Year: 1867

whom the committee has been brought In contact the
day far distant when settlement ei tne CLAIMS
of tho bondhodes would be effected IL Is needless 70
saw that such sangune expectations on the part OF the
victims Of the Confederate cotton loan utterly deu
xive and such resolutions the following which
passed on that OCCASION sound sngulasy absrd on this
side Of the Atlantic = .aa rsssthM


enment United States 20 recover In English and
French courts property and money belonging TO the
late Confederate Sates Il Is Of the utmost importance
given behalf Of the per cent cotton bondhod
ers the Bondhoders' Committee be furnished with
the :. tonSs . enable them no 70 take Legal
be dealt In by the Stock Exchange unless stamped by
the Committee Of the Confederate Bondhoders hav
carry this resolution into eec. That as the holders Of
the seven per loan have committed breach
states on tho o cotton and the loan to
the sad Sates being perfectly legal transaction, the
bondhciers hereby most sc'emnly protest against the
injustice and egalty OF the United States Congress
and the Legislatures OF the Southern States passing
law 70 prejudice their rights and the contract made nth
direct violation OF the law OF nations and fatal - the
honor and financial credit OF both the United and South


The Confederate bsndholdcrs may as well make up
their minds that ther bonds win be worth moro
than much waste paper, and themselves the
trouble of useless sgitation-


London commercial sournal thus comments on the
financial results or the year 1886, especially with refer
ence the collapse Of limited liabihsy companies In
England


Limited liability by itself chargcsbe with but little
or the mischief that has happened. The Companies
act OF 1862 chanced to come INTO operation at tine
when all the eamerts Of OF exravagance and
foly were collected and became the xccidenta
text for the particular form in which the dis
order manifested Itself tenths probably or the
limited companies Of ls62-5 have failed, not be-
cause they were limited, but because they were
frauds, sDsurditie6 mistakes Instances Sufficient
will remain in spite OF all the devastation, TO prove
that in competent hands ana with honest intentions


limited liability Is compatible with real mercantile suc
cess. Whether experience will also show that the


finance and credit companies set in the last few years
steady and satisfactory progress Is still quite doubtful
There is ROOM perhaps for two such enterprises
but for more We enter 1857 with load Of diff
fcutiies swept away.


Philadelphia journal thus refers the subscriptions
TO the recent Pennsylvania State loan:-


As large part OF the debt OF this State has held
in Europe and the new loan, which is to pay off the
overdue indebtedness is all taken hero at home may
infer that shall thus get rid OF those whose
rcproaches have heretofore done 30 much TO injurc
the credit OF the commonwealth, and be en-
abled To keep debt among our c-
gems. With this proof Of financial ability
there is need OF complaining Of inability 10 OBJ
capital for any Of tho great enterprises engaging


attention in this State for property presented to the
public ia certain that the easily be had
requisite for home development, whether in building
railroads establishing and trust that
the fact may be practically applied.


rtcrv ref,yvs tha Cht~ac natonol ,hnnlc