Ransom Bond
Encyclopedia
A ransom bond was a legally binding document issued as a promise for future payment for the safety and the release of a captured marine vessel. It was particularly in use during the American Civil War
when Confederate States Navy
privateer
s would seize Union
merchant vessels and hold them for ransom. Once the bond was posted, the captured commercial ship was generally released and allowed to return to its rightful owners.
The U.S. had not signed the 1856 Declaration of Paris
, which outlawed privateering. The Confederates commissioned privateers from many nations, and they preyed on commercial shipping lanes frequently by U.S. vessels. The Federal government finally offered to adopt the declaration's terms during the middle of the war after repeated losses to the Confederates. Many of the ransom bonds were never honored, and the owners of most Confederate privateers were unable to cash in on them when the war ended in a Union victory.
See also: Letter of marque
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
when Confederate States Navy
Confederate States Navy
The Confederate States Navy was the naval branch of the Confederate States armed forces established by an act of the Confederate Congress on February 21, 1861. It was responsible for Confederate naval operations during the American Civil War...
privateer
Privateer
A privateer is a private person or ship authorized by a government by letters of marque to attack foreign shipping during wartime. Privateering was a way of mobilizing armed ships and sailors without having to spend public money or commit naval officers...
s would seize Union
Union (American Civil War)
During the American Civil War, the Union was a name used to refer to the federal government of the United States, which was supported by the twenty free states and five border slave states. It was opposed by 11 southern slave states that had declared a secession to join together to form the...
merchant vessels and hold them for ransom. Once the bond was posted, the captured commercial ship was generally released and allowed to return to its rightful owners.
The U.S. had not signed the 1856 Declaration of Paris
Declaration of Paris
The Paris Declaration Respecting Maritime Law of 16 April 1856 was issued to abolish privateering. It regulated the relationship between neutral and belligerent and shipping on the high seas introducing new prize rules.- Major points :...
, which outlawed privateering. The Confederates commissioned privateers from many nations, and they preyed on commercial shipping lanes frequently by U.S. vessels. The Federal government finally offered to adopt the declaration's terms during the middle of the war after repeated losses to the Confederates. Many of the ransom bonds were never honored, and the owners of most Confederate privateers were unable to cash in on them when the war ended in a Union victory.
See also: Letter of marque
Letter of marque
In the days of fighting sail, a Letter of Marque and Reprisal was a government licence authorizing a person to attack and capture enemy vessels, and bring them before admiralty courts for condemnation and sale...