The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-26
HOLD CONFEDERATE BONDS.
Still Kept by Many Persons, Who
Hope to Realize ON Them.


Hope to Realize ON Them.
London Letter in Philadelphia Press.
There are still a number Of persons in
London who have not given up all hopes
that they will realize something on their
holdings OF bonds Of the late Confederate
States Of America. There are a large
amount OF these bonds held in this city.
Some owners long ago gave up the idea OF
their payment. others who have looked into
the question with more care have little
faith. but a great many owners of Confed-
crate bonds expect a turn in the wheel OF
fortune will benefit Them In some way.
Some years ago there was quite an In
fiuential committee formed which repre-
scented the interests of the Confederate
bondholders and the talk In the city at that
time was quite confident. 1t was openly
held by some ignoramuses that the United
States government was morally bound TO
see that some settlement was made. When
this was pointed out as illegal and impossi-
bic the owners of bonds insisted that the
States which lately formed the Confederacy
Of Mr.. Jefferson Davis were bound to see
that the bonds were paid. This, too, the
confiding Englishmen found in the course Of
a few years was impossible, but the commit
tees and individual holders persisted that
there was right somewhere and they were
bound to have IL.
l remember at one stage Of this Confed-
crate bond campaign nearly twenty years
ago some impatient possessors OF bonds
took up a threatening attitude in private
conversation. Never, it was said, should a
bond of the United States be ioated in Lon
don nor a bond OF any State Of the Union
until justice was done to the innocent hold
ers of Confederate bonds. If this kind of
talk brought about smiles on the part of the
Americans who were listeners the holder of
Confederate paper became indignant and
pointed out the pitiless condition of Mexico
and other governments which had been in
default and were never able to make peace
with Lombard street until they settled up.
AS a matter of fact. several impecunious
governments were at that time in such bad
repute that the notion of credit was absurd,
but it was not as absurd as threatening to
put the United States in a similar position
on such %untenable ground as a refusal TO
pay the Confederate bonds.
Another class of ignorant and impertinent
holders of those bonds used to insinuate
that when the South regained political pow
er a way would be found to overcome legal,
dIlo OllcE OpSldCicS anu pro-
vision for payment would be made. This
was really regarded as a possibility by a
large number of people tor many years.
who discoursed of the changes brought
about by the whirligigs of time and pointed
out numerous incidents in history. Much
more remarkable and curious than the set
Element of the Confederate debt would be.
These sanguine gentlemen were subjected
TO a rude shock when several Of the South
ern States defaulted on ante-bellum obliga-
ton in England that if some of the late
Confederate States would not pay their old
obligations, 1T would be most difficult to
interest them In the enterprise OF paying
some $40,0VO,V0 or more for which no legal
obligation existed and to accomplish which
S WomlSS be IN ne tas aaws s snme the soS GGpnSfits ats3a
bonds yet in default are owned by English
men, but many including the
famous Virginia compromise. have been
made.
While the agitation for the m of
the confederate bonds has been going on
While many holders look for some incident
to turn the tide in their favor, it must be
said that the schemes have had no iniuen-
after the failure of the Confederacy The
committees which have been formed have
h had som influential men on them, but in
derstood since the war closed that the case
was hopeless. 1t has been a long time since
the bonds have been regularly quoted. and
it has been many years since they We're
worth more than was the paper. Long years
ago speculative movements were engineered
In them in the London market, but in late
years even this became unremunerative as
a large amount of bonds were sent quietly
something less than wall paper, and were
sold on the spurts which We're engineered
by small traders.
The last of these movements was a few
years ago, when, under the extraordinary
street invention that the United States gov
eminent was quietly picking up the bonds
rnrO vents n nIInT0f1nn nf n foty ayf
on the dollar was attained. Since then even
the slipperiest of SPECTATORS have let the
aaione' i called on several firms which were
known as dealers in them, and they said
that they were very dead, though not a few
of them expressed the belief that they
would become active on some pretense or
other in the future.
The exact amount of Confederate bonds
known, because a good many holders have
prepared to take their loss quietly instead
OF 81 i ndyer bold95g II eyap pe q : remg 5mg amount %aY
The Corporation for Foreign Bondholders,
which looks after the interests. of English
holders of defaulted foreign bonds, and
which claims to have recovered in one way
or another one thousand million dollars
worth of property in default, has never
fathered any scheme 10 recover on Confed-
erase bonds, but in a general way these OBJ
legations are alluded 10 in the annual re-
port OF the company. The estimate made of
the amount OF Confederate bonds held in
England is e.. AIS, 500. or a little more than
So, 900, 900. The approximate interest ar
rears'' in 1895 is a much larger sum-, 95,-
So. ABS, or s27, 937, 40. and is the second largest
item on the list. Honduras being first, with
a deficit of nearly fl2.0oo,00o.. or se0.0oo.00,
in interest. The total debt of the Confed-
crate States in England at this time. prin-
cipal and interest, is therefore something
more than SAC. 900. coo.
Among the loans of American States in
the list of principal loans in default" in
1898 in the report of the Corporation of
Foreign Bondholders is: Louisiana, Elsa. 1872:
Mississippi. G1. 10000 principal and G4,255. 900
interest. and West Virginia, e3,o47.s74.
The action of the province OF Rosario,
Argentine. which has recently made unsat-
isfactory proposals to London bondholders
of bonds. has caused a good deal of adverse
miner and there is q demand for some
action on the part of the English govern
ment looking to the protection of the hold
ers of securities.
At the Export Exposition.