The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1883-07-12
a sTUTENDOUs FOLLY.

For months past the enquiry as to the
meaning of the demand for Confederate
Bonds n: from five to twenty dollars per
Thousand, when they were only consid.
cred 10 DC worthless paper, has been
made and left unanswered until the
London Daily Ncms, of last Saturday,
drops the key TO the mystery when it
announces that number OF holders Of
Confederate Bonds have subscribed ClO,-
600 for use in the cudcavor to induce the
States wishing to establish their credit to
recognize = portion Of their debt. Lord
Penzance, Mr.. Jorst, NJ. p, and Hon.
L. G. Bruce, NJ. p, were appointed
trustees. The promoters of the organi-
zation do not expect more than 10 per
cent of the debts, averaging 100000
per State, to be recognized. The Times
says the effort will not be made without
preliminary understanding with some
influential Sou.herners.
Thus it appears that party of Eng
lish capitalists have organized to buy
up the old Confederate Bonds ut nomi.
nal prices, in the hope, by representing
to the States which composed the South
ern Confederacy that their c-e!;. will
be greatly enhanced by paying off their
proportion of these claims, that they
can :ndueo recognition c: ;ao bonds to
sufficient extent TO make g handsome
profit for themselves. They have raised
O sum of fifty thousand dollars, with
which to pay the expenses of having
these claims recognized, and propose to
begin by interesting prominent Southern.
ers in their behalf. We presume they
expect to do this by dividing with such
southerners, and thereby give them
persona! inter est in the scheme. In all
OF this little venture, the English capi-
talist has been duped by somebody, for
there is not the remotest possibility of
the States ever paying one cent OF the
Confederate debt. There ore, perhaps, a
few gushing members of Southern legis.
latures who would vote to saddle debt
upon their States, if the representatives
OF tho English capital would promise
them that upon the passage of tho bill
two or three millions Of dollala woul
be brought into their State by sue
capltalists. Such arguments as this last
Winter in behalf of the Southern Land
Loan Association induced the South
Carolina Legislature to raise the rate of
interest to ten per cent. instead of seven,
as it existed before. and doubtless the
English Natob thinks he can secure
whatever legislation he may desire at
the hands Of the deferential paupers of
America, who are always hunting after
English money. In this instance, how.
ever, they will doubtless fail. In the
inst place. there is absolutely no equity
in their claim. The States did not con.
tract this debt. It was a de .facto gov.
eminent with which the States were
acting, but which was crushed by the
result of the war. The bonds are not
even due until after treaty Of peace
has been ratified between the Confeder.
ate States and the United States, which
will mover occur, ss the former have been
crushed out By the latter. These bonds
were issued upon the faith of success in
che war, and their payment made de.
pendsut upon that success. The Con-
.fcderate States failed, and with their fell
these bonds became worthless. The
original holders might have had some
claim of equity on the States composing
the Confederacy, had not the amend.
rnents to the Federal Constitution and
the Consultations Of most of the south-
ers States forbidden the payment Of all
claims contracted in aid Of the so-termed
rebellion. These foreign capitalists
knev Ill these facts when they bought
these bonds. They are, therefore, pos