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[518] which had been sent to my commissary as an advance, said: “You are the cheapest general we have employed.”

When I was relieved by General Banks, all this work was thrown upon him, and he complained bitterly about it as not belonging to the military department. He found himself immediately embarrassed by the action of the civil officers he brought with him, especially the officers of the courts. He also found, I have heard, very soon the necessity of a “secretary of the treasury,” because Mr. Denegre, president of the Citizens' Bank, called upon General Banks and asked him if there was any objection to the banks redeeming their circulation, as they had gold enough to do it. Banks asked him if he wanted to redeem his bills with specie, why he did not so do. Denegre answered: “Because General Butler ordered the suspension of specie payments.” “Why did he do that?” “I don't know,” said Denegre; “the General didn't give reasons for his orders.” Permission was given the banks to redeem, and they did; and soon there was no longer any money in circulation with which the commercial, trading, and even huckstering business in New Orleans could be done.

Another financial measure was called to my attention as my “secretary of the treasury.” I had ordered that all the property of the Confederate States and its officers should be turned over to my government. As we have seen, by an act of their congress, all the debts of citizens of the Confederacy to Northern men had been confiscated to carry on the war. Receivers had been appointed to collect them, and legal process was provided for that purpose. The Citizens' Bank of New Orleans was made the depository of these receivers as well as of the Confederate government.

When the bank returns came in, several questions arose which I can set forth no better than was done in my answer to the return of that bank, June 13, 1862:--

headquarters Department of the Gulf, New Orleans, June 13, 1862.
The return of the Citizens' Bank of New Orleans to General Order No. 40 has been carefully examined, and the various claims set up by the bank to the funds in its hands weighed.

The report finds that there is to the credit of the Confederate States $219,090.94.


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