Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1889-10-12
THOSE CONFEDERATE BONDS.

Every now and again we are re.
minded by some new move of the
Confederate bondholders of the folly
of Englishmen some twenty-five
years ago, when their sympaties led
them astray, and when, yielding to-
the tempter, they put their money
on the wrong side.
Many changes have taken place
since British money was given for
i this worthless paper. Not few of
the original money lenders have
passed away. Some, however, re.
main; and in most cases the bonds
remain, if not in the hands OF the
original parties, in the hands of their
heirs or others to whom they have
been sold for next to nothing. There
can be no doubt that IN many cases
where misfortune has befallen fami-
lies these bonds have been parted
with for such money as they would
bring. In any cases there are mil.
lions of dollars represented by Con.
federate bonds yet in English hands.
Although hope has fuctuated
much and often, there has always
been a sort of latent conviction that
this Confederate paper represented
money, and that some day, sooner
or later, the money would be forth
coming. To us, on this side, it does
not seem as if time were working in
favor of this conviction. The face
of the Southern States is changing
rapidly. An entirely new South is
emerging from the ruins of the old.
There is reason to believe that at no
distant day these States will reveal
a prosperity undreamed of in the
palmiest of old plantation times.
But when that time comes, all the
old Confederate leaders will have
passed away. New men will have
arisen, who will have new obliga.
tions, and in some cases, probably,
other Indebtedness; but they will
have small interest in Confederate
bonds, and but slight sympathy with
Confederate bondholders.
1t is to be feared therefore, that
Englishmen are hoping and trusting
in vain. At the present time they
are not unwilling to come again to
the aid of the Southern States with
money; but they are resolved, if
they come, to connect these fresh
obligations, With the old obligations,
and through these new loans to put
newness of life into the old Confed-
crate paper. The English syndicate,
which represents the Confederate
bondholders, is credited with some
novel schemes for giving effect TO
this purpose. One of these schemes
is to get one per cent. paid on the
Confederate bonds, and to put the
percentage thus received on the en-
tire debt at compound interest, in
the hope that in few years they
will through this means get the face
value, or as near as may be the face
value, of the bonds in their possess
sion. To the Southern people who
want to borrow they say: "Pay
one per cent. on the Confederate
bonds, and you will have all the
money you want.n
John Bull, with all his merits,
sometimes converts one of his virtues
into a vice. His bull dog tenacity
has oftentimes stood him in good
stead; but when it takes the form of
sheer unreasoning stubbornness, it
does him harm. There are none so
blind at those who will not see. This
is the Englishman's case in regard
to these Confederate bonds. He
can never by any process galvanize
them into life. But if he choose to
put his money out here, on any such
faith, we have no reason to find
faulty. Y. Mail and Express.