The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-04-24
The Confederate Loan.

From the y. o. Times
The British holders of Confederate cotton bonds
secm to be in earnest about pressing their claims for
payment and their sincerity is attested by the fact
that they have raised fund for the purpose OF carry
ing on proceedings. On the goth ult. 4 meeting OF
oondholders held in London, at which meeting a
God deal of confidence expressed IN the result
and, if may judge by the remarks Of the speakers,
they to think that in some way or another Their
bonds will ultimately turn into gold. Admiral Provo
Wallis, the chairman, informed the meeting that high
-authority-Sir Hugh Cairns and Mr.. Henry Cotton
had declared the loan be legal and he lntlmated
that the Southern people were willing to pay Their
share il they allowed to do So
He also took the ground that, according to lnterna
tional law the eonqucring government was RESPONSE
BILE oI<be debts Of its predecessor, and lnsanced the
case Of Prussia, which had assumed the liabilities oil
Hanover The question is certainly delicate one
and its solution is not very simple. 1t seems plan
however that if the United States Government re-
cover judgment against the holders OF Confederate
cotton in England the ground that the conqnerol
succeeds to the property Of the conquered, the same
principle would make the conquer0r liable for the
debts Of the cOnnuered-at least to the extent OF the
propertv SO claimed. The committee appointed at a
previous meeting Of boudhoders reported that they
had been advised to intervene IN this suit; and ac-
cordngly resolution adopted to raise fund Tor
the purpose by taxing me bonds ond-sxteenth per
Gent.
1t also appeared tl4t memorial had been ad-
dressed to the British Government on the subject oil
the law and the Government had answered that 1t any
claims were made in connection With the Alabama
the tribunal to which such claims would be REFERRED
would be open to the bondhoIders. 1t is to be pre-
sumcd that this tribunal would be guided IN their de-
ojsion BY the action of the British courts.
The committee had also Obtained the opinion OF Mr.
J. L. O'Suigan, a distinguished lawyer, 1ornef'!
Emitted States minister to Portugal. Mr.. O5aiilVah
opinion was very comforting to the bondhode"s' as
will be seen from its terms: =,
1" In my opinion, your bonds are good ana FnIlu
Istributirclv against the several States referred 70
with all the sanction Of the public faith that attaches
to any other public debt; while at the same uhe LIE
Federal Government itself ought also to pay thell'
2 That the reputation amendments which have been,
after fashion, adopted by their respective State con-
sttuons have no constitutional validity can be easily
revoked if they have, and constitute ne elective o.
saco against their payment. B. lhaE similar
amendment to the Federal Constitution Is not likely
he adopted ner would constitute any SERIOUS prac
lical impeachment to their payment even II Ii were
+. And finally, that they will be paid, and at no dls
tant day, to the u;termost farthng. Appla"se-5 lie
advised every bondholder to obtain copy OF tLt
pamphlet containing Mr.. O,SulliVans oplmons as II
ras well worthy OF their attentive perusaI
49, l