The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-12-01
SALE OF COTTON.
Agency Regulations-Trade OF Insur-
FectiOnary Districts.


Under the act Of Congress regulating
the purchase Of products for the United
States in the insurrectionary districts,
Geo. II. Ellery, ESQ, of New York, has
been appointed Agent at Memphis for
that purpose. The agent is required to
give bonds and prohibited from pur-
chasing directly or indirectly on pri-
vate account, nor in any way to be in
terested in the products purchased by
him He is 70 have full possession Of
the products as they arrive and keep a
full and accurate recosd of all his
transactions and report Hpnthly. To
the extent of the funds &C his COM
mand and at the prices prescribed, he
is 70 purchase all products offered to
him Of the character prescribed, but
he shall assume no liability of any char
acter on account of the Government,
other than a stipulation to purchase at
price to be agreed upon at the place
and date of delivery.
FROM WHOM AGENTS NAY BUY
All persons except such as may be in
the civil, naval or military service of
the Government, can convey and sell
products to the agent On receiving
notice that any person authorized to
sell has such products to dispose OF, the
agent shall give a certificate of such
application TO purchase, and request
safe conduct for the party with the ne
cessary transportation to the place spe-
cited; and all products moving with
or without permits, shall, on arriving at
the place where there is a purchasing
agent, be sold and delivered TO him,
except captured and abandoned props
erty, and such as may have been pro-
duced within the lines of our military
occupation, pursuant TO the rules pre-
scribed therefor, previous to July 2,
1864, and were being transported in con-
formity with the regulations of the
Secretary of the Treasury.
THE PRICE TO Big PAID.
The prices to be paid for such pro-
ducts shall never exceed the market
value, nor exceed three~fourths of the
market value thereof in the city Of
New York, according to the latest quo
tations known to the agent at the date
of the delivery of them, less a sum
equal TO the internal revenue tax and
the permit prescribed in the regulations
Of July 29th, 1864, and also such other
deductions to cover transportation, in
surance, and other expenses. 1t is ex-
pected, however, that the agent will
purchase on the most favorable terms,
but not TO transcend the above limit
Three-fourths of the net proceeds of
the sales are to be made at St Louis or
New York. and an advance may be
made Of 335 per cent and when the
seller wishes to take the third in mer-
chandise, the valuation is to be made
st a sum not higher than the Memphis
market price at the moment Against
cotton is to be charged the revenue tax
of &c per pound, the fee of &c a pound,
and all expenses incurred The law
contemplates that 25 per cent of the
net proceeds of final sales shall inure
to the United States.
MODE AND TINE CT PAYMENT.
Parties having sold shall, on request,
be furnished certificates of the facts,
and the products, with triplet invoices,
shall be delivered to the Collector or
Surveyor of the Customs, who, on being
satisfied of their correctness, shall in
dorse the bills with his signature, and
this certificate shall authorize payment
by the Disbursing Agent at such time
and in such manner as may be agreed
upon in writing but the time shall be
fixed sufficiently remote TO enable the
Disbursing Agent to get the returns of
sales, three-quarters Of the net proceeds
of which, less any advance, that may
have been made, will be paid by drafts
upon the proper officer in favor of the
seller.
IMMEDIATE PURCHASES
When it may be desirable to purchase
for a stipulated sum and close the trans
action, the purchasing agent will con-
fer with the disbursing agent and sur
veyor of customs, and determine the
price to be paid, which must not ex-
coed the maximum defined above, and
deducting tax fee and expenses as
above, and % per cent on account of
the Government.
SALES OF PURCHASED PRODUCTS.
Sales may be made weekly, at public
auction, after due notice, at Memphis
and New Orleans, and other places that
may be designated by the Secretary,
not exceeding in quantity one-ffth of
the amount received during the pre-
vious week, unless the condition of the
purchasing fund shall require larger
sales, in which case the necessary sales
may be made, but in no case in such
amount as to unduly affect the market.
Such sales must be promptly report
ed to the Secretary of the Treasury.
Such portion of the purchased products
as will be required to supply the New
York market, or as can be sold on as
good terms as in New York, may be as
signed to the St Louis AGENT the re-
mainder must be shipped to the New
York agents. Products shipped are to
be insured, and triplicate bills of lading
must be taken.
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