Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-13
MEETING OF CONFEDERATE BOND.
a.

Another meeting of the bOndhOlders
Of the seven per cent. Confederate cot
ton loan was held at the London tavern
Admiral Provo Wallace in the chair.
The chairman said the meeting was
called to Eeceive the second report of the
committt, who had obtained the high
est legal opinion to disabuse the bond
holders of the idea that this was not a
legal lJan. Sir Hugh Cairns now Lord
Cairns) had declared that it was a per-
fectly legal loan and at this moment
he believed the south was perfectly will
ling, if it was allowed to do so, to pay
its quota of the claims Of the bondhOld-
ers. He read the second report
of the committee, which gave a de-
tailed account of the measures which
had been taken TO perfect the interests of
the bondhOlders. 1t expressed the opin-
ion that, if Americans might be Judged
by those with whom the committee had
been brought into contact, the day was
not far distant when a settlement of the
claims of the bOndhOlders would be eff
fected. The committee had submitted
to her majesty's government a memorial
drawn up by an eminent American states
man, whose knowledge Of the Ameri-
can law and the law of nations had been
Invaluable to them, and had enabled
them TO lay strong case before the
government. In answer to a question,
the chairman said the memorial had
been presented to the government, who
replied that the claims Of the bOndhOld-
ers might be referred to the same tribu-
nal as the Alabama claims. On the mo-
ton of Mr.. Harris, seconded by Mr..
King, the report was received and
adopted. The following resolutions were
then passed: That, as legal proceedings
have been taken by the govern ,nent of
the United States to recover in English
and French law courts property and
money belonging to the late Con-
federate States, it is Of the utmost
Importance that notice of counter claims
should be Immediately given on behalf
Of the seven rer cent. cotton bOndhold-
ers; that the bOndholders' committee be
furnished with the requisite funds to ena-
bic them TO take legal proceedings as
counsel may advise; and that no bonds
be dealt in by the stock exchange unless
stamped by the committee of the Con-
federate bondholders as having paid lie
per cent. to enable the committee to
carry this resolution into effect" tTbat
as the holders of the seven per cent.
cotton loan have committed no breach Of
international law by making advances
to the southern states on the hypotheca-
ton Of cotton, and the loan to
the said states being a perfectly
legal transaction, the bOndholders
hereby most solemnly protest against
the injustice and iliegality of the United
States congress and the legislatures of
the southern states passing any law to
prejudice their rights and the contract
made with such states, and that any such
proceeding will be direct violation of
the law of nations, and fatal to the honor
and financial credit of both the United
States and southern states.n A gentle
man stated that the United States
twenty-five bonds were not legal until
they had received the confirmation of
the southern states, and that probably a
strong opinion to that effect. by
eminent counsel, would be published ere
ioDU