Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1886-03-11
BONDS OF THE CONFEDERACY.
London Spectators who Anticipate
Reapfng Fortunes from the Worth
less Paper.

Reapfng Fortunes from the Worth
less Paper.
Pittsburgh Post.
A Washington correspondent, writ
ing to The Post, says: It has been
often noticed and commented upon
that at this date, the southern
confederacy is known only to the his
tory of the past, that IN London con-
federate bonds are held at value. even
though that value is as low as ! of 1
per cent. Timid people of the north
who have read the speeches of Logan
and Boutelle IN The Congressional
Record, or who have heard John
Sherman upon the stump and still be-
lieve In the vengeful fctions that sur
round the bloody shirt, may perhaps
take these bond quotations as another
evidence that the south is uncon-
structed still, and that it only keeps
up semblance Of loyalty to get ap-
propriations for the Mississippi river.
A bond is good for nothing, and why
should London banker, who have the
reputation Of being the most
conservative fnanciers 10 the world,
invest in these bonds, even at so low
rate as half cent on the dollar?
The truth is that, although the south
ern confederacy has passed out of ex-
lstence for all time, and the war is
only being carried on in the halls of
congress and upon the stump, there
is in existence a large amount of
money deposited in European bank
lighthouses credited to the confederate
states, and no one had the authority
to withdraw when the confederate
government expired. This amount
is variously estimated at from $3.50,
600, 900, to $500, 900, 900, and 1t certain
~ is not less than the first mentioned
sum. During the closing months
of the war all the money that the
officers Of the confederacy could
scrape together was sent TO London.
Parish, and Brussels to pay for equip
ments, arms and ammunition, and it
IS well-known fact that Belgian firm
had completed on the very day that
Lee surrendered, an order for $50. GOO
stands Of arms for the confederates,
the money for which was ready as
soon as they were placed on his ship
board.
All this vast amount of money is
somewhere. The European bankers
know where it is if anybody does, and
as long "a this money is in existence
confederate bonds will have anominal
value, even through the government
that issued them has forever passed
from view. How they expect to get
hold of it and convert their bonds into
available assets is known only to
themselves, but that they expect to
accomplish it some tine and by some
means is very patent. 1t may be ask
ed, why does not the United States at
tempt to collect it for damages sus-
tanned during the rebellion? La reply
it may be stated that Benjamin Fl.
Bristow, when secretary Of the treas
ury, conceived this idea. He sent
special agents to the European CAPT
tails to find out where the funds of
the collapsed confederacy had been
| deposited and in what amounts. They
were very successful in obtaining the
| objects of their mission. and their re-
ports are now in the secret archives of
the treasury department. When The
matter was preached at cabinet meet
ing, Pierrepont, then attorney gener-
al, suggested that if the United States
assumed to collect the assets Of the
| late confederacy it would then become
liable for it's debts That settled the
matter, and no further attempt has
ever been made since in that direc-
ton.
II anyone has a right to the money
it would seem that the original pur-
chasers of the bonds should receive it.
but as the bonds have long since pass
ed out of first hands and are now in
the hands of spectators it is a matter
of little consequence from the stand
point of Justice what becomes of It.