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Southern Historical Society Papers, Volume 35. (ed. Reverend J. William Jones), chapter 1.53 (search)
ishman, financial agent of the Confederacy. For several weeks they worked hard and without success in the endeavor to dispose of the bonds at a fair figure. Colonel Gibbes carried over with him $15,000,000 of these bonds. These bonds proposed that the amount on the face be paid to the holder, in specie or in cotton at 10 cents a pound within six months after peace should be declared. Finally the whole issue was taken by Baron Erlanger, a wealthy German with banking houses at Frankfort, Paris, and Amsterdam. (After the war Erlanger built a number of railroads in the South which he styled the Erlanger system.) Baron Erlanger ridiculed the idea of the South, issuing $15,000,000 in bonds, when a much larger figure could have been negotiated. For it is a fact that at that time cotton was bringing from 60 to 80 cents a pound in Liverpool, and these bonds provided for the redemption of the money with cotton at 10 cents a pound. Colonel Gibbes is not positive what Erlanger gave for t