New-York tribune., 1871-10-10
LEGALITY OF THE CONFEDERATE COTTON
BONDS
Ths London Standard of Sent 6 Dublisbes

Tho London Standard OF Sept 20 publishes
tho following letter from correspondent 10 prove ths
legality Of the Confederate Cotton bonds:
but frou hs fact hss i was taken in isas when
ern and sOusSerh states IN MS ISL VIII Be
S SD = H
Government quoted their proclamation Of neutrsJ be
dent Of their proclamation q neutrality and their ecoe
1851 and douStess the prOciamssiOn Of neutrality Sas
drawn in iss by the same Erss; LEGAL su,Gorss who
e.hose opinions are poof. q reference 70 tns asSi,
Lord OXFORD Master Of The Polls, and that great lesa
regard. loan: . arssoe -lsh Sy cfd
Cotton Loan me great International question: which
win have 70 be decided BY the Joint High co@Issions
ment on their successors Al least $500 900 VI Goa
loans! and on the deon
the Commissioners as TO the legality OF the Cotton Loa
the liability Of the United states to pay IT, b rsssSn
States from 50 doing. II the United States had no.
Northern, for both were states forming the
United States, quarreling about dissolution of part
nsI Who are now met at Washing
ton. The holding sacred the validity OF contracts wss
"a Il was In the constitution OF southern States Which
seeded A pretty panic In bonds we snoua
the Law Of nations as laid down by Lord Hath rey. and
made their security dependent the fact whether
Republican or Democratic government became the ae
Jacto government.
Great lights have been thrown international law
since the termination Of the great American War Tno
loans Of Hanover and every other nation either CON
quered annexed by Prussia have been recognized II
France has recognised the loans It's predecessors Aets
that were Violently denounced BY tho Unhed state:
upheld By the Uaited states herself daring the
tween France and Gss@any ,ans However. s;s. x lea
to arise between Old Engiand and the United staea
Tho subjoned opinion win establish the Legality Of the
Cotton Loan beyond doubt, and whenever The bonds
arc duly registered and represented as they Win be en
der able Of hes % s%a .nd %
drewes vast changes win take place n the & value o.
% iem
the best thing they can do Is 20 settle them N trust
theie ir'iS numSsrs to Hsssrs. spain Andrewes The
greater tho number that do not their claims. tho
Whso thew have become the vicms OF neglected eppor
tuny. The opinion which follows settles tho question
70 your readers, ss not has, potwithstant
ing is Importance, ever before been in print The re-
IN the Wuitsd States that they are abefOs rebels
. pound. ,o
"opiniou of hi, xsje.ys Law oncers on subscriptions
or to Of two States by the subject
In e aid Il
war of independennGel: ,, co,,,,o>. ,, o.
siRnihed in Mr.. Planta's letter of the inst.,
stating that you desirous that should
report our opinion upon the following queetionsi
%hstnsr :9SserpSSnIs for the use Of % ONE ot tive
Teasing and maintaining . strict neutrality between
them be contrary to the law OF nations aud constitute
such an oense 90 the other bellgerent would have
r9ht to consider act Of hostility the part Of the
neutral Government. q II such individual voluntary
subscription In favor Of belgerent would give such
Just Of oense TO the other whether loans for the
same purpose would give the Like cause Of onensef
loan at easy nominal rate Of interest loan
with previous understanding that interest would never
be exacted and atuitous voluntary subscripttOnF In
obedience TO your commands beg leave 70 that
have taken the same into cOpAiderati0n, and
Of opinion that subscriptions OF the nature above
alluded TO for the use and svowedy for the support Of
one OF the begerent two States against tho other.
tered into by individual subjects OF Goyernmsnt prc
fessng and maintaining neutrality are inconsistent with
that neutrality and contrary to tho law Of nations
conceive that the other belligerent would noe
have right to consider such subscriptions coi,stt-
tutipg act Of hostility the part of tho Govern
ment although they might afford just ground OF CON-
pladt II carried " any considerable extent With 70.
spect to looms, entered into merely with commercial
views, think, sc66rdng TO the opinion OF writer's
the law Of nations and the practice which has prevailed
under color OF o loan o gratitous contribution was
afforded without interest or with mere nominal interest,"
think such transaction would fall within the op,nion
given in answer to the first question. We have tho
honor. &c,
CHRISTOPHER ROBINSON Kings Advocate
:" X. CLIFFORD Master Of the Rolls
- 8. COPLEY, aferward Lord Lyndhurst
" The Right Hon. Georgo Canning, u. r., &C."