New Ulm weekly review., 1886-03-24
BONDS OF THE coNFEDERAcY.

BONDS or THE coNFEDERACY.
London Spectators Who Anticipate
Reaptng Fortunes from the
Worthless Paper.
A Washington correspondent, writing
to the Pittsburgh Post, says: 1t has been
often noticed and commented upon
that at this date, when the war
has been over for twenty years,
and the Southern confederacyis known
only to the history of the past, that in
London confederate bonds are held at
value, even though the value is so
low as } of l per cent. Timid people
of the North, who have read the speeches
of Logan and Boutelle in the Congress-
so1aal Record, or who have heard John
Sherman upon the stump and still be-
lieve in the vengeful fctions chat sur
round the bloody shirt, may perhaps
take these bond quotations as another
evidence that the South is unrecon-
structed still, and that it only keeps up
semblance Of loyalty to get approp-
riations for the Mississippi river. At
first blush it does seem strange that the
securities Of a dead confederacy should
have value except as relics. A bond
is presumably good for nothing if there
is nothing behind it, and why should
London bankers, who have the reputa-
ton OF being the most conservative
fnanciers in the world, invest in these
bonds, even at so low rate as half a
cent on the dollar? The truth is that,
although the Southern confederacy has
passed out of existence for all time, and
the war is only being carried on in the
halls of congress and upon the stump,
there is in existence large amount of
money deposited in European banking
houses credited to the confederate
states, and no one had the authority to
withdraw when the confederate govern
ment expired. This amount is variously
estimated at from $3.50, 600, 900 to $780,
100000, and it certainly is not less than
the aforementioned sum. During the
closing months Of the war all the money
that the officers of the confederacy could
scrape together was sent to London,
Paris and Brussels to pay for equip
ments, arms, and ammunition, and it is
a well-known fact that Belgian firm
had completed on the very day that Lee
surrendered. an order for $50, 900 stands
of arms for the confederates, the Nancy
for which was ready as soon as they
were placed on shipboard
All this vast amount Of money is
somewhere. The European bankers
know where it is if anybody does, and
as long as this money is in existence
confederate bonds will have nominal
value, even though 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 them
selves. but that they expect to accom-
plish it some time and by some means is
very patent. 1t may be asked, why
does not the United States attempt to
collect it for damages sustained during
the rebellion? Inreply it may be stated
that Benjamin H. Bristow. when secre-
tary OF the treasury, conceived this
idea. He sent special agents to the
European capitals 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
reports are now in the secret archives
OF the treasury department.. When the
matter was broached at cabinet meet
ing Pierrepont, then attorney general,
suggested that if the United States as
sumed to collect the assets of the late
confedracy it would then become liable
for its debts. That settled the matter,
and no further attempt has ever been
made in that direction.
Ii anyone has a right to the money it
would seem that the original purchasers
of the bonds should receive it, but as
the bonds have long since passed out OF
first hands and are now in the hands of
spectators it is a matter of little conse-
quence, from the standpoint of justice,
what becomes of it.