The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-14

The Rebel Cotton LOan-Absurd Foreign
Ideas Of President Johnson's Policy.
"The times have BEEN" says Macbeth, shat
when the brains were out the man would die,
and there an end ]" but this general rule will
not apply to the English holders Of the bonds
Of the famous rebel cotton loan. These de-
luded men still keep up their executive COM
mittee, and one Of the members OF it, Mr.
william Morgan, still thinks that in Pollock's
course Of time these bonds must be redeemed,
in cash or in cotton at sixpence per pound.
The London Daily Ne,os, having stated that
the supposed Northern reaction resulting from
President Johnson's Southern policy had Gre
ated such an impression in England "that even
the disappointed holders Of worthless Confed-
crate bonds have fattered themselves that
some little value even yet belonged to the
rebel promises to pay" Mr.. Morgan comes to
the rescue. He says that his committee shave
the greatest confidence in rebel promises 10
pay" IL they are allowed to pay and he cites
the testimony Of General Lee on the subject !;
and the hopeful Morgan declares that mo such
political blunder was ever committed by any
statesmen who had the restoration of the Union
at heart a. compelling the South to repud-
ate their debts and especially this psltry
foreign debt Of two million four hundred thou
sand pounds, for which cotton Cat sixpence
per pound) was hypothecated." The result, ii
appears, has been denial of any further loans
TO the South from Europe, and "that fatal word
reputation, although forced on them,r says the
indignant Morgan, ''has been the stumbling
block to their obtaining shilling" But "the
committee believe that this fatal word so far as
the cotton loan is concerned, is destined
shortly TO be blotted out, and then the money
markets Of Europe will be again open for the
promotion Of Southern enterprise"
Now, in the way OF good advice to Mr.. Nor
gan and his committee and all concerned, we
have to say that II they can get penny in the
pound for their bonds Of this cotton loan they
ought to sell. They will, while they live never
have better chance Those bonds would not
bring one-tenth the price that could be obtained
In New York to-day for the bonds OF Sir John
Bipunt's South Sea bubble, or those Of John
Laws Mississippi scheme or Yazoo speculs-
ton, or the assignsts OF the first French re-
public Somewhere between the Bay OF Fundy
and the western end Of Long Island Sound,
tradition has II, there lies buried in the earth
several millions Of specie, sailed down in his
time Of prosperity by Captain Kidd, the pirate, to
meet the chances OF a rainy day. When that
money IL discovered, or when the American
contributions 10 Kossuth for the liberation OF
Hungary shall have been returned to the SUBJ
scribers, this rebel cotton loan will probably
be redeemed in cotton raised on the Grsmpian
hills.
But the real question we have to consider in
this connection Is the alleged effect, here and
there, OF President Johnson's restoration policy
abroad. In England, as IL appears, the idea
has been created that the administration will
at least make On. opening for the redemption
Of this rebel cotton loan and In Canada they
go interpret the conflict between the President
~d Congress- a. 10 talk Of sending over o