The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 4
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Texas Historical Association Quarterly.
bales of cotton for which $544,438.23 was paid mostly in Confed-
erate notes and 8 per cent State bonds. One hundred and twelve
bales were burned or otherwise lost, and 5551 sold for $134,454.38.
The New Board purchased 266 bales, 211 of which are accounted
for by sale. The disposition of 128 bales of the total purchased by
both boards is unaccounted for. Besides these direct operations in
cotton, contracts were made with individuals for the export in the
name of the board of cotton owned by them. These contracts
contemplated some benefit to the state, as for example, the return
of supplies which would be subject to purchase by the board.
There is little to show, however, that any important amount of
supplies was introduced as a result of these private contracts. The
direct operations in cotton, though, resulted in the securing of such
needed supplies as arms, cartridge boxes, powder flasks, powder,
shoes, cotton cards, quinine, etc.
Most important of the funds turned over to the board were the
United States 5 per cent bonds belonging to the school fund. On
January 13, 1862, an agent of the Confederate States' government
received from the Military Board 100 of the bonds of the denom-
ination of $1000 each. In accordance with the plan proposed in
Secretary Benjamin's letter, a like amount of 8 per cent Confed-
erate bonds were to be given in exchange. Secretary Benjamin
shortly decided, however, that he had no authority to make this
exchange, but that he would purchase of the State any arms or
munitions of war which might be procured for the bonds. The
failure at this time to negotiate the bonds for supplies terminated
the whole matter between the State and the Confederate govern-
ments, and the bonds were returned to the Military Board.'
Of the 634 bonds the Old Board received 364 with 3311 interest
coupons of $25 each,-a total par value of $546,775.00 These
bonds and coupons were sent to Mexico and Europe for disposition,
but fear of their repudiation resulted in but few of them being
sold. Only 44 bonds and 310 coupons were sold by the Old Board.
Their par value was $49,750.00, and they were sold for $38.022.50.
The New Board was responsible for 139 bonds and 633 coupons.
Four of the bonds and 22 of the coupons were sold for $4550, and
135 bonds and 611 coupons were turned over to White and Chiles
'MS. Report of Military Board, 1865 File Case No. 55.
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Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911, periodical, 1911; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101054/m1/12/: accessed May 30, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.