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 circular letter 
 Conf Pam l2mo #151 
 
 D*m3AAA03 
 
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 CIRCULAR LETTER. 
 
 REGULATIONS in relation to resuming the purchase of Cot- 
 ton. 
 
 TREASURY DEPARTMENT, C. S. A., 
 Richmond, March 6, 1863. 
 
 Sir: You are hereby directed to resume the purchase of 
 cotton recently suspended by my order, for the purpose, if 
 possible, of reducing its price, by the temporary withdrawal 
 of the government from the market. Until furthMpstructed, 
 you will pay the curr< n't market prices, if it cannot be ob- 
 tained for lei 
 
 For. all. purchases, from the subscribers to the produce 
 loan, and to the extent^their subscriptions, and no further, 
 you are authorized, under the act of Feb. 20th ult., a Qppy. 
 of which you will find enclosed, to mRe payment in*e 
 per cent, bonds, and for purchases from other parties and 
 from subscribers for the excess above their subscriptions, 
 payment will be made in seven per cent, bonds. 
 
 All purchases made up to this time, whether from sub- 
 scribers to the produce loan or not, will be paid for in eight 
 per cent, bonds. 
 
 The one hundred million loan having, been exhausted, 
 new bonds of both classes will have to be prepared, and in 
 the mean time, in making your purchases, you will issue the 
 certificates, with which you will be supplied, provided iov in 
 section 4, of the act. 
 
 You will be careful to show in your reports in each case, 
 whether the purchase has been made from a subscriber to 
 the produce loan, and if for more than his subscriptions, you 
 will please note the excess. 
 
 I am, very respectfully, 
 
 C. G. MEMMINGER 
 
 Secretary of Treasury. 
 
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