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perty of a British subject, that the British Government would, at his instance, permit any of its vessels to bring over the same for him. If this expectation be realized the coin here would be as valuable as exchange, and in England would probably realize its mint value, less freight and insurance. To enable you to carry out any arrangements you may deem advisable, Messrs. Fraser, Trenholm & Co. are authorized to make an absolute transfer of the coin, or to draw bills for the same on E. C. Elmore, Esq., Treasurer, payable here, and a copy of this letter is sent to each of you, that you may act in concert, and give us the benefit of your united council. I am remitting, by opportunities as they occur, the bonds of the Confederate States, the proceeds of which, when sold, are intended to be applied to the contracts of which you have been advised. Respectfully, your obedient servant, C. G. Memminger, Secretary of the Treasury. Mr. Memminger to Messrs. Fraser, Trenholm &