federation, on the subject of obtaining European loans for the South. These copies are made from manuscrpt copies furnished at the office of Mr. Haslenwood, the sheets bearing the printed heads of his office. I have engaged with Doctor Holland in whose possession they were found that no use should be made of them to his personal annoyance or disandvantage.
Very truly, yours, &c.,
JOHN A. KENNEDY,
[Inclosure Numbers 1.]
7 LOTHBURY, EAST CHELSEA, LONDON, March 23, 1861.
His Excellency JEFFERSON DAVIS,
President of the Southern Confederation.
SIR: It must be evident to you that the principal difficulty with which the South has to contend is the want of money and the want of credit. As long as Mississippi forms part of the Southern Confederacy and as long as the bonds of Mississippi issued through the Planters' and the Union banks are unsettled no loan can be negotiated in Europe. Mississippi must either go out or settle with her creditors. Within a few days you shall have a letter showing how other nations have compromised their debts and that the repudiation difficulty can be arranged.
I remain, your obedient servant,
[Inclosure Numbers 2.]
7 LOTHBURY, EAST CHELSEA, LONDON, March 27, 1861.
JEFFERSON DAVIS, President of the Southern Confederacy.
SIR: On Saturday last I forwarded a few lines to you on the subject of the future credit of the Southern Confederacy and how far it would be injured by the course heretofore pursued by Mississippi with regard to her bonds. Outside of that letter I did not put any superscription beyond your name and address because I felt that it might become the ground for detention of the same by any of the postmasters of the Northern States who might wish to embarrass your movements.
Annexed to this letter you will find a copy* of the law of the London Stock Exchange which will hopelessly exclude any new loan until Mississipi shall make satisfactory arrangements with her creditors, and it is of no use to try the Continent because it is a standing rule with them never to take any loan which has been openly refused here. I am a member of the London Stock Exchange. I know perfectly the workings of the rule. I also know how futile your hopes will be of raising any money here except upon the conditions I mentioned, that the Mississippi dept must be acknowledged and settled. Moreover, I am one of the committee for settling the debts of Spanish America and have made arrangements for the debts of Peru, Chili, Buenos Ayres, Venezuela, New Grenada and Central America and in a future letter I will give you the benefits of my experience and show to you the nature of the compromises of other nations in the settlement of their debts. I am also the secretary of the committee appointed by the Mississippi bondholders having special reference to that class issued through the Planters' Bank, though I do not now address you in my official capacity.
I am well aware of the difficulties of the question for raising money for the South, but I do not regard them as insurmountable provided