Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-28


HONEST BPON COmPgnmoN.
There is some probability, It seems,
hat the Government Of the United
states will be slightly checked in its ca
reer Of appropriation u property te
which others have equitable claims.
The csptor Of property holds by title
free Of ali incumbFances and liens, and
does not, by 90 taking Il become rsspon-
for any debts Of the enemy from
whom It is captured. He doea not bold
It as assignee, or In trust. Of course,
also, none of the enemy's subjects or
citizens could set up aBy claim fos satis-
faction out Of 1t, Of debts due them by
their OWL g1vernneft since they are par
ties 10 all acts Of that goyernnient. "a
Bot We have never been able to under
stand W what title the United States
could sue English subjects for property
or moneys belonging to ths Confederate
States II, as they insist, there never
was any government de 5ure Of those
States, or any such legal being or person
IN lay as the Confederate States, the
property hsd 20 legal owner the debts
were due to no one, the United States
cannot be assignee, because there was no
assignor, And 1t seems to us that if
they can sue for property or money, as
vested IN them by assignment or ether
wise, they could equally u - legal as
signee on every bond executed to the
Confederate States.
At all events, they could certainly, as
against a foreigner holding the property
and money, have no claim paramount to
bis as a creditor of the Confederate
States. They must take the assets, like
an assignee in bankruptcy, for distribu-
ton among the creditors and we have
little doubt that they are in equity and
justice bound to apply the proceeds of all
cotton and other property picked up by
their agents since the war ended,
whether stolen by these agents or paid
into the Treasury, to the satisfaction Of
the bonds Of the Confederate States
held by foreigners. They may refuse tc
do it, as a man may, if he chooses, apply
trust property to his own nse, and de-
fraud the real owners of it; but if they
do, it is shameful act Of dishonesty. II
may yet devolve on the English Courts
to construe j Constitution, to decide
that it Was a compact between the
States that those which confederateG
had the right to secede; thai
the Confederate Government was 6
Government de jUre, as well as d,
facto, established by sovereign States
and competent to contract debts anC
hold property; and that the Northern
States have no title at all to the property
or money Of the Confederate States il
| England.
The following, copied from an English
Journal, shows that the questions her,
suggested are likely 10 be raised and con.
sidered. If Mr.. BENJAMIN is, as W,
believe be is, retained, he viii be quit,
certain to present them all to the court
Subjoined is a question Of considerable
Importance in its bearing on the Anglo
| Confederate cotton loan with the opinion
thereon Of Sir r. p. Collier, the lat
solicitor general. Question Whethe
or not merchants and others, on beinl
sued in England by the government o
the United States for property or monel
held by them at the termination of thu
war belonging to the southern states
may not successfully plead the Confede
rate seven per cent. cotton bonds as
set off to the extent of the amount tina
each defendant may hold Of them ?"
I" OpiBiOB-En the event OF the Unite,
States government suing in the courts o
this country for debts due or property
belonging to the late Confederate gov
eminent, [ am of opinion that defend.
ants who may be holders Of COnfederat
cottoS bonds are entitled to set up
counter claim against the United State
government in respect of these bonds
This counter claim will be founded OIL
SuS&Snciple that if the United State
assert2 our courts claims accruing t,
them through their succession to th.
property and rights of the late Confeder
ate government, they are bound by tn
liabilities Of that government. ShOul,
the United States government brini
actions of debt, l think that the holder
of cotton bonds may plead them as a Sc
of. Should they proceed for a tortiOu
conversion Of property, q technical diff
Guilty Will stand in the way of this de
Tense, and it may be necessary to resor
to an equitable plea, or possibly to tn
protection Of a court Of equity. Tn
equitable case Of the bondholders will b
strengthened by the fact that the Unitel
States government have possessed them
selves of the cotton set apart as the Sc
curity for the payment Of the bonds
The form, however, in which the defens
[ have indicated may be raised viii b
matter Of subsequent consideration whel
the mode Of processing adopted by tn
United States government is known"