The Confederate Debt And Private Southern Debts

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Not only according to the United States law were the Bonds issued for an illegal and improper purpose, but in view of the law by which they must be judged, the usurping State Governments and the Confederacy were illegal corporations. If, therefore, the Confederacy was illegal, all its acts were illegal ; and as an illegal corporation, it could have no legal successor. It would seem, therefore, that all the Dollar Bonds, were, accord- ing to United States law, that is, according to the only law ...that can take cognisance of them, illegally issued by an illegal corporation unknown to the law and unauthorised by it, and as such have no legal validity whatever, as Confederate Debt, against the United States or the present State Govern- ments of the South.
Neither the usurping State Governments nor the Confederacy ever had any independent international position which would have entitled them, in the eyes of other nations, to rights -and to consideration as the defenders of their national existence.


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