Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936

By Francis M. Carroll | Go to book overview

Chapter 5

New Claims for the Bond-Certificates

The repayment of the bond-certificates in the United States, following the New York court's decision, was complicated by further legal and political tangles. In late 1927 the Irish Free State government wanted to float a bond issue in the international money market. In fact, it had successfully borrowed £10,000,000 in the Dublin and London bond markets in 1923, and although these bonds were issued in pounds sterling, a portion of them was underwritten by the Guaranty Trust Company of New York. The bank had made a gesture of seeking the advice of the Department of State, although the sale of the bonds was made public the same day. It was told that the Department had no objection to the sale of Irish Free State bonds in the United States. In three weeks' time this loan was oversubscribed by £200,000 in a dramatic show of public confidence in the Free State, less than a year old and only a few months past the Civil War. 1

In anticipation of subsequent loans Professor Smiddy had facilitated talks between the National City Bank of New York and the Irish Department of Finance as early as 1925. Within two years this bore fruit and in 1927 the Irish government negotiated with the National City Company to handle the sale of $15,000,000 worth of bonds in the United States. The National City Company was told by the Department of State that the U.S. government had no objection to the loan, but when the news of this new bond issue was published in the newspapers, Frank P. Walsh and John T. Ryan renewed their efforts to get the State Department to put pressure on the Free State to pay the outstanding amount

-69-

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Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Preface vii
  • Acknowledgments xi
  • Abbreviations xiii
  • Chapter 1 - Dáil Éireann and the Need for Money 1
  • Chapter 2 - The Irish Bond-Certificate Drive in America 15
  • Chapter 3 - The Treaty Crisis, the Civil War, and Rival Claims for the Dáil Funds 31
  • Chapter 4 - The Dáil Funds in the New York Courts 49
  • Chapter 5 - New Claims for the Bond-Certificates 69
  • Chapter 6 - The Irish Settlement 83
  • Appendix I 95
  • Appendix II 101
  • Appendix III 109
  • Appendix IV 117
  • Appendix V 147
  • Bibliography 167
  • Index 173
  • About the Author 182
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