The Osceola times., 1882-02-04
CONFEDERATE BONDS.
From the Point of ylow of English Bond
holders.

Holders
Some curious reading is to found in a
[ pamphlet published in London by the
/ committee appointed to take such steps
/ as they may deem advisable TO arrive al
/ some equitable arrangement of the sew.
/ eral claims Of the holders Of Confedrati
/ cotton lean aud dol ar bouds.n These
| bondhoiders regard the Confederate
loans "legacy of the civil war" and
affirm that the United States government
will ultiMately recognize the Justice OF
their claipl, either for the United States
themselves to pay or permit tho South
ern States TO pay the debts contracted by
the Confederate government The Con-
fedeTate cotton bonds" so termed be-
cause guaranteed by cotton in the hands
of the COnfederac were readily taken
in Paris, Amsterdam, Frankfort and
London at ninety cents on the dollar,
and interest was regularly paid on them
mp to March, 1865. The grievance of the
holders of Confederate securities lies
therefore, in this, that at the close of the
war "the north seized the cotton-which
in moral right belonged to the bond
holders and paid the proceeds of the
salo, amounting to some Sl5,000,000, into
the Treasury at Washington. The North
took over all the assets Of the South, but
made no allowance for its liabilities
The assets were estimated ut S2O000000
by Mr.. Stewart" and in appropriatiug
them according to the quoted opinion of
Lord Hatherlysin the case United States
VS.. Prloleau, the Government of the
United States stood exactly in the posi-
ton Of those who had acquired the cot
ton" and 'in taking the cotton took it
subject to all the agreements made in
respect of it by the confederates." Re
ferring to the constitutional amendment
orb idding the payment of confederate
debts, the pamphle,er is authority for
the statement that the Southern States
resisted the amendment with all their
might, and having lately shown them
selves eager TO restore their credit by
meeting their obligations, they would
no doubt be equally eager, if only they
were allowed, to make provisions for the
debt Of the ConfederaCy" The point is
ma e that The cotton seized bv the
Moth after the war was quite as much
the property of the bondh0lders as the
guanO deposits Of the province of Tara
pacA are OF the creditors of Peru" The
idea that the main motive Of the Eng
lish bondholdcr is to get possession of
moneys in the bank of England is repud-
lated. still it is claimed that such
money, if it existed, would become theirs
by the decision Of Lord Ilatherly above
quoted. Their net claim is this: that the
United States should recognize the valid
ity Of the debt to the extent of the assets
seized by them and refund that amount
and should permit the southern States
to pay the rest il they wish Their Lam
guage is less ineligible when they say,
referring to the fourteenth amendment,
that 'it wasunconstitutioull to pass such
law Amity, good feeling and the
rehabiiitati N of American credit" are
other objects had in view by the beney-
olent bondholders. 1t should be added
that it is not in contemplation to bull
doze the United States Government into
measures by judicial proceedings, but by
'moral considerations"