War of the Rebellion: Serial 127 Page 0836 CORRESPONDENCE, ETC.

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We do not believe on a careful revision of these terms you will continue in the opinion that they exceed what is reasonable. We take the liberty of adding what we were unwilling to do before, that we had other business laid out for those vessels much more remunerative to the owners, which we persuaded them to abandon from a sincere desire to promote the measures of the Government. Under theses circumstances it will be a great relief to us if you will telegraph us that the terms we have stated are satisfactory. In the case of the steamer Gordon or Theodore the Government paid $ 10,000 for the charter and agreed to pay for the vessel, if lost, $ 60,000. The Cecile and Carolina will either of them carry four times as many goods as the Gordon.e you would pay $ 40,000 charter money for those vessels (each) and $ 65,000 if lost. Is it not better to pay $ 65,000 if they arrive safely with the goods and nothing if they be lost?

We remain, yours, most respectfully,

JNO. FRASER & CO.

[JANUARY 8, 1862. - For Davis to C. F. Jackson, in relation to transfer of Missouri troops to the Confederate Government, & c., see Series I, VOL. VIII, p. 733.]

AN ACT making appropriations for certain floating defenses.

Be it enacted by the Congress of the Confederate States of America, That the sum of one million of dollars be, and the same is hereby, appropriated for floating defenses for the Western rivers, to be expended, at the discretion of the President, by the Secretary of War or Secretary of the Navy, as he shall direct.

Approved January 9, 1862.

NEW ORLEANS, January 9, 1862.

Hon. J. P. BENJAMIN,

Secretary of War, Richmond:

SIR: Your letter of the 24th, [ultimo] directed to me at Baton Rouge, was only received two or three days ago, as I was on Red River during the holidays. I shall at once comply with your wishes and the views of the Government in withdrawing all impediments to the shipment of cotton from this State. I never supposed that I had any legal authority to obstruct the shipment of cotton. The power that I exercised was in deference to and thoroughly supported by the well matured opinion of the people of this city and State. Like other assumptions of power by me, it was sustained by public opinion, without which it would not have been undertaken and would certainly have been disregarded. The rule which I adopted, and from which there were I think but two deviations, was to give permits to send cotton abroad only to those persons who had previously brought in cargoes. It is my settled conviction that as soon as the restrictions are removed cotton will be freely shipped from New Orleans. It will be impossible to distinguish between persons in good faith and those in bad faith; all will promise to bring in return cargoes, and to the extent of the means of transportation within reach cotton will be sent abroad. It is very easy to get out of some, and indeed all our