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peration of commercial inter course from this city with the States in rebellion has been to help largely to feed, clothe, arm and equip our enemies. Memphis has been of more value to the Southern Confederacy since it fell into Federal hands than Nassau. To take cotton belonging to the rebel Government to Nassau, or any other foreign port, is a hazardous proceeding. To take it to Memphis and to convert it into supplies and greenbacks, and to return to the lines of the enemy, or place the proceNassau, or any other foreign port, is a hazardous proceeding. To take it to Memphis and to convert it into supplies and greenbacks, and to return to the lines of the enemy, or place the proceeds to the credit of the rebel Government in Europe, without passing again into rebel lines, is safe and easy. I have undoubled evidence that large amounts of cotton have been and are being brought here to be sold, belonging to the rebel Government. The past and present system of trade has given strength to the rebel army, while it has demoralized and weakened our own. It has invited the enemy to hover around Memphis, as his best base of supply, when, otherwise, he would have abandoned th