The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1867-04-09

will eventually be legally con PEELED TO
return that money with interest Admiral
Wallis, who occupied tho chair. stated
that they had obtained the best legal
opinions, and that those opinions were
ca culated TO disabuse the minds of bond.
holders as to an idea, which had got
abroad, that the loan was not legal one I;
"that both Sir Hugh Cairns, and Mr.
Henry Cotton had expressed their opinion
that the loan was perfectly legal, and they
were, moreover, led TO believe that the
Southcrncrs were at the present moment
perfectly willing, il allowed, to pay their
qIcta. The so-calcd United States were
determined that the money should not be
paid, and the extraordinary part of the
proceedings was that not only did the
United States wish 10 punish the South in
every possible manner, but desired to
punish the bondholders of this loan through
them. by all international law the coun-
try Which was the conquoror recognised
the debts of its predecessor. Hence it
was the opinion Of their committee. which
had been examining the subject, that ali
the property of the late Confederate States
would be held by the Court Of Chanccry
liable for the Cotton bonds. The report
was adopted and measures were taken TO
raise the funds necessary to prosecute the
matter in Chancery. The meeting also
resolved that it would be "A violation of
International law, and fatal to the honor
and credit of the United States, to take
any measures 10 defeat the bondholders.
The opinion of Hon. J. L. Sullivan, of
New York, late minister of the United
States TO Portugal, was recited. as follows:
SIN my opinion your bonls are good
and valid, di>tribut vely against the sew
eral States referred To, with IA | the sane
ton of the public faith that attaches to
any other public debt while at the same
time the Federal Government itself ought
also to pay them. . That the rcpud-
alton amendments which have been, after
fashion, adopted by their respective
State Constitutions have no constitutional
validity, can be easily revoked if they
have, and constitute no effective obstacle
against their paymen:. 8 That sim
liar amenlmcnt to the Federal CunStitu
ton is not likely to be adopted nor would
constitute amy serious practical impedi-
mcnt TO their payment, even if it were.
I. And, finally, that they will be paid,
and at no distant day, to the uttclmost
i;uihing."
AT the close Of the meeting The bond
hold,rs were confident and happy, CRATE
full TO everybody exccpt the people of the
United States. V'eapprch, nj that those
WIN were the direct cause Of this happy
state Of feeling, were not 80 confident as
their dupes They mu-t have sense
enough to know that our Congress will
never sanction or permit the payment Of
the first dollar Of debts incurred in aid Of
rebellion against our government. They
must have wonderful conf ,cnre in hu-
man nature, and especially in a people
who have always been notorious
for reputation, TO believe the South
crn States will have any inclination
to pay these debts. They do not believe
it. This credulity is only assumed for
the purpose of dipping and robbing their
fellow victims, and of securing themselves
from this total loss. The people OF the
Southern States may, and probably will,
encourage the idea that they are ready to
pay if permitted TO do SO 10y the govern
mcnt, so long as there is no prospect Of
such permission, for the sake of securing
English sympathy. But let that injunc-
ton be removed and the clamor for re
pudiation would come up from every
county in the late rebel States.