Dodge City times. [volume] (Dodge City, Kan.) 1876-1892, 1883-09-06
Confederate Bonds.

The inside history of the movement
now going on in London to impart .
value to the bonds of the defunct Con
ferate Government has not hitherto beer
given to the public.
The prime mover in this queer scheme
in 3 Mr.. Van Raelti, Dutchman OF
Greek extraction, though his name, fol
reasons doubtless satisfactory to himself,
does not appear upon the committee OF
bcndholders of which Lord Penzance is
chairman. This is not the only venture
of the kind in which Van Raelti has
been engaged. He first became promi-
nent as dealer in Colonial produce in
Mincing Lane; but here he was unfor-
tunate, though not, as we are informed,
culpably SO. He was not long, how
ever, in again getting on his legs, finan-
cially, ard was next heard of as an
operator upon the London Stock Ex-
Change. He it was who, with fine
flavor OF patriotism. readjusted the
Greek finances, having first prudentlv
obtained possession of a goodly number
of Greek. bonds at merely nominal
price. His success in this scheme prob
ally suggested the game which he is at
tempting to play with the Confederate
bonds. He has managed to coax Lord
Peuzance, Mr.. Robert Martin and other
Erglishmen of repute into the swim
with him, and now maneuvers them
with his magnetic eye like SO many toy
fishes.
1t was at first intended that the scope
of the scheme should be limited to the
cotton loan bonds, Van Raelti's idea
being to proceed directly against the
United States Government for their
payment; but eminent counsel, well
versed in commercial and American
law, held that these particular bonds
We're not. as had been fancied, of the
nature of 4 dock or warehouse certifi-
cate, as no specific cotton was pledged
for their redemption, and that they car
ried no claim to the proceeds of Confed-
crate cotton said to have been paid into
the United States Treasury. This opin-
ion was stunning blow to the hopes of
Van Raelti and his influential commit
tee. and they became quiet for awhile.
Then it was Van Raelti began to
scheme to obtain the payment of the
whole Confederate debt in full. His
plan was Jay Gouldian in its conception
and proportions. He proposed to or
ganize in London a Land Mortgage
Company, to operate exclusively in the
Southern States, the qualifications for
membership being that every sharehold-
er should be the bona fide holder of a
given amount of Confederate bonds,
which were to be gradually paid off out
of fixed portion Of the profits of the
company. But the same eminent couu-
sci who had given the cotton loan bond
scheme its quietus gave the opinion that
the United States Government would
never permit its courts to enforce mort
cages given to evade and nullify the
amendment of the Constitution prohib-
iting the payment of the Confederate
debt. The second disappointment left
Van Rselti no other resource than the
desperate "boycotting" scheme, of
which we have lately heard SO much.
There may be Londoners simple enough
to be willing to part with their hard
cash, in the hope that the Southern peo-
pie can be frightened by an empty
threat into paying or compromising q
debt which they do not owe; but it is
probable that Van Raelti himself is sick
enough Of his scheme by this time, and
would be very glad to be rid of his Con-
federate waste paper. which hardly cost |