Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-04-10
ddtilmir1oton younal.
WILMINGTON, n. G:
FRIDAY. APRIL 10, 1874.
A NEW RING-FOHEIGN BOND
-o,nDuS, CORPORATION.

We are indebted 10 the courtesy
the CORPORATION of Foreign Bondhold
ers for printed copy of the first Re
port of its Council. The organization
was Incorporated on the first of August
1873, and holds its meetings in th
city of London, at its council house
at 10 Morgate street, E. G.
The chief objects of the institution
are "the vindication and protection o
the rights and interests of the holder
of foreign bonds, and the maintenance
of the public credit of foreign govern
ments by the propagation of sonnt
doctrines with respect to the puhctua
fulfilment of their financial engage
ments, especially towards foreign
creditors. The Council has ICON
venient Reading Room for the mem,
bers," at which newspapers from all
countries that have contracted loans
in England can be found. A Library
also is in course of formation. The
Council has too or will have agents I'D
every country in whose financial POSI-
ton the bondholders are interested,
and congratulates itself that though a
young and novel institution, it has
already attained highly satisfactory
results, with the promise OF still
greater effects for the future.
In the yearly Report on transac-
tions. 1873" we find brief account of
some of the chief transactions carried
on in the common interest in France,
Holland, Germany, Austria Hungary,
Spain, Portugal, Italy, Greece, Tur-
key, Egypt, Tunis, Morocco, Liberia,
Japan, Virginia, Indiana, Georgia,
Florida, North Carolina, Tennessee,
Alabama, Louisiana, Santo Domingo,
Mexico, Costa RIGA, Guatemala,
Nicaragua, Honduras, Colombia or
New Grenada, Venezuela. Ecuador,
Peru, Paraguay and Bolivia.
These details are given i'll order that
our readers may see the scope aud I'M
derstand the object of an institution
that promises soon to make its in
fuence felt in the affairs of our State,
for unless we be much mistaken we
have not for the last time heard of the
Corporation of Foreign Bondholders.
The corporation in brief is a ring OF
bOndhOlders formed for the purpose
of forcing foreign States to discharge
any bonds the corporation may hold
against them upon such terms rs the
corporation may dictate upon pain
in case of failure Of having their credit
destroyed.
Carrying out this policy we are in
formed that SIT has been determined to
announce to the Greel, government
that until the English loans held i'll
England and Holland are adjusted no
contenance shall be given to public,
or private ENTERPRISES connected with
Greece" We are luther informed that
the Council have Considered it tier
duty ON behalf of the bu.iholdcrs "to
discourage such investments CENTER
prises looking 10 the development of
coal and IRON resources OF NirH MAJ
until the public engagements lave
been met Indeed say the Council
"this is measure of common produce,
because no private investment can be
safe where the obligations Of Justice,
morality and law are set at defiance
by the community. The enforcement
of such a policy exercises a salutary
influence on the citizens Of Il State |
who are disposed to neglect their po-
Htlcal duties SO long as they can IA
vor their personal interest; while it |
checks those among ourselves who are |
content to profit by those who are rob
bing their Eeighbors." It is announced
also that Tennessee will probably be
excluded from the privileges Of the
because of it's "arbitrarY re-
duction of its Indebtedness, and the
Council say that the Governors expla-
nation that it was an act of the Leg
lslature and therefore legal $50 far
from affording any excuse for the pro-
ceedings only serves as q stronger warn
ing to the public" Santo Domingo
too, or rather the SANTANA Bay Com
pany was notified "that no financial
operations connected with Santo Do
mingo would be allowed to be placed
on the European markets
unless measures were adopted to make
good the default of the government.
The only action taken in regard to
North Carolina to be found in the re-
port, is that at meeting of North Car
Dina Bondholders, the Council was
to render their advice and
cooperation towards an adequate and
equitable settlement of the debt of
North Carolina" This meeting of t
North Carolina Bondholders, SAYS the ,
eport, twas convened at therequest of {
Lr. Appleton Oaksmith, member of '
he Legislature of North Carolina, in
to the council by Governor '
caldwell. When Appleton Oaksmith l
'ecame q member of the Legislature of
IOrth Carolina and what constituency
e represents, is matter upon Which Il
he records of that body throw no S
ght. Yet the Council say he was in o
as such by Governor Cald- il
ell. VIII Governor Caldwell or Mr. C
rlso to explain how the little a
listake occurred ? 7.
What course the Council of the cor a
Grafton of Foreign Bondholders will Il
ursue in regard to the unpaid bonds &C
North Carolina, is not indicated. 1t f.
i'll probably be we'll for that august CT
ody to remember that any threats to
exclude us from the privileges of the G
arket " will have no effect upon us. hi
r the reason that there is growing fiji
cling in North Carolina that the Con- Ell
itntion ought to contain q provision 81
rhi'lding the Legislature to create a W,
aba - for any purpose, and that III