interesting account of French duplicity in this matter:]
I have always understood that when the proposition to raise a loan in Europe was first broached, the Confederate government was not greatly impressed with the scheme, and was somewhat reluctant to accept the offer of the bankers who proposed to undertake the negotiation.
After some discussion, it was, however, determined to make the experiment with the moderate amount of £ 3,000,000. The financial enterprise was undertaken by Messrs. Erlanger, of Frarkfort and Paris, and they managed the transaction with great skill and ability.
When the prospectus was issued there was a prompt and gratifying response.
In a very short time the amount subscribed was £ 15,000,000, or five times the amount wanted, and it was thought that a much larger sum still would have been offered if it had been applied for. The financial agents of the Confederate government lamented their inability to issue bonds for the whole amount offered, but, lookin