Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-01-17

pence stefna This form Of stating the price has bead
adopted "a preferences h. cents bscause it expresses tho
ne 10 DO pad Tor the cotton bPrf IN which -
understood to carry right to its value in London Thus,
I'VE pence sterling would imply right to receive that
amount 10 London or 50 much Of our currency would be
required TO purchase five pence sterling AT the pre-
rate OF exchange this would to twenty-five cents
Ii is thought that this word be too high price TO
demand
The cotton msde deliverable at certain ports instead
OF any Port at the option q. tho holder This change 10
required by the fact hat mot of cotton at the West
and if large portion should bs required at an Atlantic
porf would he impossible to perform the contract II
rs therefore, proposed to issue separate certificates for the
Gulf and Atlantic ports in such amounts be delivered
at each.
g. The certificates are demandabe only after psacs and
within Elk months thereafter 1t would be impossible to
transport the cotton TO any great amount until that period
10 provide however, for such might desire to
the blockade It Is proposed that for premium to be
adjusted by YOURSELF should place Ia the contract
additional clause follows which you authorized to add
The Government further agrees deliver the cotton
war At any port within its possession III acticabe trans
the cotton to the selected upon the payment by the
holder OF the cost OF transportation
In case by accident or otherwise the holder should
omit to make his demand within this peroi the certificate
not forfeited but the Government has the oplon To De-
verth cotton or return the amount paid say thou
sand dollars with interest at per cent from the Issue
Of the certificate.
5. An additional formaty is added in requiring your en-
dsement This addition has been made to guard against
capture loss Of the certificates on their way To Erope
and also to give an IiciaI supervision there
now send, by Mr. G. N S,nders, thousand certf-
Gates for the Cuff ports and five hundred for the Atlantic
In order to have the put proper form you had
better deposite the tn deposare Messrs
Fraser, Trenholm IL Co.. at Liverpool directing them to
receive the money and depcste the to the credit Of
the Trea of the Confederate States This viii place
matters business form and relieve you OF the necessity
of keeping accounts
In order that you may act Understandings permit me
To appzs you OF such financial arrangements as have al
ready been made.
At your suggestion have appointed Mr. James Spence
of Liverpool financial agent and have requested him to
negotiate for the sale of five mill 0ns of dollar, ~ o aoht
per cent bonds If he can realize ty per cent on them
have already sent over two millions of the bonds and
will send another million in week ten days. Mr. Spence
s directed confer with Messrs Fraser Trenholm q Co
who had previously been made depositares ut Liver
pool. Had known with certainty where you WERE
would also have referred him to you and would thank
you now to place yourself in correspondence with him.
have also directed Mr. Spence to endeav0r to negotiate
for the application Of two and half millions OF coin (Which
have here for the purchase of supplies and munitions for
or army hope that this coin will be accepted BY Br
tah houses 10 payment at the rate of sterling England
less freight and insurance II to that up DO it's
transfer to British owners, they could obtain Transports
oa for it their vessels OF war from any Confederate
port naslnch as would be bona 6do Brtsh propertv
and in any event thu holder of the transfer would have
certain security.
difference has been made by our Congress in some of
its appropriations for the navy Those for building vessels
are payable in bonds 1t follows Therefore that discr
mnaton must b, made in tbs ppl cation Of funds from the
different sources OF revenue o. which you will take notice.
Under the act OF Congress author zng to accept pro-
duce IN exchange for bonds (of which enclose copy)
have procured considerable amount which stored on
plantations or in warehouses send you c,py Of Que
of the certificates taken for the cotton These certificates
it is propoei to ofor for sale in Europe They would
give to the purchaser absolute right to the particular lot
of cotton with the privilege of chipping the same and may
bs preferred by some purchasers.
In conclusion, allow TO request your cooperation in
the various plans and any suggestions which your
perience and observation may deem proper.
Respectfully, your obadient servant,
G. G. MEMMINGER
Secretary Of Treasury.