8^^ Duke University Libraries D03209549W LETTER TO PRODUCE LOAN AGENTS ENCLOSING REGL'LATIONS FOR PURCHASING COTTON. Treasury Department, ) Richmond, May 29, 1S62. I Herewitli avc oiiolosed regulations for the purchase of cot- ton umler the Act of Congress of April 21st. You arc re- quested to proceed with vigor to the execution of tkis' trust, and in every part of the State where safe deposits can he made of the cotton purchased, you will proceed* to make pur- chases. I do not d(.'em it requisite to .set any limit to the extent of your purchases until I shall learH from your fu'st monthly report what amount of oflers have been made, to you. You will, however, not wait till the end of any month to advise the Department of purchases ; but you should promptly (at least once a week) forward advice in order that bonds may be promptly furnished to close the transaction. I am, ver}- respectfully, (Signed.] C. G. MEMMTNGER, Secrelarij of Treamri/. 773 2— ADDENDUM TO REGULATIONS. In place of No. 7, in llegul.itions, as to the purchase of produce, under the act to authorize the exchange of bonds for articles in kind, &c., use the following form : Bales; Aggregate Weight^ a $ statjE of CoUNTV OF Tuum, or Fostoffice, _ _; _ The undersigned having sold to the Confederate States of America, and received the value of same in bonds, Bales of Cotton, marked, numbered and classed as in the margin, which arc now deposited at _ ' _ hereby agrees to take due care of said cotton whilst on his plantation, and to de- liver the same at his own expense, at in the Staie of to the order of the Secretary of the Treasury, or his Agents, or their Assi^rns. ___ / S'l) . The undersigned, as Agent of the Government, certifies that the within Cotton has been examined bv him or by a competent judge, and that its character will rank according to the commercial scale as and also, that the weights and marks arc as described — the (,'otton being in good merchantable order, and safely stored in a covered Iniilding. The undersigned certifies that the price agreed upon is a fair market price at the present time. Each agent shall note upon the margin of the transfer of title, of which the form is given above, in addition to the niaiks and numbers, the weight of the cotton purchased. C. G. MEMMINGER, Secretary of the Treasury. August 26, 1862. CIRCULAR TO PRODUCE LOAN AGENTS MAKLNd THEM DISBURSINCx OFFICERS. . CONFEDERATE STATES OF AMERICA, i Treasury Department^ > Richmond, August 27tli, 1862. ) Slit : In order to facilitate the payment of the fractional amounts over $50 00 and less than $100 00, for which bonds caimot be given, on the purchase of lots of cptton un- der the regulations of Ma}' 21st, issued by this Department, it is deemed advisable to make advances to o-ach general agent of such amount as he may estimate to be necessar}- for this purpose for, saj, three months. Tlie agents Avill thus bo made disbursing officers, and as such are required by law to give bonds for the faithful performance of their duties and to I'cnder at the end of each quarter an account of their dis- bursements. I have fi.xed the amount of the bond, a form of which you will find enclosed, at $5,000 GO, which it is sup- posed is so low that no agent will liave any difliculty in giving it. You will please transmit the bond at once and also the es- timate for the amount of funds requii'cd. I am, very respectfully, (Signed,) C. G. MEMMINGER, Secretary of Treasury. \ • : f , ms.f u. CIRCULAR INSTRUCTIONS. REGULATIO?iS in relalion to the issue of Certificates for Bonds and Registered Stork. TREASURY DEPARTMENT, C. S. A., RicmtoND, February 25, 1863. Congress having ordererl that certificates may be issued in anticipation of bonds, for funding treasury notes, and for making payments for produce loan, the following regu- lations will be observed at all offices under the control of this department. 1. AVhen treasury notes shall be paid in at the treasury, or at the office of any assistant treasurer or depositary for the purpose of being funded, and there are not on hand a sufficient amount of bonds or certificates of stock to be issued in exchange, the treasurer, assistant treasurer or de- positary to whom the notes are paid, shall issue to the party paying, a certificate for the amount paid, designating the rate of interest to which they are entitled ; and the said certificate shall be taken up with bonds or stock bearing the same date and rate of interest, as soon as they can be ob- tained. 2. All treasury notes not bearing interest, which bear date prior to 1st December, 1862, are entitled to be funded in eight per cent, up to the 22d April next; after which date they can only be funded in seven per cent. 3. All treasury notes not bearing interest, which bear date subsequent to the 1st December, 1862, are entitled to be funded in seven per cent. 4. All subscriptions to the produce loan, which have keen made prior to 20th February, lS63,will be entitled to eight per cent.; and all subscriptions since that date, will be paid in seven per cent. For further information, copies of the acts of Congress in relation to this subject are appended. C. G. MEMMINGEK, Secretary of Treasury. AN ACT To avthorizc the issue of Bends fur funding Treasury Notes. Secticn 1. The Covgrrss of the Covfderote Stctes of Arr.eriea do tnact. That the Secretary of the Treasury he, and he is hereby authorized to issue coupon bonds and cer- tificates of stock, with interest payable stmi-annually, at the yearly rate of eight per cent., for such amount as may be recjuired in exchange for all treasury notes, which are now fundable in eight per cent, bonds, and, also, to pay for any subscription to the produce loan, which may remain un- paid after exhausting the one hundred million loan. Sec. 3. That the said Secretary is also authorized to issue coupon bonds and certificates of stock, with interest at the yearly rate of seven per cent., payable semi-annually, for such anrount as may be required in exchange for all treasury notes which are now fundable in seven per cent, bonds. Sec. 3. That all bonds issued under this act shall be made redeemable at the pleasure of the government, after the ex- piration of five years from their respective dates, but the faith of the government shall be pledged to redeem the same at the expiration of thirty years from such dates. Sec. 4. That until the bonds authorized by this act can be prepared, the Secretary may issue in their stead, certifi- cates showing the right of the holders to demand bonds of like date and amount, as soon as the same can be prepared. Approved, February 20, 1863. AN ACT To reduce the rate of Interest on the Funded DM of tlie Con- federate States. Section 1. The Congress of the Confederate States of America do enact, That all treasury notes issued after the 1st day of December next, shall be made fundable only in b^nds bearing interest at the rate. of seven per centum per annum, but in all other resjiicts similar to the bonds bear- ing eight per cent, interest. Sec. 2. Tiie Secretary of the Treasury shall have au- thority, by public notice duly advertised, to rc|uire the holders of treasury notes, to come in and fund the same in eight per cent, bonds or stocks, within six months afcer the date of sush notice, an 1 all notes which shillnotbe pre- sented for funding within the said time, shall thereafter be entitled to be fumled only in the bonds or stock which shall thereafter be issued under the direction of the Secretary of the Treasury, bearing interest at the rate of seven per cent, per annum, payable semi-annually: Providnd, That nothing herein contained shall be construed to revoke the authority heretofore given, to issue si.'s per cent, re-convertible bonds. Approved, October 1:3, 1862. CIRCULA.R LETTER. REO ULA TIONS in nldlion to resuming the purchase of Cot- ton. TREASt:ilY DEPAKTMl'.NT, C. S. A., RicHMONP, Marcli 6, 1863. Sir: You are licieliy directed to resume tlio purc.Iiase of cotton recently .susjirnJcd by my order, lor tlie purpose, if possible, of reducing its price, by the temporary witlidrawal of the government from the market. Until further instructed, you will pay the current market prices, if it cannot be ob- tained for less. l|lr all purchases, (lom the subscribers to the produce loan, and to the ext' ut of their sub.'icrijition?, and no further, yoa are authorized, under the act of Feb. iOth nil., a copy of which you will find enclosed, to jiiako payment in eii^iii per cent, bonds, and for purchases I'rom other parties and from subscribers for the (>.\eess above their subscriptions, payment will be made in seven per cent, bonds. All purchases made uj) to this time, win tlier from sub- .scribcrs to the ju'oducc 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 pre{>ared, and in the mean time, in making your purchase.*, you will issue the certificates, with which you will bcsupj^lied, provided for in section -4, of the act.- You will be careful to show in your reports in each case, whether the jiurehasj has been made from a subscriber to the produce loan, and if for more than his subscriptions, you will please notci the excess. I am, very respectfully, C. G. MEMMINGEU Secretary of Treasury. \ . v* TREASURY CIRCULAR NO. 12. CfRCCLAL LETTER TO PRODUCE LOAN AGENTS. COLLECTION OF PRODUCE LOAN. Treasury Department, C. S. A., [ Richmond, April 21, 1863. ) Sir: You arc hereby directed to give notice to the sub- .^cribors of the Produce Loan, that the reason for postponing the sale of produce, on account of the inadequacy of the jiiarkct price?, no longer existing, it will now be expected of them to meet their engagements with the Government. The subscription list payable in eight per cent, bonds was closed on the 20th February, 1803, and you will now give notice that the .-ubscriplions must be paid on or before the thirty -first day of July ensuing. Up to that day subscribers will receive eight per cent, bonds, and the subscriptions may bo paid in any ol the issues of treasury notes. Subscribers who may pay after that date will only receive six or four per cent, bonds, under the currency act of Jfark/h 23, 1863, according to the currency in whieli payment.* are made. C. G. MEMMINGER, Secrr.tary of the Treasury. « 1 1 Creasnrij Icjiartmcnt, C. |. %. Richmond, May 10th, 1864. The following Regulations are issued for guidance of Produce Loan Agents and other parties concerned in the collection and preservation of Tithe Cotton : I. The Quartermasters in each Congressional District shall collect the cotton tithe, weigh each bale and mark the same ^■\''- and then store in their depots. They shall inform the General j^Tont of the Produce Loan in their 'respective States, at least once a month, or more frequently if they prefer, of the number of bales collected, with their detailed weights. The General .Agent of the Produce Loan shall thereupon receipt in triplicate to the Quartermaster for the same, the cotton rcmnining in the custody of the Quartermaster but he having only the responsibility of a warehouseman. One of the receipts given by the General Agent of the Produce Loan shall be forwarded to the Chief of the Produce Loan Office at Richmond. n. Wlien it is impossible to store the cotton the bales may be allowed to remain unsheltered, but placed upon platforms or skids, so as to raise them at least four inches from the ground. In no case must cotton be placed upon the ground ; it must also be enclosed by a fence or railing, to prevent destruction by animals. When cotton is left unsheltered as above, it shall be the duty of the Produce Loan Agent to remove it as soon as possible to a place of security and store it in some warehouse or covered building at a railroad depot, or in some town village or upon a neighboring plantation — if stored upon a plantation^ A coritract'shall be made with the planter to take due and proper care of the cotton, to shelter and protect it and deliver it when demanded, it being understood that the planter is not to be held responsible e.\eept as a waieliouseraan. II L Loose cotton shall be received by the Quartermaster only when there is not enough to make a bale, and shall be stored in the garret of the Quartermaster storehouses, ip which floors shall be laid for the purpose, if there are no floors. When lumber cannot be obtained for flooring, or where it is inconvenient to use it, poles with the bark taken off may be used instead. This cotton shall bo packed in round bags, about 300 ft)s. in the ba<», using wide and strong bagging for the purpose — the same ijualities of cotton to be packed together as pear as practicable. In cases where there arc no garrets to Quartcnaastcr storehouses, or suitable bvyldings cannot bo obtained, then the Quartermaster shall cause to be built sheds with peaked roofs, large enough for packin