The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1883-08-09
THE CONFEDERATE BONDS.
The Syndicate's Plan for Securing
Payment Of these Relics.

extent participated IN in this cit,
{. where several millions of the WORT
less paper are held. Among I'll
= English it is .pehaps natural ths
the bonds of 'the lost cause shoul
come once more to the attention {
the dealers, but among American
of sense nothing is considere
) more foolish than the nursing of III
grounded hopes that the bonds c
the defunct confederacy will ever b
redeemed. When the war close
and everything was more or les
confused and chaotic, and whel
money was almost as plenty as wa
ter, few sanguine spectators VIII,
had more cash than brains began
buying in the confederate securities
"due three years after ratification
of peace with the United States" il
the hope that in the settlement o
affairs then pending some percent
age on the gross might be obtained
from an over-indulgent government
At that time confederate bonds
were purchased in this city and II
Baltimore as high as five cents or
the dollar, but when the spectators
began to look about them, and tc
gauge the feelings of the people OF
the north, they suddenly ceased
their operations. and the unfortu-
nate owners ofconfederate scrip and
bonds found that their holdings
were not worth the paper they were
printed on.
But for some time after this there
were many spectators in London
who still firmly believed in the ulti-
mate partial redemption of the
loans, and these kept up a demand
which was literally supplied from
this and other cities. The result
was many millions of confederate
bonds found their way into the
keeping of English SPECTATORS,
where they have since remained.
About year ago the holders of
some 20O,000,000 dollars worth of
these bonds began to agitate their
claims for at least a partial 1iqui-
dation, and joined by certain Amer
leans of more or less political indu-
ence, and chiefly of southern pro-
clivities, hoped to impress upon the
people, and through them upon the
administration, the simple justice
of refunding at least a large portion
of the money loaned to the strug-
Cling south by subjects of Great
Britain. 1t elected no rage, as
it would had it come close on the
heels OF the war, but rather a smile
of derision. Still its hackers open
ly bought the worthless paper and
for a time it was quotable among
spectators like any other stock.
Gradually, however, it dawned upon
those who we're engineering the
scheme that the public mind vas
not ripe for it and for some months
confederate bonds have ceased to
possess even prospective value.
Mr.. Randall, Chestnut-street coin
dealer, wishing to keep a number of
confederate bonds for future use in
collection, found no difficulty in
buying all he wanted at fifteen cents
per bond, no matter what the
amount. Thus he amassed many
thousand dollars worth of the pa
per that sustained the bloodiest war
of modern times and he holds it as a
curiosity to be gazed at wonder
ingly by future collectors. Mr..
Randall said yesterday that "the
English syndicate, which consists
of Lord Penzance, Mr.. Martin, NJ.
p, a great banker, and Robert
Stewart, a wealthy man of bust
ness, may possibly succeed in their
organization in giving the bonds q
market standing and pushing the
quotations up to few cents on the
dollar, but their success will be
short-lived. You cannot conceive
Of the avidity with which the En-
glish people seize on American wild
cat ventures when the sale of the
stock in their markets has aristo-
cratic names behind it. Everybody
knows that the Erie railroad stock
is largely held in Great Britain, and
yet the oldest inhabitant can't re-
cal when Erie paid a dividend.
They can get up furore on almost
anything in London if they put
aristocratic names on their propec-
tus, and l have no doubt that in
the case of the confederate bonds
they will meet with at least a par
tial success.
"They propose, l believe, to hold
on to the bonds entrusted to them,
giving scrip certificates in exchange,
for five years. If after five years
nothing shall have been accom-
plished in the way of settlement, the
bondholders can withdraw their Sc
curities on giving up their certifi-
Gates. In their prospectus they ex-
press a hope of getting fifteen per
cent. at least of the face value of
the bonds, and they promise to give
the bondholders the first five per
cent. obtained in settlement, they
retaining for their own share and
for expenses one-half of all other
moneys so obtained. Thin as this
scheme looks TO American eyes, /
have no doubt it will draw in hosts
of Englishmen, among whom money
is plenty and good high paying in
vestments are scarce. I shouldn't
be at all surprised to see boom in
confederate bonds before long. You
may be sure, however, that there
will be no compromise on the part
of the government, for no admins
tration could be bold enough to
outrage public sentiment by max.
ing it, even if the law would favor
it. The idea of our fighting -four
years and then paying the debts of
the people we fought! 1t is absurd
what can they possibly hope
forY'
Perhaps the syndicate do not
rely on influencing the government
and, indeed, 1 have heard recently
that they do not. They purpose tc
intimidate the southern states into
a compromise by frowning dowr
any southern enterprise that may
come searching for English capital
They forget that the habit of going
| TO ENGLAND for money for American