m to borrow but $15,000,000 and he could not exceed its instructions.
Erlanger was thus unseccessful.
He declared that the South should get all the foreign money possible.
Get them interested financially in your success or failure, and they will force their government to recognize the Confederacy as a government, and its subjects as belligerents.
This would have meant peace, for the South starved to death because of the fact that foreign powers would not recognize her government.
In Capers' life of Memminger, the distinguished Secretary of the Confederate Treasury is excused for not taking advantage of this opportunity on the ground that he could not exceed his instructions.
But Colonel Gibbes says the Confederate Congress was almost constantly in session and it would not have been a difficult matter to have gotten authority.
After the war, in 1869, a very strange thing happened.
The Confederacy had gone to pieces, and the bonds were worthless—were not on the market.