They agreed that someone must be "bearing" the bonds and suspected Adams of supplying Northern funds for that purpose[1065].
Spence wrote from Liverpool in great alarm and coincidently Erlanger & Company urged that Mason should authorize the use of the receipts already secured to hold up the price of the bonds.

Mason was very reluctant to do this[1066], but finally yielded when informed of the result of an interview between Spence, Erlanger, and the latter's chief London agent, Schroeder.

Spence had proposed a withdrawal of a part of the loan from the market as likely to have a stabilizing effect, and opposed the Erlanger plan of using the funds already in hand.

But Schroeder coolly informed him that if the Confederate representative refused to authorize the use of these funds to sustain the market, then Erlanger would regard his Company as having "completed their contract ...

which was simply to issue the Loan." "Having issued it, they did not and do not guarantee that the public would pay up their instalments.