fkno Duke University Libraries ii ii mi""" D03212488S ?$*J 2^ REGULATIONS AS TO THE PURCHASE OF PRO- DUCE UNDER THE « ACT TO AUTHORIZE THE EXCHANGE OF BONDS FOR ARTICLES IN KIND, AND THE SHIPMENT, SALE, OR HYPOTHECA- TION OF SUCH ARTICLES," APPROVED APRIL 21, 18C2. The several Produce Loan Agents appointed in each State shall accept cotton in kind, which has been or shall be subscribed, in exchange for the 8 per cent, bonds of the Confederate States, under the following regulations : 1. Each agent shall, by public advertisement, call for offers to be made, setting forth the quantity, price and qual- ity of the cotton, and the place at which the same is depos- ited ; and upon receiving the offers, he shall cause the cot- ton offered to be examined, and the price ascertained and reported upon, by an experienced cotton broker, and, upon being satisfied that the purchase would be desirable, and that the place of deposit is safe, he may conclude the pur- chases to the extent prescribed to him by the Secretary of the Treasury. "When bids are equal, preference shall be given to subscriptions heretofore made to the Produce Loan. 2. No purchase shall be made of cotton deposited on a plantation, unless the seller shall engage, in writing, to take due care of the cotton while on his plantation, and to deliver the same, at his own expense, at the usual place of shipment or railroad delivery, whenever demanded by the Secretary of the Treasury, or his agents, or his or their as- signs ; nor shall any such purchase be made of less than twenty bales on one plantation. 'Wherever purchases of less than one hundred bales are made, the Government Agent is authorized to have them collected and deposited in a ware- house, or upon some plantation where proper provision can be made for their secure custody, and for delivery at the usual place of shipment ; and lie shall report to the Chief Agent the arrangements thus made, -with proper documents for the delivery. 3. Before completing the purchase the Government shall see that each bale of cotton is sufficiently secured with rope and bagging, and is deposited in a warehouse, or if on a plantation, in some enclosed or covered building, secure from fire, to remain under charge of the seller as ware- houseman. The purchase shall then be completed by the delivery of Confederate bonds or stock for the price, in ex- change for the documents transferring the property to the Confederate States, and stipulating as specified in these re- gulations ; and thereupon the agent shall place upon each bale a Government mark to identify the same. In all cases he shall take the transfer of title in duplicate, setting forth the particulars, one of -which he shall forward to the Chief Produce Loan Agent of the State wherein the cotton is de- posited, and the other to the Treasury Department at the Seat of Government. 4. The General Agents will keep books, in which proper entries shall be made, designating the location, quality, quantity and value of each purchase, with such other par- ticulars as shall utentify the same ; and shall register and file the receipts of the sellers ; they shall also debit the subordinate agents with all bonds furnished them, and cre- dit them with the value of the cotton purchased, together with the commissions for purchasing, and at the end of each month shall make to the Secretary of the Treasury a full report of all their transactions and those of their different agents. 5. The agents to purchase shall be, if possible, cotton brokers, or other experts. When they are not such, the agent shall call in aid one or more cotton brokers or other experts, to settle the classification and value of the cotton, and the commissions allowed shall be such as are customary for such service, to be certified for payment monthly by the General Agent to the Treasury Department. 6. The Produce Loan Bureau at the Seat of Government shall register the original receipts forwarded to the Treasu- ry Department, and shall keep books, in which shall be en- tered such particulars as are necessary to identify the parcels of cotton, their location, sale, or final disposition. Accounts shall also be kept of the certificates issued, and of the disposition thereof, and of the proceeds of sale, or hypothecation of them ; and such other accounts shall be kept as may be necessary and proper for carrying into com- plete effect the act of Congress. ?. The following shall be the form of the transfer of title and receipt when the cotton is deposited on a plantation : State of , CountyNof In confederation f \ dollars paid me in bonds of\he Confederate States, I, \ , of the mnty and Snfc^e aforesaid, have sold to >tiie Confederate Sf^es of America's. bales of dotton, marked ^umbered as in thamargin, now depositecNit , and I hereby ji^ree to deliver the saidN^ptton, at my ownVxpense, at x. , in tag State of \ , wH^never required by toe Se- cretary of tHe Treasury, or his agents, or his or theirVs- signs. S. When the cotton is deposited at a warehouse, the form of transfer .shall be in the usual and customary form in pri- vate transactions. 9. Whenever the cotton shall be sold by the Government Agents a certificate shall be appended to the transfer of ti- tle in the following form : Confederate Btatjis ok America, Treasury Department. 1st; This will certify that the above-described cotton has been sold to . and delivery is hereby or- dered to be made to him or his order, with license to export the same from the Confederate States to any neutral port, upon complying with the requisitions of the law. Given under my hand and seal on the year and day above mentioned. Secretary of Treasury. 10. Subscribers to the Produce Loan may, at any time, pay the amount or value of their subscriptions in Treasury notes, instead of delivering the same in kind, and such pay- ment shall entitle them forthwith to receive bonds or certi- ficates of stuck in exchange. C. G. MEMMINGER. May !1, 1862. Secretary of Treasury. AN ACT To authorize the Exchange of Bonds for articles in kind, and the shipment, sale, or hypothecation of such arti- cles. Section 1 . The Congress of the Confederate States of Ame- ica do enact, That the Secretary of the Treasury be, and he is hereby, authorized to exchange the bonds or stocks of the Confederate States for any articles in kind, which may be required for the use of the Government, the said articles to be valued according to such regulations as the said Secre- tary shall make. Sec 2. It shall be the duty of the Commissary and Quartermaster Generals to direct their various officers to receive, at the place of purchase, all such articles pur- chased as are applicable to their several departments, and to apply the same in the same manner as if purchased directly by themselves ; and the officer to whom each article is de- livered shall be charged with the value as declared by the purchase, and shall be bound to account for the same. Sec 3. The said Secretary is also authorized to accept, for the use of the Government, in exchange for the said bonds or stock, cotton, tobacco, and other agricultural pro- ducts in kind, which have been subscribed to the Produce Loan, or which may be subscribed in kind, at such rates as may be adjusted between the parties and the agents of the Government : Provided, That in no event shall he receive of cotton or tobacco a greater value than thirty-five mil- lions of dollars ; and the said Secretary is further author- ized to deposit the same at such places as he shall deem pro- per, and to procure advances thereon by hypothecation, or to ship the same abroad, or to sell the same at home or abroad, as he may deem best ; and, to assist these opera- tions, the said Secretary may issue Produce Certificates, which shall entitle the party to whom issued, or his en- dorsee, to receive the produce therein set forth, and to ship the same to any neutral port, in conformity with the laws of the Confederate States. Sec. 4. The Secretary of the Treasury may, from time to time, appoint and dismiss such agents as he may deem re- quisite to carry into effect the provisions of this act. Their compensation shall be a brokerage upon the business com- pleted by them at such rates as the Secretary of the Trea- sury shall adjust by general regulation. Sec 5. The Secretary of the Treasury may, from time to time, issue regulations for carrying out all the details involved in the provisions of this act, which shall be oblig- atory upon all parties concerned therein. Approved April 21, 1862. Hollinger Corp. pH8.5