Savannah morning news. [volume] (Savannah) 1868-1887, 1881-11-11
CONFEDERATE Cotton LOANS.

Inc advertisement which hs1 lat " appear
ed inviting holders Of these Bonds TO deposit
the same with the Influential Committee which
YVES formed some months since should | think
be cordially responded -. The position of the
unfortunate subscribers to these loans hiss re-
manned IN the most unsatisfactory state for
many Yeas, and an almost univer~1l belief has
prevailed that il would be quite usele- TO at
tempt any agitation for a r. consideration of
their rights. An impression, however, he al
ways eXiste among a certain section that as
time wore on the apparently arbitra' conduct
Of the Unit d Siate7 Legislature in compelling
the Southern Sta g to repudiate their liabili-
ties would prove susceptible of some modifica-
ton or amendment; hence the existence OF the
committee. 1t is understood that under their
auspices lmpoI tant negotiations have alref 1y
been commenced, and that although the pro-
gress thus far has NJ e-Sarily zen but SLOW,
still there are sufficient grounds for ticking so
hopeful view Of the future as to justify an
invitation to all who are interest d to co operate
in further proceedings. At the outset, it is
urged as the strongest plea on the part Of the
holders that they seek not TO enforce their
claims upon the United States, but to request
legislative sanction to the annulment OF that
decree which practically prevented the South
ern States, who incurred the debts. from recog-
nizi1g their obligations, even if they wished to
do 50. 1t is argued tt at the United States can
afford to Ike a generous view OF the position,
their prosperity having exceeded the most
sanguine estimates which could possibly have
been formed, and having now alta ned to such
tun'ty occms to remove forever the only one
blemsh attaching to American State securities
viz The reputation of these loans which
were contrac ct by the Southern States.
At he worst of time1 these bonds hfve COM
manded a nominal value, but, concurrently
with the publication of the above mentioned
advertisement, some active transactions have
taken place. and the price has 1vanced from
il lately normal leve. of about s. per cent. to
50 so. the present value being about 50. At such
quo atiors the bonds are practically selling at
less than lot = ticket" prices, and, by com
parison with the loars of other countries, in
somewhat analogous positions, they must
surely be regarded IS IldiculOusly cheap.
Take for instcnce, the case of Mexico. The
indeUt -dness of that county is an accumula-
ton OF years, during which time the establish
ed government he's been repeat IDLY overthrow
by Insurrectioas who have in their term of
office increc ed the debt of the COUNT J, and
yet, notwithst9 nding the most positive and eX
plict reputation Of the debt over and over
sgain, it is now confidently asseI led that MexI-
CO SeelvS to rehabii+ - self in the eyes OF the
world by making an arrangement with her
err iitoI end the bonds have therefore ad-
vanced } 251< per cent. n the case OF San
Domingo ye7r not one penny of the loan
which was raised by her eyent7 in this market
is seid } have zen r ceived by the State, ard
vet il now commands value of 81 per cent,
and here also arrangements with the bond
holders are aid to be pending. without 90
ing into the Sc scial mel Is OF the particular
loans. per cent can scarcely be regarded g a
fair estimate of the value OF anv Ameri" n
State security, while Honduras ls wo. N Z,
Pare quay 10, Co "a Rica ;, end even the de-
sDjsed Turk 10. Inc value of the cotton crop
in the Southern Tor Confederat } sta = last
year Yves seventy- eight millions stirling, or
sum equal to the entire revenue OF Great b.
TEN. surely even a dispute claim on such
wealthy debtor would be worth more t man
Cisculdr for Cctoter. 10 Tokerh use Yard,
London, -ngland.