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Robert Underwood Johnson, Clarence Clough Buell, Battles and Leaders of the Civil War: The Opening Battles. Volume 1., The Confederate Government at Montgomery. (search)
broad, Mr. Yancey met Mr. Rhett and said: You were right, sir. I went on a fool's errand. In December, 1863, at Richmond, James L. Orr, chairman of the Committee on Foreign Affairs of the Senate, said to the writer, The Confederate States have had no diplomacy. In March, 1863, proposals were made for a loan of $15,000,000 on 7 per cent. bonds, secured by an engagement of the Confederate Government to deliver cotton at 12 cents per pound within 6 months after peace. The loan stood in the London market at 5 per cent. premium; and the applications for it exceeded $75,000,000. In the Provisional Congress at Montgomery, Mr. Stephens proposed that the Confederate Government should purchase cotton at 8 cents per pound, paying in 8 per cent. bonds, running 20 or 30 years. He believed that 2,000,000 bales of the crop of 1860 could be obtained in that way from the planters, and that, of the crop of 1861, 2,000,000 more bales might be obtained afterward. By using this cotton as security, or