Confederate States Of America, Treasury Dept.,
Montgomery, May 18, 1861.
Hon. L. P. Walker,
Secretary of War:
Dear Sir: I receive intimations from New Orleans and other quarters that we can get no more money at present on the Confederate loan. This makes it an urgent necessity to husband what we have. In devising plans to that end one of the most effective would be to instruct your commissaries and quartermasters to make purchases on time and payable in bonds. Sellers constantly accept from the States and from large factors arrangements whereby they render in accounts once in six months and then take pay in time notes. Now, there is no reason that I am aware of why this cannot be done by our Government, unless it arise from large sums or from the expectation of receiving cash from the Government. I am ready to co-operate in any measures to produce the desired result, and would give your officers any benefit which my own reflections or experience could add.
With much respect, your obedient servant,
C. G. MEMMINGER,
Secretary of the Treasury.