The home journal. (Winchester, Tenn.) 1858-188?, 1867-04-18
MN CONFEDERATE COTTON
" 'tL t LOAN. e.

lNi 49,
From the London Star, March al
Yesterday afternoon q meeting OF the
Confederate cotton loan bondhOlders
was held at the London Tavern.
Admiral Provo Wallis, who occu-
MED the chair, said the meeting had
been called at the request of a great
majority Of the bondholders who as
semblcd in their committee roo on
the 9Th OfJanuary. 1t was held for the
purpose of laying before them the
second report Of the committee, and he
wished to state, at the same time, that
they had done their utmost in the mat
ter which was of so much Importance
TO the bondholdcrs. [Hear, hear,
They received, to begin with, the best
legal opinions which could be obtain
ed in this country with respect to the
loan, and he wished to disabuse the
minds of the bondholders as to an idea
which had got abroad that the loan was
not II legal one. Both SirHugh Cairns
and Mr.. Henry Cotton had expressed
their opinion that the loan was perfect
ly legal, and they were moreover lcdto
believe that the Southe "ners were at the
present moment perfectly willing, if
allowed, to pay their quota. Hear,
hear The So. called United States
were determined that the money should
not he paid, and the extraordinary
part of the proceedings was that not
only did the United States wish to pm
ish the South in every possible manner
but desired to punish the bondhollcrs
of this loan through them. by all in
ternational law the country which was
the conqucror recognized the debts OF
its predecessor. Prussia, for instance,
had conquered Hanover, and had rec
ognized its debts but it appeared that
the United States were determined to
repudiute those of the South. He
loped, however, the bondholders would
ultimately be able to establish their
claims in connection with the cotton
loan.
At the request Of q b%ondholder the
chairman read the report of the COM
mittec. an abstract Of which has al
ready appeared.
Mr.. Harris proposed the a adoption
of the report.
Mr.. King seconded the proposition.
Mr.. Harris asked if the committee
had memorialized the British govern
ment on the subject of the loan.
The chairman replied in the alIirma-
tive.
MI. Harris desired to know if an an
swer had been received to the memo
rial.
The ebsirman said they had re.
ceived ala answer from the government
To the effect that if any claims were
made in connection with the Alabama,
the same tribua nal would he open to the
others. [Hear, hear
The resolution was then carried.
The chairman said the second reso-
luton he had to submit was as follows
.Rcsolvcd, That as legal proceed.
ines have been taken by the govern.
ment of the United States to recover in
the English and French law courts
property and money belonging to the
late Confederate States, it is of the ut
most importance that notice Of coun'
ter claims should he Immediately civ.
en- on behalf of the holders of the sew
en- per cent. cotton bonds, and that the
Bond Committee he furnished with the
requisite funds to enable them to take
legal proceedings as counsel may ad.
wise
In considering this resolution nc de
sired them to remember how they had
been situated. AT the first meeting OF
b~ondholderS in January, 1856, they
were requested to form q committee
with the hope Of obtaining the money
to which they believed they were justly
entitled, and from that time they had
been anxiou, sly at work. They had de-
voted much of their time to it, and
large amount of money had also been
expended in ~endeavoring to establish
their claims. They had sent agents to
America, and had taken every Other
step which appeared advisable to the
committee. They had also obtained
the opinion of one Of the first counsels
in tle country, the Hon. j. l.. O'Sul'l
van, Of New York, late Minister Of thu
United States to Portugal. Mr.. OSnl
Ivan had given the following opln
ion:
In nv opinion, your bonds ar'
good and valid, distributively agains
tio several States referred to, with al
,fhc sanction of the public faith that ut
taclles 10 any other public debt; Will
at the same time the Federal govern
ment ought itself to pay for them.
2. That the republican amendment
which haze been. after a fashion, adop
ted in their respective State constlt'
tions, have no constitutional validity
car easily be revoked il they have, am
constitute no effective obstacle agains
their payment
3. That a similar amendment to tn
Federal constitution is not likely to b
adopted, nor would constitute any sc
rious practical iwpediment to thel
payment, even if 1t were.
4. And, finally, that they will b
paid, and at no distant day, to the II
termost farthing.
Col. AsHBY.-The telegraph inform
ed rs, some days ago, says the Sclm
MESSENGER, ofthc arrest in East Itnnc'
see of Col. Ashby, well known as Il ca,
airy officer in the Confederate serv'c'