Note 101 — Chapter XXXII · THE CONFEDERATE LOAN.

"At your suggestion," said Mr. Benjamin, "I have appointed Mr. James Spence of Liverpool financial agent, and have requested him to negotiate for the sale of five million dollars of our eight per cent bonds, if he can realize fifty per cent on them. I have already sent over two millions of bonds, and will send another million in a week or ten days. Mr. Spence is directed to confer with Messrs. Fraser, Trenholm & Co. who had previously been made our depositaries at Liverpool.... I have also directed Mr. Spence to endeavor to negotiate for the application of two and a half millions of coin, which I have here, for the purchase of supplies and munitions for our army. I hope that this coin will be accepted by British houses in payment at the rate of sterling in England, less freight and insurance. It seems to me that upon its transfer to British owners, they could obtain transportation for it on their vessels of war from any Confederate port, inasmuch as it would be bona fide British property, and in any event the holder of the transfer would have a certain security."[101]