Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-06-26

Some important errors having occurred yes
tcrdav in the following article, we rcpubllsh i
this morning in corrected form.
At the last session of Congress IN act wa:
PASSED which enacted as follows:
THE Secretary of the Treasury shall be
and he is hereby authorized To issue two hun
lrcd and fifty millions Of dollars i'll bonds, IL
| sums Of not less than five hundred dollar;
| each. payable ut twenty years from their date
and bearing interest ut the rate OF six per cen
tum per annum. to be paid at the pleasure o.
the Government in specie. or III cotton "l the
quality of New Orleans mid'llng. to be valued
ut six pence sterling per porlnd--thc said cot
ton 10 bc delivered, at tho pleasure OF the Sec
rotary of the Treasury, at either OF the ports
of New Orleans. Savannah, Charleston. Mo-
bile. Wilmington, Richmond. or Norfolk,
under such regulations rs the said
Secretary may establish. sHhesc bonds shall
le.sold by the Secretary of the Treasury for
all outstanding Confederate States Treasury
notes. ut not less than their par value i'll said
Treasury notes Provided. that the Secretary
of the Treasury be authorized to apply the
proceeds of as many of the said bonds as may
he required for the purchase Of agricultural
products under the act of Congress. approved
April 2lst, eighteen hundred and sixty-two.
entitled IAN act to authorize the exchange of
bonds for articles in kind. and the shipment
sale or hypothrcation OF such articles" Ap-
proved, April 80. 1873.
Under this act, we understand that the Sec
Rotary is about to issue bonds in sums Of one
thousand dollars each, the interest payable
annually on LIST June. The present value of
coin in the Confederate States settles the OPP
ton reserved To the Government, and it is
clear that the interest will be paid i'll cotton.
Tie annual interest of $50 will be very
nearly the value of Il bale of cotton of 500
pounds at cd. sterling, or l2 cents, and thus
each coupon will he the equivalent Of a bale Of
cotton, OF the class Of New Orleans mid1ling
At the present market rates, such cotton, at
the ports, is now worth at least three times the
price set upon it in tho bonds, so that the actu-
al interest received by the holder of the bond
would be eighteen per cent. in Confederate
currency. The same relative advantage at
tavhcs to the principal, which is payable TWEEN
ty years Hence. That principal will be then
paid in cnin but the purchase money is now
paid in Confederate notes: and the purchaser
gains all the advantage resulting from an in
vcstmcnt Of treasury notes in specie security.
1t is obvious, therefore, that these bonds
possess an intrinsic value, greatly exceeding
any security yet offered by the Confederate
Government.
We understand that tho Secretary Of the
Treasury is about to open bids Immediately
for five millions of dollars, and VIC shall look
for large offers from our. capitalists. The pub.
lie will derive double benefit from the opera
ton, first, in reducing the volumc of treasury
notes in circulation, and, secondly, procuring
an investment Of unvarying stability: and those
who desire to place funds abroad can here OBJ
tain Il security which, when sold there, will
afford the advantage arising from the large OK
sting rates Of exchange