Omaha daily bee., 1889-10-04
BONDS OF The CONFEDERACY.
Big Scheme BY English Holders to
Secure Their Payment.
POWER OF BRITISH CAPITAL.
1.-THE south Wants Money TO Develop
Her Resources IL viii Cost
Dearly-spain ana the
Three Americas.

Ob,igi. iors of the Lost Cause.
tCoplrfght 1889 bv JAMS Gordon Benn,h1
LONDON, Oct 3.-TNew York Herald
Cable-Special to The BEE. There is an
impression among English holders of con-
federate bonds that these bonds will be
paid, at least In part. That such au impress
sion prevails may seem to Americans even
more ridiculous than it did twenty five years
ago. English holders of confederate 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 conf.
dence they possess in degree astonishing
to Americans who have studied English
business methods and English business
men. The north laughed when 1t thought of
the confederate bonds and how Engtshnen
had been deluded into buying them on
the strength of their sympathy
with the SOUTH and their confidence in the
south's ability to win in its effort to disrupt
the union. Many times since the war has
the north laughed over these bonds and
their English owners. OF late years, maybe,
the south has laughed, not loudly but
enjoyedy, ever these same bonds. During
all these years English holders Of confed-
crate tonos have quietly borne the iibes and
sneers at their short.s Sly htcduess in backing
the wrong side in the rebcllion. They read
OF Americans lighting their pipes or making
boniires with confederate bonds. They did
no, follow the example, but sent agents TO
America TO buy up ali the confederate bonds
they could find at the lowest possible price,
which was next to not; ing. The north and
the south laughed after the manner of the
two sections over this transaction Much
4 III
of the ignorance among the Eng
lish of American institutions and
Of their utter idiOcy in supposing that con
federate bonds were valuable except
waste paper. The Englishmen said nothing
after burst of indignation following the
general and individual reputation of the
southern obligation, but they stuck to the
bonds with the bulldog tenacity for which
the world in general does not give them too
much credit. Twenty-Five or thirty years
might be too long for an American to wait
for the possible per centage of adebt that the
rest of the world considered worth
less. Not with English
meL Many of the 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
thug worth having for them
as thei. predecessors we 'e. They
are more confident, for the Americans are
playing into their hands. Englishmen arc
not more willing to invest capital in Amerir
can enterprise than Americans are to bor-
row Engl'-h 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
single season seen so many American pro-
moters here as the present one. Many of
these are from the south. People on this
side Of the Atlantic have heard much about
the new south. They btheve In its natural
resources. They know money is needed TO
develop them. They know that the south
is overrun with northerners, many Of whom
have put all their money into
southern enterprises and want more
money 20 get back their own
and more too. The new south's appetite for
development has only been whetted The
southern states want money; southern cities
want money; southern corporations and
northern corporations In the south want
money. They are holding out their hands to
Englishmen for 1t. The answer Of the Eng
lishmen 20 the request is: PAY / per cep
on the confederate bonds which you have re-
pudiated and which we hold, and we will
lend you the money you want They nave
no notion of accepting per cent as payment
in full. That would not be English. One
per cent on confederate bonds for any loan
OF magnitude is the English programme
and whether 'his is paid by northern
men or southelI men is of no
consequence TO the English holders of con
federate bonds, but that it will be paid no
once but many times English holders who
have money to loan are certain.
An agent of the syndicate Of confederate
bondholders stepped on American shores
few days ago He is member of firm
who have been for many years the principal
dealers in the American stock market, aud
few extensive schemes from the other side
have been foated here before they have
been submitted to this particular firm. The
syndicate represented by this man has tre-
mendous power in English financial circles.
II holds a vast amount of the bends, NEST of
which were bought for soug The
ruling price OF the bonds to-day is
three-quarters of one per cent. HE agent
is as high priced as he is shrewd,
and the few who are aware of the object of
his American trip are sure that 1t would not
be made except upon the best grounds, He
will tell the Georgians aud Aiabamans that
their credit in England is worthless and will
remain until they show a disposition TO
wipe OUT their old obligations. If they ADOPT
his plan they can get all the money they
want The syndicate proposes to put the
percentage thus received on the entirc DEBT
at compound interest and in a comparatively
few years TO got the face value of the bonds
IN their possession, or an amount very close
TO their face value.
VIEWED WIN ANXIETY.