The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-07-06
CHI A RI e S T O n
FRIDAY MORNING. JULY G, 1866.
THE CONFEDERATE COTTON LOAN

Mossrs. T1cKNoR & FIELDS, the Boston pub
fishers, have sent us advance sheets of O
work about to be issued from their press, un-
der the title: "Four Years of Fighting" by
C. G. COFFIN, known as u writer under the
nom de plume CARLETON.
In Chapter XXXII. the author gives us
the secret history of the Confederate Cotton
Loan. The circumstances under which the
material for this disclosure was obtained re-
mind one very much of the fictitious origin of
The Castle of Otranto and other such vera
cious narratives. Here it is
ssThe author entered Richmond while the city
was in flames, and in passing through the streets
picked up package, which contained the corres-
the bs wne ns
brought into the service and pay Of jeff. Davis;
what interest the Emperor OF Franco took in the
success of the loan; how the loan was put upon
the market, and who received commissions and
emoluments."
AS n general thing we place but little ore
denoe in "seer6t correspondence, accidentally
picked up in the streets" But this may be
an exception to the rule. Indeed, we believe
the circumstances of the loan, as here stated,
are in accordance with faot-however they
may have been obtained.
DERLANGER & Co., in Paris and Frank
fort, were the agents employed to bring this
loan into the market. Messrs. JOHN HENRY
SCHROEDER & Co., and LAWRENCE, Son &
PEARCE were the agents in London; Messrs
FRASER, TRENHOLM 6 Co., in Liverpool
There were agencies also in Frankfort and
Amsterdam. The press in England is said
to have been "managed" by Messrs. DELroN,
MASON and SPENCE. On March 6, 1863, Mr.
SPENCE, (who was Mr.. BENJAmIN's right
hand man in England), writes thus to DER
LANCER
900 Of the stock e had occurred to VOW to
put down to me that quantity at the gross price
Of seventy seven, should be disposed to consider
having q common interest"
The loan was issued at 80, and this margin
of l3 per cent was q "shave" for Mr.. SpENoE's
services as correspondent of the Times. Mr..
SPENCE was very sanguine of the success of
the loan, as we'll as of the Confederaoy. On
the Goth he writes: awe shall very much ex-
ceed million here, think, by noon to-mor-
row. The political effect will be enormous.
1t is the recognition of the South by the in
| ".S--- sc E,~oneD
Ut course there is great deal in this WORK
we cannot subscribe to, and not @ little we
know to be false. The old slander of Mis-.
sissippi reputation is here again dished up,
as though it had never been reported; and
MIR. DAVIS is connected with it, although it
has again and again been proven that he was
an obscure young man, not even in public
life at the time. The whole matter is clearly
set forth in one of Mr.. DAVIS conversations.
recently published in DR.. .CRAvEN's "Prison
Life;" and we respectfully maintain that it
is not compatible with the character of
gentleman or with the liberal profession of
respectable authorship to reiterate charges
that have been refuted again and again. IF
Mr.. COFFIN is at all familiar with the sub.
ject he cannot be ignorant of these refutations
If he is not it would only go to prove that
he was content to repeat stale cslumny
without investigating the matter for him.
SELF.
By June Is, 1868, Mr.. DER1ANeEa's com.
mission had reached the snug little sum of
$750,000,-part of which, at least, he re-.
quired to be paid in gold.
Mr.. McRAE wanted 100000 ON Govern.
ment account for the purchase of some boats.
and applied to D'ERLANaER, whose terms
will be seen from the following extract from
McRAE's letter:
"Your proposition amounts to this: That the
Government should pay 100 per cent. for the use
OF Of. s2oO, coo. for probably less than six months,
%In mo no risk on the part Of the lenders as the
f650, 600 OF bonds deposited, and the lien on the
boats purchased with the sum lent, would pro.
tect them against loss in any event. My proposi-
ton was to pay 3Ss for f200, 900 for period Of
probably ten or twelve months This considered
| sufficiently favorable for the lenders. as thew
would have been secured by. the deposit OF ss2S.
333 OF bonds and q lien on the boata"
Other parties are charged with having had
hand in this dirty work, but we prefer not
circulating the reports, as we cannot feel sure
of the truth of these documents There were
many porsons in the Oonfederaoy, and some
of them very we'll informed, who had little
confidence in Mr.. DAVIS foreiga policy, or in
the integrity and disinterestedness of our
foreign financial agents; but thew were not