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The Daily Dispatch: July 23, 1861., [Electronic resource], The produce loan. (search)
r in reply to questions for information, and explanation, will be interesting to many readers: Confederate States of America,Treasury Department. Richmond July 11, 1861. Sir: --Your letter of the 6th instant makes an inquiry which I find repeated from several other quarters, to which I think it best to make a public reply. The inquiry is, whether, in case no sales can be made before the day named, in the Cotton subscriptions, without a sacrifice of the property, the sales are still to be insisted on. I answer, certainly not — The day named is upon the presumption that the blockade will be broken, and that sales of produce can be then made. I propose to submit another plan to provide for the contingency of a continuance of the blockade, which will allow an indefinite retention of the crop. But it constitutes no part of either plan to force the produce on the market at a sacrifice. C. G. Memminger, With much respect, your obedient servant, Secretary of the Treasury.