New-York tribune., 1892-12-20


exc tcIen' prevailing during The last month
UOPEFTL CONFEDERATE BONDHOiDEfS.
4 recent Article in "Thc London Money
Market Review" furnishes "A new illustration
If the deep interest which our friends across
the water take in the success Of the Demo
cratic party in this county. Any iniimation
Of this sort duIing the late campaign. 1t may
bo remembered. was secuted with deri>iOn by
Dcmoc'a ats generally and with particularly loud
snortS of contempt by the Mugwump Con'In-
gent. Ii seems from the Article in u'SIIon
that the hopes Of our English cousins Tor ad-
vantage from Democratic success were moi
based alone upon expectations of great b'n'ht'
10 result from the adoption Of Free Trade
policy which should open orr ports 10 the
manufacturing product, Of Great Britain They
looked further Some thirty two years ago aN
our rcad.is may perhaps rcmcmbcf' the Demo
cratic party having been disappointed IN not
being continued il control ot tlc GOycrnm'n'
.c; out - break ii up They started political
enterprise for that purpose called =" the Con
fcderitc States Of America" aud after using
ND what ready money and available cash aNS'tS
IN had on ha1d. began h. issue not >-pron-
i,es TO pay conditioned upon the success oi
the entlrpris,. which they got discounted Whcr-
ever in the markets Of the world they c2nld
find fools with more money than bIanS. They
found large numbers Of this class IN Great
Britain and were lucky enough 70 "placc'
several millions OF these Sccnrt cs' among
the capital ist, Of that country. IL 50 happened
that the contingency did not 50 70 speak, "con-
iingc.r The enterprise failed, leaving these
millions Of 8" securities" locked mp in the strong
boxes Of English capitalists with ~ value eN-
cept as historical reminders.
The holders of them, however, did not lose
helIt or hope. They kept an eye on The prog
less # political cyont' in this country. saying
to themselves that some time. in all prob
ability. the party whose notes they held would
rccupcia,e ijself and come into possession of
availa /, assets which it would, with the high
sense Of honor for which they gave II credit,
proceed Immediately t. apply To the iiluida-
ton Of these claims. They reasoned, aud a,
any one must admit who recalls The political
history of the count V since recon.tlu'iion be
Gan. reasoned logically that the Democratic
marty which even after the secession Of il
controlling element and the majority of It's
voters. had shown formidable strength through
out the WAY period, would stand Il fair chance
when reinforced by the return OF the Icyoltcd
States. Of coming Soon,r or later back to power.
And that event in their view, though not
fulGlment Of the condition Of their bonds
the establishment Of the indcL cLendencc of the
Conf dciatc states would be is equivalent in
that the object sought ly the Democratic party
through it, major palt would be accomplished
the patty would rcpoS>c>S the places aud the
lower from which ii had been ouStcd. Being
renstat d, why should it not see that the cap
itaSts who had bcficndcd it in It's distress
were reimbursed?
| SO the hope that springs eternal in the Brit
| sh Confederate bondholdcI's breast finds eX-
preston in "The London Money Market Re
view" which argues with apparent serious
ness that the late Democratic victory gives
valuc 10 "thc various forms OF paper issued
| by the Southern States It's reasoning is. not
that the North should make good these pom
| scs but that the law which was passed at
| the close OF the war prohibiting the payment
of the claims III question being rs it thinks
unconstitutional. should be repealed. But
for the prohibition" 1t believes the Southern
| States would before now have made an ar
! prevented them from doing 50 the Union be-
comes itsflI liable" Ii is not impossible that
the Confederate bOEdholdeis may have been
confirmed in the opinion that the Democratic
party would eagerly embrace the eailiest OPP
poitun.ty t. redeem the obligations it issued
| in the name of the Confederate States by the
fact that the men who were personally engaged
in that enterprise and who were in large
sense responsible for its issues are practically
! in the same relation now to the party about
coming into power in the Union they control
it, II may be, too, that the bondholdeH, see
| ing the devotion still manifested by the South
ern Democrats t. the lost cause and its lead
eis; reading at frequent intervals reports Of
! dedication Ger monies of monuments and stat
ues, and anniversary celebrations commemo-
rativc Of the cause for which the bonds were
issued, have become impressed with the idea
that they only wait the opportunity to give their
patriotism more practical and tangible form
in the payment of the Confederacy's debts.
Our Londcn contemporary is under mis-
take. The Democratic party or the major part
Of it, which is the Solid South, i very proud
Of the record it made during the so-callcd War
Of the Rebellion; it honors with lis highest
| offices it, survivors and revves the memories
| Of its fallen heroes. But that, it must be re-
membeicd, is pure sentiment. When it comes