The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1886-03-26
BONDS OF THE conFeoERAcy
London Spectators Who Anticip.,.
Reaping Fortunes from the
Worthless Paper.

Aondon Spectators Who Anticipats
Keaping Fortunes from the
Worthless Paper.
AWashington correspondent, writing
to the Pittsburgh Post, says: Ithas beer
often noticed and commented upor
that ut this date, when the wa,
has been over for twenty years.
and the Southern confc,lcracy is known
only to the history of the past, that ir
London confederate bonds are held al
q value, even though the value is SC
low us J OF per cent. Timid people
OF the North, who have read the speechc;
OF Logan and Boutclle in the CONGRESS.
t0ndt Rccord, or who have heard John
Sherman upon the stump and still be.
lieve in the vcngeful tictions that sur.
round the bloody shirt, NAV mrhans
take these bond quotations rs anothc,
evidence that the South is inrecon.
structe.i still. and that it only keeps up
a sc,nblancc OF loyalty to get approp.
rlatioIs for the Mississippi river. At
flrst blush it does seem strange that the
securities of a dead confcderacy should
have value except as relics. A bond
is presumably good for nothing IL there
Is nothing behind it, and why should
London bankers, who have the reputa-
tion OF being the most conservative
financiers in tho world, invest in these
bonds. even ut SO low u 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 tho
nails OF congress and upon the stump.
there is in existence II 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 variouslv
estimated at from $3.50. .OOO, 600 to $500.
QUO, 900. anu 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
scrapc together was sent to London.
Paris and Brussels to pay for equip
mcnts. arms. and ammunition, and II IL
u wcll-known fact that u Belgian firm
had completed on the very day that Lee
surrendered, an order for $50, 600 stands
OF arms for the confedcrates, the nancy
for which was ready rs soon as thev
were placed Oh shipboartl.
All this vast amount of money il
somewhere. The European bankers
know where it is if anybody does. and
Us long rs this money is in existence
confederate bonds will have a 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-.
pllsh it some time and by some means is
very patent. 1t may be asked, why
does not the United States attempt ia
collect it for damages sustained during
the rebellion? lnreply it may be stated
that Benjamin II. Bristow, when sccre-
tary OF the treasury, conceived this
idea. He sent special agents to the
European capitals to find out where the
funds Of the collapsed confclcracy 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 w;ls broached at u cabinet meet
ing flerrepont, then attorney general,
suggested that il the United States as
sumed to collect the assets of the late
contedracv it would then become liable
for its debts. That settled the matter.
and no further attempt has ever been
made in that direction.
1t anyone has right to the money il
would seem that the original purchasers
OF the bonds should receive it, but rs
the bonds have long since passed ont of
first hands and are now in tho hands of
spectators it is matter of little consc-
q9cnce, from the standpoint of justice,
what becomes OF it.