The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-21
The Confederate Bonds.

NOT 4 CENT TO RE FOUND IN EUROPE OF THE
ASSETS OF THE LATE CoNFEpERACY.
The following is copy Of letter re-
Gently received by Mr.. :. l.. VI. Barlow
from Mr.. j. p. Benjamin. twill be found
TO contain information OF value to people
who have watched the efforts OF certain par
ties i'm Europe TO make a good thing out OF
the sale of Confederate bonds:
TEMPLE, LONDON, November IS, 1881.
NV Dear Barlow. i have yours OF the
18th instant. and have no objection what.
ever TO give you all the information | pos
SeSS on the subject Of the Confederate bonds
which some Spectators OH the Stock EX-
change have made the subject OF inquiry
on the rumor SedulouSly spread abroad that
there are vast sums deposited in the Bank
OF England and elsewhere in Europe.
The Confederate Government never had
but two means Of raising money in Europe
one was by the export Of cotton, all OF
which was consigned to the house Of
Fraser, Trenholm e. Co., Of Liverpool
/ the other was by the loan effected through
Mes>rS. Erlanger Il Co. and Schroeder 4
/ Co.. the proceeds OF which were all re-
ceivcd by Colin j. MacRae. the financial
agent OF the Government.
At the close of the war the United State
Government. claiming the right to receive
the entire assets Of the Confederate Gov
ernment. instituted suits against Fraser
/ Trenholm & Co. and against MacRae
After a determined and protracted htiga
| ton Fraser. Trenholm d Co. were driver
/ into bankruptcy, rs their whole business was
DESTROYED and their credit broken by the
apprehcnsions created in the mercantile
world OF the result OF the enormous claims
hanging over them, when they really oweC
I little or nothing, and | think the United
states ultimately recovered few thousand
dollars as Il compromise.
McRae proved in his case that he haC
rendered full and faithful account 10 Tho
Confederate Government Of the entire pro
ceeds OF the loan in payment OF supplie'
and munitions Of war 10 the various com
mSsariat and quartermaster'S officers il
this country and OF the coupons on the
bonds; but he was ready TO render his ac'
counts over again ii the United States
would agree TO reimburse him any balance
found due in his favor. This was declined
The case il reported in Law Report Eg.,
60. Poor McRae, in shattered health and
with few hundred pounds, the wreck OF
his fortunes. emigrated TO Spanish HOndu'
TaS, where he sought to earn support on ;
small stock farm, but lac died in extremely
reduced circumstances.
The last payment of coupons on tine
Confederate loan was only effected, after
great effort, by means Of cotton sold
through Fraser, Trenholm d Co., as al
the proceeds Of the loan had long preyi
Ously been exhausted.
The United States Government also re-
covered some supplies, machinery, and
several veSsels--in fact, everything that re-
manned from the wreck-and do not he
lieye that one penny is to be found any
where in Europe Of the assets OF the de-
funct COnfederacy. ii anything can eve.
be recovered by the bondholders it can
only be by Government action in the
United States. and you can judge better
than can il there is the remotest hope Oi
any such action. Yours, faithfully,
j. II. BENJAMIN.
S. l.. VI. Barton, Esq, New York.