Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-08-03
The Confederate Bond SwIndle.
New York Herald.

We hope Lord Peazauce and Mess
Gorst and Bruce, members of Parlia
mcnt, who have been silly enough to
lend their names to the swindlinV
Confederate bond syndicate inLondo5
will read what three representative
Southern men-United States Senator
John 7. Morgan, of Alabama; Judge
Lochrane, OF Georgia, and Mr.. Keat
ing, OF the Memphis Appeal, one Of
the most influential journalists of
rennessee-says in the Herald this
morning concerning the last London
fraud. The idea, says Judge Loeb.
rane, of the States paying the Con
federate war debt which, ike slavery
was abolished by the tall of the Con.
federacy, is absurd, and to discuss il
would be giving dignity to absurd nom.
sense, except that the movement seems
to have respectable names connected
with it. 1t may be that distinguished
attorneys have given abstract opinions
as to the present validity of that debt
but such attornys could not earn bread
in Georgia" He adds:
But to add to all this trash the
threat that the bonds issued by the
COnfederacy shall be now paid BY the
Southern States, or else English capi
tai will be withheld from Southern
enterprises, and thus stop the progress
OF Southern prosperity until the full
value of these bits of paper. hardly
worth a penny bushel, shall be made
good to my Lord Penzance and his
syndicate-such proposition is ride.
ulOus in its presumption. The as.
sumption that the South, with her
present credit and property, is depends
ent upon Eoglish capital to develop
her resources is an effort of English
arrogance, excusable only for its igno,
rance. But if the South had to pay
the Confederate war debt, in whole OF
in part, to obtain English capital for
its enterprises, thpn-to be as emphat>
ic as possible would say, as my
opinion, that we can tell these gentle.
men they may 20 to the devil with
their money, their threats and their
attempted blackmail."
Senator Morgan says. "As against
the opinions Of the Dutch and French
jurists mentioned in the Herald's
London telegram we can afford to ar.
ray the undivided opinion of the law.
yers and statesmen of the United
States upon the meaning and effect OF
our constitution. 1t seems that ad
venturous spectators. who have ex
hausted every other gambling method
OF making money, have gathered these
bonds together somewhere across the
Atlantic and wish to unload them
upon credulous people. | am not
aware that the Confederate govern.
ment ever negotiated dollar Of bonds
in any foreign country" He thinks
any Confederate bonds now held in
England we're bought as curiosities,
as they have been bought here, where
the price has been about fifty cents
per bond-no matter Of What amount.
NJ. Heating says: II have read
the Herald's editorial on the 'Confed.
crate Bonds Syndicate. / indorse
the views therein given heartily and
agree with every word of it. As to
the threat Of boycetting the South.
the South, as-the Herald puts it. need
not and does not fear this. No sec
ton OF the Union is more prosperous.
During the last ten years il has aoouN
mulated an immense reserve capital,
which its manufacturers, mechaDics,
engineers and miners are using ibtelli-
gently and judiciously for the devel.
opment Of almost fabulous resources.
Nothing can be more idiotig tifap this
attempt to bully The Southern states.T
That ought to satisfy EnglishmeD,
unless they are bepL on being swim.
died by this Confederate Bond Sypdi-
cate.
owEEToS, KY-pr. l. F. Mundy