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Southern Historical Society Papers, Volume 32. (ed. Reverend J. William Jones), chapter 1.22 (search)
of the United States at the same period. I well remember that Vice-President Stephens in conversation remarked to me, in the war time, that the Confederacy with a little more business tact in the finances, might establish the strongest paper currency in the world, referring to the uses that might be made of credit, founded on cotton, by the Treasury Department. Cotton obligations. The Confederate cruiser Alabama, was built for the government at Birkenhead, on the Mersey, by a firm of Laird, a member of Parliament, was a member. The cost was $250,000 and the firm rejected offers from the Secretary of the Navy, at Washington, to build several war ships for the United States. They would have built others for the Confederacy, because it paid good prices. In September, 1862, Commissioner Mason wrote to his government that twenty or twenty-five millions could be had for its uses for cotton obligations. Now the income of the United States, in 1860, was about $75,000,000 only.