The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-10-05
4 Syndicate That Proposes to Refuse Credit to
Southern Enterprises Until the Bonds
Are Recognized by the States.
Navassa Island Rioters to Be Arrested
Ona United States Judges Warrant.
Fatal Railway Collisions in England and Ger
many-Mr. Harcourt's Political Prediction
Explosion on Board q War-Ship.
How English Holders Expect to Rea1ize-A
Syndicate's Queer Proposition.

How English Holders Expect to Realize-A
Syndicate's Queer Proposition.
NEW YORK, Oct. A London cable spe-
cial to the New York Herald says there is
an impression among English holders OF
confederate bonds that these bonds will be
paid, at least III part. That such an i'm
preston prevails may seem to Americans
even more ridiculous than it did twenty
five years ago. English holders of confed.
crate bonds do not consider it ridiculous.
They don't attempt to proclaim from the
house-tops their confidence in the eventual
payment or part payment of the bonds. but
this confidence they possess in degree as
tonishing to Americans who have not
studied English business methods and En-
glish business men. The North laughed
when it thought of confederate bonds, and
how Englishmen had been deluded into
buying them on the strength of their SYM
pathy with the South. and confidence in
the South's ability to win in their effort to
disrupt the Union. Many times since the
war has the North laughed over these
bonds and their English owners. Of late
years may be the South has laughed out
loudly, but enjoyedly, over these same
bonds. During these years English holders
Of confederate bonds have quietly borne
the jibes and sneers at their shOrt-sighted-
ness in backing the wrong side in the re-
bellion. They read of Americans lighting
their pipes or making bonfres with con-
federate bonds. They did not follow the
example, but sent agents to America to buy
up afl the confederate bonds they could
find, at the lowest possible price. which
was next to nothing. The North and South
laughed after the manner of the two Sec
tiOns over this transaction.
Much was said In private and pubic OF
ignorance among Englishmen of American
institutions and of their utter idiocy in
supposing that confederate bonds were
valuable except as waste paper English
men said nothing after the burst OF lndlg-
nation following the general and indl-
vidual reputation of Southern obligations,
but they stuck to the bonds with bulldog
tenacity, for which the world in general
does not give them too much credit.
Twenty-Five OF thirty years might be too
long for an American to wait for possible
percentage of debt that the rest of the
world considered worthless. Not so with
the Englishman. Many original holders of
confederate bonds are dead. All of these
left heirs. The latter still have the bonds
and are Just as confident of getting some
thing worth having for them as their
predecessors were. They are now more
confident, for Americans are playing
into their hands. Englishmen are
not more willing to invest capital IN
American enterprises than Americans are
TO borrow English money. Every steamer
brings to London Americans who have
schemes that only lack money behind them
to make all connected with them rich.
Seldom has a single season seen so many
American promoters here as at the present
time. Many of these are from the South.
People on this side the Atlantic have heard
much about the new South. They believe
in it's natural resources. they know money
l.y& AVs.x> l.. hot
the South is Overrun with NOrtherners.
many of whom have put all their money
into Southern enterprises and want more
money to get back their own and more too.
The SOuth's appetite for Development has
only been whetted. Southern States want
money; Southern cities want money; South
ern corporations and Northern corpora
tions in the South want money. They are
holding out their hands to Englishmen
for it.
The answer of the Englishmen to the re-
quest is: PAY / per cent. on confederate
bonds which have been repudiated, and
which we hold, and we will lend You the
money you want" and they have no notion
That would not be English. One per cent.
on confederate bonds for any loan of mag
nitude is the English programme, and
whether this is paid by Northern men or
Southern men is of no consequence TO En-
glish holders of confederate bonds. but that
English holders who have money to loan
are certain. The agent of syndicate of
confederate bOndholders stepped on Amer
lean shores few days ago. He is a mem-
Der of a firm who have been for many years
the principal dealers in the American stock
market. and few extensive schemes from
the other side have been floated here before
they have been submitted TO this particu-
lar firm. The syndicate represented by
this man has a tremendous power in Eng
| lish financial circles. 1t holds vast
| amount of bonds, most of which were
bought for a song. The ruling price of
bonds to-day is three-quarters of per cent.
| The agent is as high priced as he is sshrewd.
| and the few who are aware of the object OF
| his American trip are sure it would not be
made except on the best grounds. He will
| tell the Georgians and Alabamans that
| their credit in England is worthless. and
| will remain so until they show disposi-
| tiOn to wipe out old obligations. If they
| adopt this plan they can get all the money
| they want. The syndicate proposes to put
the percentage thus received on the entire
| debt at compound interest. and thus in
| comparatively few years to get face value
| of the bonds in their possession, or an
| amount very close to face value.