The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1883-08-11
New Way 70 Collect Old Debts.
TRUE INWARDEESS OF TIE BOON IN
CONFEDERATE BONDS.

New Way 20 Collect Old Debts. I
TRUE NwARDEESS OF The BOON IN
CONFEDERATE BONDS.
The London correspondent of
the New York Herald sends his
paper the following cable letter,
under date of July 2s, regarding
the latest scheme of the English
bondholders for attempting to
force a settlement of the Confed-
crate debts.
"Once more the Confederate
bondholders have their hopes raj
sed that they may finally be en-
abled to realize at this late day
some per centage of their ill-star-
ed investment. A new syndicate
was recently formed for effecting
settlement. Its members have
subscribed f10,0OO for the prelim-
mary expenses and payments of a
national safe deposit company for
the custody of the bonds and is
sue of certificates, and for expen-
ses incurred across the Atlantic.
They have secured a list of trus-
tees who command great conf
dence; indeed the list is consider
ed as one of the most dignihed
ever formed in London. The Ma.
tional Safe Deposit Company has
already received s30,OOO,OOO worth
of bonds in exchange for certif
Gates, and expects to receive much
! more.
"The terms on which the bond
} holders are to be dealt with are as
: follows: They deposit their bonds
for a period of five years, receiv
ing a scrip certificate in exchange
! If after five years nothing ha'
d been accomplished the holders
: have right to withdraw thel
n bonds on returning the certificate
= The bondholders are to have th'
first FIVE per cent. obtained in SET
Element, and one half of the sun
!. obtained above this, the other hal
II to 90 to the syndicate to cove
their expenses and as a rewar
for their labors. The syndicat
Q. expect to be able to secure a con
promise. At least they say the
!, will be satisfied with twelve to h
teen per cent.
"The syndicate, acting und'
l. ! the supervision of trustees, has
al planned q campaign which pr
ty sents some novel features. The
he have discarded their old plal
M and take no notice of the form
rumors to the effect that lar!
is. amounts of money remain on d
posit in the English banks belon
ge ing to the defunct Confederae
M M There was, for instance, a rum
nv that the Bank of England he
on ss,OOO,OOO, and that some mllllo
nd were In the hands of certain sll
builders. They proceed ON qul
a different track. They have
cured the legal opinions OF sol
of the most eminent jurisconsu
YIN in Europe, that Confederate bon
a;,, ag constitute q binding obligation
ZEN the late Confederate States.
lier "The. syndicate, armed "
igg these legal opinions, believe U
they can assert and maintain tn
hell legal right to claim a settlem
from the separate States that
med the Confederacy. But
syndicate seem inclined to h
'rln these alleged rights only as a
ern orl serve. The great lever WI
,rer they propose to bring to bear
,sor kind of financial pressure, SO
'npt thing like that applied to Gre
a few years ago when COM
mise was arrived at respecting
repudiated loans, and Greece
,,,x thenceforward admitted freel
'er. the European markets. Thi
the method proposed to be ad
ptJl pobl ed by the syndicate in relatlo
dart the Confederate loans.
lson "They have received the ao
the ence of the principal banker
London, Paris, Amsterdam
-. Frankfort, who hold oonfedt
bonds, and hope by securing
days solidarity of the bonds to
them in such a position as 10
constant menace to the cree
NJ nty. - the Southern States in Eu
,,v until some arrangement has
reached.
ntv ,r "a gentleman well acqua
,roos with the intentions OF the
oo,or cate said to me yesterday:
;noor syndicate hope to hold this
. mass of bonds as q constant
:. against the credit of the )
-. and in opposition to any
'a. prise. no matter what it is