The New York herald., 1868-03-22
JEFF DAVIS COTTON LOAN.
The Alabama Claims and Confederate Cotton
L0an--Claims Of the BOndhOlders--TheA Argu-
rucut m Defence.

The Alabama Claims and Confederate Cotton
Loan--Claims Of the BondhOIders--TheA Argu.
ment In Defence.
SO NICHOLAS LANE, LONDON, Feb. 2s, 1868.
To THE EDITOR OF THE HERALD-
take the liberty of addressing you this letter. with
the request that you will give 1t publicity in your
columns because l think the time has arrived for
Great Britain and America to cease to abuse each
other and come to business like settlement of the
disputes both political and financial, arising from
the late war. / have no doubt this is the opinion
OF the sensible portion Of both nations, and
therefore l appeal to you to give publicity to
this letter, because l know that If the Alabama
claims constitute to use the words OF the Rev. New
man Hail. "a root OF bitterness" the part Of those
who believe they have claims against the British
government, so does the conduct of the United
States government create root OF bitterness for
having ntervened and by force compelled the South
ern States to repudiae loan made to those States
when de rlcto government by British subjects, on
the hypothecation Of cotton which they were tOfave
the privilege purchasing at sixpence per pound six
months after the termination OF the war; and this
was the inducements and no other, which caused the
advance to be made.
the United States between the Southern States and
their creditors OF which we complain and you Will
difference in opinion In America rs to the precise re-
ations that the various States OF North and South
bore to the Union we may be excused In England II
we considered that II was q war between the North
ern States and the Southern States and that 1t was
breach OF international law to lend as we did to
both.
Let me put the case thus:-Supposing the Southern
States had conquered the Northern what would have
been the feeling throughout the world II the South
States had Insisted that the Northern should re-
pudiate any debt they had contracted In Europe
during the WARP Would there not have
been a howl Of execrati0n at such injustice
throughout the civilized worlds There would,
and justly So Permit me to add that It s not be-
cause the debt contracted by the Southern States on
the hypothecatiOn OF cotton Is small-that its repu
both OF the North and South Were these Alabama
British BRUSH pub public ''' would ' invest much more ore
freely in the public funds OF America,
aa M ny BY
them; why one per cent rise In the United States
debt would more than pay the whole OF the loan
OF business, and wish to see peace, and with 1t
increased monetary and business transactions take
place between the United % states ana England they
claims on one side and the other. You want
equity, so do we; that Is all we ask. Let
loan for which we advanced ninety per cent, be-
cause we considered 1t cotton l0an and we should
not have advanced on any other security.
The credit Of the Southern States Is utterly
annihiated by this act Of forced repudation, and
they will not be able to borrow a shilling In
debt. You may think to punish the b0ndholders,
but II is penny wise and pound foolish act so far as
the interests or both North and South concerned
In the hope that this communication may be favor
ably received by the American public, and that will
lead to frank and friendly settlement OF all pecu
mary disputes between the United States and Eng
land In the sincere wish Of those represent. have
the honor to be your most obedient servant,
On behalf Of the Committee of Cotton BonaSoldsrs Sn
/ beg To enclose the memorial we presented to
Lord stanley, which trust you will think fairly and
,einpera,ely drawn up ana y s wen 70 observe mat
lean was made.