The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-07-20

ard let the worst come to worst 10 establish mii-
iary Jower."
On the 9th another leader was given to Ame
rican affairs. Said the editor:-
LAS 10 the final issue of the war, all the world,
except some pOhticians .odiers and contractors at
" ashington and New York, have made up their
minds. Excepting few Il disappointed gentlemen OF
Republican tendencies, we expect, we nearly all
wish, success 10 the Confederate cause"
And again on the 2Sth:-
There was room enough for two States on one
coniiL ent cou d the Americans but have be ieved
IT. We do not affect to be surprised at the course
should be struck jor the Union; but all Europe
Las long teen that the Union could never be re.
stored"
That men act from motives is fundamental
truth OF moral philosophy. Why the Tunes
gave such earnest advocacy to the Shareholders
may be inferred from what follows. Opening
now the correspondence of D'Erlanger with the
Rebel Secretary of the Treasury we read, under
date oil June g. lS63:-
90 great margin had to be given to interest the
newspapers pay com missions, and captlvate the
Opinions OF those who iTea ed tue loan and its sup
port as question oil profit and lose"
And further on, in the same letter.
"Thanks TO great pecunIary sacrifices made, and
the support of all newspapers, the subscriptions Tor
the loan surpassed our own expectations 1t reached
hye tunes the amount of the ioan, and success made
every body friends"
At a later date, J. Henry Schroeder & Co.,
in note marked private" writes to D'Er-
langel:--
"kor the advertisements in the Times, through
Mr.. Sampson, and later on III the Indep, concern
mg the payment OF the coupons we shall do the
Thus, from the statement of D'Erlanger, we
learn that the Times, upon which John Bull
pms his faith, was not only by sympathy, but
through interest, the advocate OF the loan and
OF the Shareholders Confederacy. Its financial
articles and it's leaders were written to the order
OF D'ErlangeT. By the aid of the Times, a
Partisan Jew, taking advantage OF the expressed
sympathy tor the South, by lords members OF
Parliament, bankers, business men, and adven-
turers, and oil the general eulhbIllty OF the
British public, was able to secure subs GRIP
ton OF torty-hve million doars-or thirty
million in excess of the loan! We have seen
that the Liverpool correspondent of the Times
had been quoted by commission of e65OO
$3.50, O,OOO)-not Tor services rendered, but. as
thus explained in DErlanaer's letter to Men,
mlnger written on the 8lh OF July, 1861
"Wnen our loan contract coming back from
America, this gentleman (Mr. SpeuceJ wanted to IN.
terrier in the matter, BY ali means, and claimed
par nersLip the contract of one-sixth, under tne
pIettn that lie wa the financial agent OF the Con-
iederate Government in England, and that our
making the loan had put him out OF business which
he might OtbeTwise have transacted tOr the south.
We Knew Il at MIR Spence wrote frequently for the
Tunes that as public writer he could 90 great
deal OF harm II not any good. We succeeded in es-
Gaping nIs intrusion ana when had made arrange
ments to bring out the loan IN Eng and, followed
his invitation TO arange matters with hun in LIVER
pools and wen, down there myself l gave him
EGO 600 OF tie loan at sevsnt seven, taking them
back at ninety which gave him COMMISSION rs
| profit OF f6500"
These extracts from DBrlanger's correspon-
dence will show that the London Times was in
the service and pay OF JET. Davis during the
Rebellion.
On the evening Of the 23d, Lord Campbell
called up the American question IN Parliament,
making q speech in favor OF recognizing the
ConiederaCy. He spoke OF the remarkable sue
cess oil the loan as proof that the English pub
lie was ready to aid the South. The loan being
thus bolstered, went up to iour and hall per
cent premium.
Mr.. McRae having arrived in France there
| was meeting OF distinguished Rebels in Paris
on the 4th OF June, at DErlanger's banking
| mouse. Mason, Slilel, l.. j. c. Lamar-who
| had been purchasing supplies in London for the
Con ederacy-and McRae, all were present.
The object OF the meeting was to consider the
| financial condition OF the Coz cderate Govern
ment in Europe. The total debts of the Con-
iederacy abroad 1or cannon, arms, ships, and
| supplies, at that time, Were put Gown at
fl,7n,0uO ($s,7O6, OCO). at the same time"
reads the correspondence, "Ermlle d'Erlanger
| " Co. furnished the meeting with full state
ment concerning the loan. According to which
FL $50 600 49, 260000) OF the loan Is in circula-
| uon, palt OF which is full paid, having been
| subscribed for by the creditors Of the Govern
mtnt.n
The balance of f1, 800, 900 was in the hands of
| d Erlanger tor disposal. In a letter written two
| days later, on the 9Th, by D'Erauger to Mem
| mInger, We learn how there happened TO be SO
| large an amount oil the stock on hand. Untavor-
| able news from America caused feeling OF
uneaslness, ard speculative holders began to sell
| at deprecated rates.
| IAN arrangement" seys D'Erlanger, "was
| thereupon entered INTO with MIR. Mason, and
| heartily approved by MI Shdell, which enabled
to buy Tor the GOvernnt Mt Fl, ,000, 600 of the
stock; but so eager was the speculation that this
| did not suffice, and the sum had to be extended
TO fl 500, 600. This operation had its effect aud
| better tidings helped the MARKET"
On the 18th OF June McRae wrote to DEF
| langer a sharp letter, charging him with ''un-
| authorized proceedings" DErlanger was play
| ing good game Tor himself.
| 'These important notifications of the con-
| tract" wroIe McRae, ''have IN every case Injured
| to the benefit oil the contractors"
| DEran ger replied on the same day, saying:-
| 'The operation (the repurchase OF the stock
| was not conducted on any selfish ground, but
for the political feeling attached to the Loan"
| 1t made no difference to DErlanger whether
| ne bought or sold on Government account,
| so long as he received his commissions. He
| objected, however, to receiving the full amount
| OF hls commission In bonds; he must have part
| cash. E.. d.
1--WE should" wrote he, ''be under too heavy
1 an outlay If we had t. take the $l60,000 CON-
mission in bonds" This commission, therefore,
up to the 10th OF June, 1862 had reached the
| nice little sum OF $685.
D'Eranger, having disposed of the stock to
good advantage, was anxious to bring out q
| second loan on the same terms. In q letter
| written to Memmiuger on the 8th OF July, we
ind out what those terms were.
| We are ready" said he, Ito mako a new loan
| contract, taking exactly the terms of the old
contract, and engaging to divide with the Gov
eminent the profits TO be realized, between the
raLe CT n and the issue price,"
| Inc loan thfn on the market was issued at go
Whlch gave D'Erlanger a commi sion OF l3 pei
cent, a portion OF which, doubtless went intC
the pocket OF Slideu. ID 'Erlanger was feartu