The Cotton bonds
The Secretary of the Treasury, on Saturday morning, advertised in some of the Richmond papers for bids for five millions of the twenty year bonds, the interest of which is payable in gold, or cotton at 6d. sterling, at the discretion of the Secretary. The bonds will be issued in sums of $1,000 each, and bids will be received for one or more bonds. Bids must be endorsed "Bids for Cotton Bonds," addressed to the Secretary, and must enclose a certificate of deposit in the name of the Treasurer of the Confederate States, of one per cent. of the amount of the bid: said certificate to be returned should the bid not be accepted, and to be placed to the credit of the lidder as part of his purchase money in case his bid is accepted. The purchase money of accepted bids to be paid in ten days after notice of acceptance, if not, the one per cent deposit will be forfeited to the Government.The Secretary requires that the purchase money for bonds shall be paid in current Treasury notes, one half of which shall be of issue subsequent to 1st April, 1863. The law, however, as observed by the Enquire, provides that these bonds ‘"shall be sold by the Secretary of the Treasury for all outstanding Confederate States Treasury notes."’
