Confederate Congress
first session.
Mr. Preston, of Va., presented a design for a flag which was appropriately referred.
The produce loan.
On motion of Mr. Sparrow, of La., it wasResolved, That the Committee on Finance inquire into the policy of the Government taking possession of all the cotton and tobacco, heretofore subscribed to the produce loan, paying for the same in bonds of the Confederacy, payable at the expiration of twenty years, with interest at the rate of eight per cent., payable semi-annually.
Resolved, further, That the same committee inquire and report upon the policy of inducing further subscriptions of cotton and tobacco to the produce loan by agreeing to pay an equitable price for cotton and tobacco thus subscribed, in the following manner, to wit: one-fourth of the amount in treasury notes, and the balance in bonds payable as a foresaid.
On motion, the Senate then went into secret legislative session.
After remaining in secret session for some time, the doors were opened.
Mr. Brown, of Miss., introduced a bill to amend the act to provide for the organization of the navy.
A resolution from the House directing that the amount of pay and mileage due to the Hon. Jon. Tyler, dec'd, should be paid to Mis. Julia Tyler, his legal representative, was concurred in.
Several bills, and a resolution communicated from the House of Representatives, were referred to the appropriate committee.
On motion of Mr. Sparrow, of La., the Senate adjourned.
