[Untitled]
Sir: I have the honor to call your attention to the copy of the secret joint resolution of congress, which was sent you on Saturday, and to so much of my recommendation to congress upon the subject of the act as shows the basis upon which it was passed, copy of which was also sent you on Saturday.
Under this authority, contracts have been made with Mr. George N. Sanders [Page 89] by this department for six ships, to he paid for in cotton, a copy of which contract is herewith enclosed.
Mr. Sanders informs me that if the government will fix the price of the cotton to be delivered, he can execute his contract, and not otherwise; and deeming the ships important to the public interest, I suggest for your consideration the expediency of stating the price, and of pursuing, with reference to payment in cotton for these ships, the course you have adopted with regard to the cotton bonds.
I am, respectfully, your obedient servant,
Hon. C. G. Memminger, Secretary of the Treasury.