraser, Trenholm q
Co.. and the solicitor Of that finn, themselves accom-
panied by no legal adviser produced their letters OF
authorization from the Treasury Department and tho
Secretary Of State and concluded the terms OF an
agreement by which all legal proceedings pending be-
tween the United States aud The mercantile firm, here
and in your COurts, were 20 be stayed. The dOed-
ment however, is so important that nclOso You
full copy rather than attempt to give the results u
nuns as follows:
Nsmoraadm ~ agreement made his SIKH dey Of No,cm
Der thousand eight hundred and sxisS between Mont
concIy Gibbs esq Agent Europe The Treasury depart
Morse ESQ Consul az ondon United States 0fthe
part and Messis. Fraser Trenholm Co, Of Liverpool
The claims Of NessIs Fraser Trenholm & Go. against
property the late Confederate States under thof COZ
Nessrs Fraser Trenholm 60 70 declare what prop
eriy they have under their control and where rs l-ng
understood That among this property the five following
ships; The Ruby The Eosne the Penguin The owl and Tie
Lark
q The property to be sold a, the prlce cloinabe by
Aiesqs Fraser Trenholm ca, oud The proceeds 10 be
piled 10 the paynen $1,000 and any urpus 10 Do
counted for and paid over United Government
The United States Consul, Mr.. Morris and Che United
states Government to give every assistance dispensing Of the
property and If proper and expodien 10 grant an American
register TO Nl or any Of the said ships.
cd States between Mess Fraser Trenholm TO- any
and the United stees to be sbendoned each party pey
SIessrs Fraser Trenholm Co to furnish AIr. Morse and
Mr. Gibbs with account showing how he indebtedness 20
Die TO Messrs FrascT Trenholm Co.. 10 inspect then books
used against any IN action proceeding except r
'"' MoSfeoRm Grns Agent &c.
r. H. MORSE a. s. C.,
FRASER, TRENHOLM a co.
BIZ this arrangement You will at once perceive that
that Messrs Frazer, Trenhon & Co. are not even
required to declare oath what property Of the late
Rebel Government remains under their control Five
only ont of ships whose names known, are 10 be
accounted for, and the fortunate firm are to allowed
hard ESQ 900 out Of the first assets realized by
them the conduct Of all sales being lett in their
hands In addition to this triiing gfatity, the four
ships not mentioned in the agreement, viz. the ARIEL
Fox Badger, and Wasp, remain their property, and
no account whatever is required Of any OF the prop
eTty realized by the firm before the date OF the agree
ment Naturally enough, the firm apply az once 10
cotton suit and % obtain judicial sanction To tins
agreeable compromise. The motion is resisted by
Mr.. Dudley, on behalf Of the United States, on the
ground that the face of their letters OF auth0iza
ton they are required TO obtain The written concur
renee Of the American Minister at London 10 any
compromise they might negotiate, which concurrence
thew have not obtained. The objection seems good
one 50 that the arrangement will probably fall through
unless confirmed By your Government. OF course
only know what Is proved in evidence aud open TO all
Al old hgyn nm hllful -
tionng one Of the most Onesided bargains on great
scale which has ever come before our Courts On The
face of the proceedings however, one may safely
congratulate Messrs. Frazer, Trenholm &C., % The
clemency OF the Government with which they have
TO do and agree in the remark Of one OF the counsel
for the United States on leaving The Court, that the
COMPROMISE has probably given the lucky firm At least
100 900 more than they cOnld have got in the
sut not 10 mention the little bonus oil the ionr ships
and ell property which had passed from under Their
control before The 7th Of November, 1866. The mo
ton comes on again next week, ana ma! be able 10
give YOU The result IN my next letter
So Won are actually going IN Tor the. whole racing
business in The New World jockey club, betting ing
and all the rest oft Al least Tie Tdnes of To-day
prints in glowing periods the new race course at le
rome Park established this Autumn, with great eclat
by one Of your most eminent mOnares and the
writer anticipates that you will soon not only rival the
gores Of Epson and Ascot but quite cat ont The poor
old mother country. Heaven help yOu then for Of all
the cankrrs of our old civilization there IS nothing IN.
this country approaching in unbushng rleanness, ia
rascslilv holding is head high 10 his belauded iusi
tuition Of the British turi. Il is quite true that very
considerable section OF Our arstOcracy is On the
turf but with what result Shall q man touch pitch
and not be defei There Is not man Of them
whose position aud character has not been lowered by
the connection, while in the majority ii ends in bring
ing down their standard Of morality to That OF black
legs and delivering over their estates into the grasp OF
jew attoJnies The last notable instance among our
49, . a GNHrl Of .H.flf f.n
who succeeded to clear 10000 year some
three years ago. and who IS now pen5Oner Of bis