C. G. Memminger to James A. Seddon, June 2, 1864

Richmond, June 2, 1864.

Hon. JAMES A. SEDDON, Secretary of War:

Sir: I would respectfully ask your special attention to the fact that on yesterday, the 31st of May, the issue of new currency from the Treasury amounted to $57,483,903. In the report made to Congress at the opening of the present session by the Secretary of the Treasury it was shown that under existing laws the issues of new currency authorized would probably reach $200,000,000, and it was recommended that this amount should be reduced one-half. An increase of taxes and the issue of certificates of indebtedness were recommended as means to make good the deficiency insupply to the Treasury. You are doubtless aware that the Senate has passed a bill adopting the first suggestion. Should this bill pass the House, then the new issues of currency at the command of the Treasurer would be reduced to $100,000,000. As already stated, $57,000,000 of this sum have already been issued, leaving only $43,000,000 in currency for the payment of all further requisitions. In view of this state of things the Department has for some time past advertised for sale part of the 6 per cent. untaxable bonds; but the disturbance at the Capital produced by the approach of the enemy has prevented the proposed sale, and may delay the same for several weeks longer. Under these circumstances I would respectfully urge upon you the absolute necessity of withholding your requisitions for money, and instead thereof making use of certificates of indebtedness. Thereare certain payments which must of necessity be made in money, suchas pay of the Army and Navy, wages, salaries, and interest on the public debt. It would be well, therefore, to reserve for these purposes the remaining amount to be issued, and insist upon paying all other demands in certificates, at least until bonds can be sold. Unless some such course shall be promptly adopted the Treasury will soon be without the means to respond to any requisition.

your obedient servant,

Secretary of the Treasury.
[JUNE 2, 1864.—For Bonham to Seddon, urging the Confederate
Government not to call the South Carolina reserves into the field, &c.,
see Series I, Vol. XX XV, Part II, p. 519.]
AN ACT to amend ar act entitled ‘‘An act to provide for holding elections of
Representatives in the Congress of the Confederate States in the State of Tennessee,” approved May first, eighteen hundred and sixty-three.
The Congress of the Confederate States of America do enact, That