Morning journal and courier., 1883-07-30
5onrusI s1lS Golrier
SINGLE COPIES THREE CENTS.
Monday, July 30, 1883.
-
 Al PREPOSTEROI HCHEME.

APREPOSTEROUS SCHEME.
 For some time there has been quite a de.
 mand for Confederate bonds, and great
 who held them being glad to sell at four ol five dollars on the thousand. What was the 1 cause of this demand was for a while not ap. parent, but it was intimated that some very blooming Englishmen were buying them with
 the hope of getting the southern States to pay them About three weeks ago 6 notice
 appeared in the London Times inviting the
 holders of Confederate States of America sterling and dollar bonds'' to deposit them
 with the National Safe Deposit company, who would issue certificates in exchange Among
 those interested in the scheme and acting as
 trustees were named Lord Penzance, the
 Hon. I. c. Bruce, M. P.; Mir. J. E.SGorst,
 o. C., M. P. MT. J. B.. Martin and Mr.
 Robert Stewart The Times gave queer
 sort of support to the scheme by saying ed
 itorially: We understand that this effort is
 not being made without some preliminary
 understanding having been arrived at be-
 tween the representatives of the larger bond
 holders on the one side and inf uential repre-
 sentatives of the southern States of America
 on the other. With the recent proceedings
 of Virginia and Louisiana before us it is pos-
 sible to be oversanguine as to the result, but
 it is clear that those interested can do them
 selves no harm by giving their support to the gentlemen above named. There is, more over, no doubt that the feeling in favor of
 restoring their credit is stronger in the south
 ern States than it was some time ago.
 Now the whole scheme in all it's strength and beauty is revealed by the enterprising London correspondent of the New York Herald. $50, ,OO0 worth of bonds have already been deposited with the National Safe Deposit company and $1OO, GOO, GOO is expected. The opinions of several of the leading lawyers of Europe have been ob- tained. These opinions are to the effect that the southern States are bound to pay the bonds, and that, even granting, for the sake of argument, that the Fourteenth amendment an- nuls the indebtedness, yet there are equitable reasons as well as reasons of private and in- ternational law for claiming that the United States should set aside the Fourteenth amendment as being repugnant to and in direct conflict with other articles of the con- stitution, and thus repeal an enactment that prohibits the payment of debts contracted by the southern States. Bnt the syndicate will, 1t is said, kindly refrain from asserting the legal rights of the holders of the bonds until another method has been tried Greece once repudiated some loans, and financial pressure was brought to bear upon her until she paid up in part and thus secured free ad- mission to the markets of Europe Some. thing of this kind is to be attempted with the southern States. and it is said that the syndicate will have the help of some of the principal bankers of London, Paris, Amster- dam and Frankfort. A gentleman acquainted with the intentions of the syndicate is reported as saying: "The syndicate hopes to hold this great mass of bonds as constant cloud against the credit of the South and in opposition to any enter. prise, TO matter what it is, that comes from the southern States.'' The syndicate also en- tertains hopes of assistance on the part of the United States government. It has pro- ject of getting the southern States to peti- ton the United States government to trans Ter to the bondholders the unappropriated balance of the Alabama award and of the large amount of mone4 received from cotton seizures in the South during the war.
 The syndicate has not yet announced it's intention of securing payment in full for the bonds, but it might ss well. It will get S400, o00 coo just as soon as it will get *1O,- poo, 900 and with no more labor. It seems as- on this side of the water that such scheme could find as much support in Europe IS it has The fourteenth amendment to the constitution declares that neither the United States nor any State shall assume or pay any lebt or obligation incurred in aid of insurrec- ion or rebellion against the United States, or my claim for the loss or emancipation of any Have; but all such debts, obligations or claims shall be held illegal and void" The meaning of this seems to be. so plain that 10 wayfaring Englishman has any excuse for | 1t. And the syndicate will not be lble to get help enough in this country to :epeal this amendment.