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Southern Historical Society Papers, Volume 35. (ed. Reverend J. William Jones), chapter 1.53 (search)
blockade out of Charleston the first week in November (parenthetically, Colonel Gibbes remarked that blockade running was far from an impossibility. John Frazier & Co. were famous blockade runners, and made 60 trips before a single vessel was attacked. However, pilots were paid fabulous prices, and a captain received $5,000 in gold for each trip). Arrived at Nassau, Colonel Gibbes spent a month waiting to get over to Liverpool. When he arrived at the latter place, he conferred with James Spence, an Englishman, financial agent of the Confederacy. For several weeks they worked hard and without success in the endeavor to dispose of the bonds at a fair figure. Colonel Gibbes carried over with him $15,000,000 of these bonds. These bonds proposed that the amount on the face be paid to the holder, in specie or in cotton at 10 cents a pound within six months after peace should be declared. Finally the whole issue was taken by Baron Erlanger, a wealthy German with banking houses at