Papers Relating to Foreign Affairs, Accompanying the Annual Message of the President to the First Session Thirty-eighth Congress, Part I

Mr. Memminger to Mr. Mallory.

Confederate States of America, Treasury Department, Richmond, October 30, 1862.

Sir: I approve the suggestion made by you of making your contract for building iron-clad vessels in Europe conform to the arrangements of the cotton certificates sent to the Hon. J. M. Mason. I enclose a form of each of these certificates. Upon the meeting of congress an appropriation must be made to meet your contracts, and the terms can then be altered so as to conform the mode of payment to the cotton certificates, fixing a price for the cotton, and providing for the delivery at any port upon adding the charges of transportation. The only limit to these combined operations will be the quantity of cotton which the government can purchase, which I hope will be found ample.

Respectfully, your obedient servant,

C. G. MEMMINGER, Secretary of the Treasury.

[The “cotton certificates” enclosed in the foregoing letter are the same as those printed above.]