Savannah morning news. [volume] (Savannah) 1868-1887, 1883-10-15
Confederate Bonds and English


The MORNING News has before referred
to the source of the demand for bonds OF
the late Southern Coniederacy. That
there should Ice any intelligent person in
the world who believed that there was
possibility that these mementoes of pa
triotic peoples struggle for sell-govern-
ment would ever have any value is hardly
conceivable. but yet there are such, and
i'm ths money market of the great city
of London they haze a positive value.
This -'fuolshnoss' has been quite beneh-
cial To many of our citizens. some of
whom had trunkiuls, yes, roomiuls of
the bonds, and they unloaded them very
quickly at any figures which
cur local brokers might name. In
fact. the bonds could have been bought
by the pound at the price paid for waste
paper. The speculative tendencies of our
English cousins put $1,000 in one gentle
mans pocket; he had given 500 for a
vault full of such stuff. The London
Times. of recent date, contained COM
muuication signed Georgia in which
the writer seriously discusses the obllga-
tion of the Southern states to pay the
debts of the late Confederacy, and closes
his letter with the following paragraph:
The debt may be considered as of little
value. but it is not only blot upon the
general credit of the entire country, but.
until some arrangement of it is made by
the states which incurred it. it will be an
iusuperable barrier to their progress,
which have no doubt the Southern peo-
pie will wisely remove"
Col. Edmund MolyneuX, of London, for
merly of this city. and one of the largest
property owners in Georgia, replies to the
writer of the letter referred to. Colonel
Ms letter contains the whole question in
a nutshell and puts it SO plain that any
one who has an ounce Of brains can
understand the subject. In his able defense
of the credit OF the state the Colonel only
does what is in keeping with his charac-
teristic spirit:
JUNIOR CARLTON CLUB.
LONDON. July "a
''>IR-I have to-day seen a letter signed
Georgia in the Times of yesterday con-
corning Confederate bonds. think
'Georgia' can hardly be well acquainted
with the Southern states or with the sys-
tenn Of separate States government and
state monetary liabilities if he means that
the Southern states are liable for the Con
federate debt. The Confederate debt was
incurred for the establishment of a new
republic by the central government of the
States desiring to Ice a new republic. No
single state is bound to pay any part of
that Confederate debt, not even a proper
tion calculated on each Individual states
share taken by area, or by population. or
bv financial status of the total general
debt.
AS to the United states Government, l
doubt if there is an instance known of a
country paving the debt contracted by a
part of its people who revolt against the
Central Government. and further doubt
if England would ever pay debt con-
tracted 10y the Irish Land League or by
the Fenian organization; therefore | can
not see why the Confederate debt should
be. as Georgia SAYS. n blot upon the
general credit of the entire country
Georgia also saws: Until some arrange
ment Of il the debit is made by the
states which formed it, it will be an in
suPerable barrier 10 their progress. which
| have no doubt the Southern people will
wisely remove
why: Does Georgia mean that the
state of Georgia for instance Is to pay
a proportion of the Confederate debt cal
culated ON some b;tsis by some one?
Georgia Is thriving and financially we'll
to-do. Who is to determine to what
length she is to cripple, perhaps ruin
herself, in paying a debt which is not
hers, even though her people voted to in
cur debt for the Central Confederate
Government: The debt of the State of
Georgia is distinct. as are the individual
debts of other states. Their debts have
nothing whatever to do with the
national debt of the country-the
United states. As for reputation, it is
not the people of Virginia who wished or
wish to repUdiate Nirginia's debt; they
voted against that. The regulators are
not Nirginians, but hybrid collection of
new voters. Nor am | repudatOr. The
Southern states played for a biz stake.
and they lost and ruined themselves.
"Dabbling in Confederate bonds is
speculation pure and simple.
Il am. sir. yours obedientlv.
EDMUND MOIYNFTNo