The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-17


for want Of arms. In all that time. and
for months after. Captain Huse was re-
ceiving only $3.50 or about, a month
from his Government to use In his duty
but having made known to friends of
the Confederacy in London his urgent
need, Sir Isaac Campbell loaned him
half a million dollars on private ac-
count and his cargo of much needed
arms sailed.
The Concederacy needed currency
and manufactured one. Did the abor-
| tive effort fairly represent the oppor-
tunities of the government? There was
much of foreign sympathy rejected In
the proceeding. We shall see that cot
ton" bonds of the Confederacy, mar
ketable in England and France were
almost 100 per cent higher than the
bonds of the United States on wall
Street at the same period. l well re-
member that Vice President stephens
in conversation remarked to me, in the
war time, that the Confederacy with
little more business tact In Its H.
nances might establish "the strong
est paper currency in the world" re-
ferring to the uses that might be
made of credit. founded on cotton, by
the Treasury Department.
The confederate cruiser AldUduid,
was built for the government at
Birkenhead on the Mersey by firm
of which Laird, a member of Parlia-
ment, was a member. The cost was
$3.50, 900 and the firm rejected offers
from the Secretary of the Navy at
Washington to build several war
ships for the United States. They
would have built others for the Con-
federacy because 1t paid good prices.
In September, 1862, Commissioner
Mason wrote to his government that
twenty to twenty-five millions could
be had for it's uses on cotton obli-
cations" Now the income of the
United States, in 1860, was about $751;
600 900 only. At a single draft our
government was able to command one
third that sum. Cotton obligations"
of the government consisted In a sim
pie pledge of honor to deliver SD
many pounds of lint, at a price nam
ed, at convenient sea port within
the Confederate limits within three
calendar months, after the arrival of
peace. So attractive to foreign
money lenders were the cotton obi
cations" that Mr.. Erlanger of the pri-
vate banking firm of Erlanger and
Company. Paris, made his way through
the blockade to Richmond to urge the
authorities there to sell large blocks OF
this character of paper for gold de-
livered in London. The Cnited States,
pending these incidents of Confederate
fnanciering, was selling bonds Iii Ger
many and devoting the proceeds to
bounties to German subjects to enter
its army. Approximately quarter of
million stout Germans flockcd to
save the Union upon their hounties.
At the same period the United States
had agents in Ireland recruiting soI-
diers to come to the rescue of the I'm
ion on promise that the scanty farm
at home, crippled with tithes and land
lords exactions should be e oldc "a
with many fruitful American acres as
a free gift. Then too. to I'LL out the
quota of soldiers. school teachers and
others of both sexes came from New
England to Southern rice and cotton
plantations to recruit negro troops
and of these, some 241. 900 were armed
and mustered into the ranks OF The
Union army What the United states
bonds brought on the market In Europe.
is immaterial. They sold as lo% rs
40 cents on the dollar in Wall street.
Under date Richmond. January IL.
1863" Secretary of State Benjamin,
wrote to Commissioner Mason: '"Th"
agents of Messrs Erlanger and Com
pany arrived few days before your
dispatches and were quite surprised to
find their proposals were considered
inadmissible. They very soon dis"Cv-
cred how infinitely stronger we were
and how much more abundant our re
sources than they had imagined. We
finally agreed with them to take fif-
teen millions instead of twenty-five
millions which they offered" The
seven per cent. bonds IF the govern
ment were taken at a. The Secretary
said the government took the money
really because Mr.. Stidell advised the
step to assist his negotiations for
recognition of France. At that very
time. when the government wanted no
money, the Ordinance Department was
drawing the copper to make percus-
sion caps from old distillery outfits In
North Carolina and the commanding
Generals stood aghast at the long line
of shoeless, ragged men In their ranks.