The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1866-08-28

which more light will be thrown furthe
on in this history. % a--s '.g a-
! The loan was put upon the market OF
the 18th Of March. Fifteen per cent wa
to be paid at the time of subscribing. Th,
stock was limited to three million pound
sterling ($l5,OO0,ooo), but so desirou
were Englishmen to take it, that the ap
| plications were for 99,000,000 ($45,000,
0OO). -. ,r s-s -N
On the evening of the 10Th, Mr.. Spence
wrote to D'Erlanger of its success in Liy
erpool: -. .-....a.9.f .-a
"All goes well here. The cotton trade
take it up with strong interest, and it vii
come out for large sums. 1 applied very
early for 100000, and thought I should
have been the first but found P--was
before me, with his 100000. You vii
have lot of applications in London from
the storgs,-that is, those who join to sci
at the premium. Here. we have no class
Of that kind, and our applicants, as in Man
CHESTER being more bona tide, will, as &
rule, take a day or two to digest its merits
The market closed here at 444,-quite high
enough for the first day"
On the next day, the 2Oth, Mr.. Spence
writes:- ...
"We shall very much exceed a million
here, [ think, by noon tomorrow. The
political effect viii be enormous. 1t is the
recognition of the South by the intelligence
of Europe -
On the 21st, congratulations were re-
ceived by D'Erlanger from Slidell, who
was in London. .---.
ALLOW me to congratulate you" said he,
son your naagnitfc success. Apart from
the direct advantages Of the affair, it can
not fail to give great prestige to yourhouse'
"IHe Emperor himself, through the me-
djuD1 Of his Chef de Cabinet" wrote
.D'Erlanger to Memminger, con7plimented
us upon the great success; proof aOith
o0hat interest the operation had been re-
cejged by all friends oftb South."
Notwithstanding the Intelligence of
Europe" had rushed to secure it, bankers
of respectability-men who prized honor
and integrity above pounds and pence
stood aloof, for they remembered that Mr.
Jefferson Davis, President of the slayehold-
ing Confederacy, was a repudiator. No
allegation against him had been made
through the press, but the Times came to
the rescue before the attack On the 10th,
the day on which the loan was issued, Mr..
Sampson, editor Of the city article, said =
Those among the English people who
are still suffering from the Mississippi re-
pudiation will, perhaps, view with wonder
and regret the negotiation of loan for
government Of which Mr.. Jefferson Davis,
by whom that repudiation was defended in
his place in Congress, is the head. But
the Southern Confederacy includes Virgin
la, Georgia, and other honorable States,
and it is by the prospect Of what the Con
fedetacy will do as whole that people will
make their calculation. The reasoning
that would exclude the South from loan
on account Of Mississippi, would apply
equally to the North, since the North en-
braces Michigan. 1t would also have ap-
piled to she United States loans negotiated
while Mississippi was State of the Union,
and especially while Mr.. Jefferson Davis
was an influential member of the Federal
government and regarded with high favor
by all the Northern population, by whom
the remarks of the Times on his financial
views were then declared to be nothing but
the outpourings Of British rancor." .,.
The State Of Mississippi had obtained
the money in London on the solemn pledge
of the faith of the State, and loaned it to
the citizens; but the State had broken its
pledge repudiated the debt, and Mr. Jeff
Davis euIogized the proceeding! The
courts Of the State decreed in 1842 that
the debt was valid, and the decision was
reafirmed in 1853. Jeff Davis was then
Secretary of War, and through his efforts
and influence the State continued to repu
date the claims of the British bondholdere
In 1868 Mississippi was indebted to Eng
lishmen not only for tie principal, &5,OOO,-
900, bnt for twenty-five years of unpaid
interest; yet, Notwithstanding this, the
Times, eating its words Of other days, came
before the English people with certificate
Of character for the repudiator, also pub
fishing one from Slldell. 81 am inclined
to think" wrote Slidell, shat the people
in London confound Mr. Reuben Davis,
whom | have always understood to have
taken the lead on the question ofrepudia-
ton, with President Jefferson Davis | am
not aware that the latter was ever identi-
fed with the question"
The Times commenting upon SIidells
letter, said :---..- .-a- .g- ,.
at is satisfactory to find that the friends
of the President Of the Confederate States
are anxious to free him from the charge of
having been an advocate of the Reputation
which has now been practised for exactly a
quarter ola century by the State Of Mis-
siSsippi. 49,. .-.