The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 16
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Texas Historical Association Quarterly.
there was issued a total of $320,367.13, all of which was held by
the school fund.1
The 8 and 7 per cent bonds were disposed of to citizens of the
state for cotton, currency, and military equipment and supplies.
The cotton purchased was transported to Mexico and either ex-
changed for military supplies or sold and the proceeds used to pur-
chase the supplies. After the organization of the Military Board
it issued a stirring circular address to the people of the state
calling upon them to take the bonds at par for their cotton. The
cotton growing part of the state was divided into districts and
agents were appointed in each to take subscription to the loan in
either cotton or money. Upon the purchase of any cotton, or the
sale of bonds for money, the agent took a bill of sale and delivery
and executed a receipt or certificate to the seller, which certificate
entitled the seller to bonds of even date.2
The interest on the 7 and 8 per cent bonds was payable in specie.
Specie interest payments were $6009.61 in 1862, $46,586.11 in
1863, $40,502.90 in 1864, $72,696.61 in 1865. These amounts
were paid, though apparently somewhat irregularly, but despite
them the value of the bonds fell in 1864 to less than 25 cents on
the dollar.3 The provision in the 8 per cent loan act for a sink-
ing fund was not observed so far as regards a specie fund.
Treasury warrants outstanding at the close of the war amounted
to $2,068,997.90, about $180,000 of which were 10 per cent inter-
est warrants. In 1863 and 1864 these had a value in specie of 8
and 10 cents on the dollar.4 There were at all times in 1863, 1864,
and 1865 enough Confederate notes in the treasury to redeem all
the outstanding warrants, but the holders held them back with the
expectation of ultimately getting something better in payment.3
'Comptroller',s Report, 1863-1865, p. 7.
1MSS. Record of Military Board, No. 101. On November 26, 1862, the
board opened bids for $100,000 of the 8 per cent bonds. There were bids
for $136,000 or 136 bonds. For 23 bonds a premium of 12 per cent was
offered, for 25, 10 per cent and for 6, 124 per cent. Xhe bids for these
54 bonds were in Confederate money and amounted -to $59,995. On the
basis of the Fox table of $1 in gold for $3.75 of Confederate notes, the
specie value of the bids was equivalent to $15,998.66.
"Message of Governor Murrah, October 20, 1864. Executive Record, 280.
4 essage of Governor 'Murrah, October 20, 1864.
NIMS.S. report of Pease and Palm, Executive Record, 281, p. 118.
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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/m1/24/: accessed June 25, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.