|
{From the minutes of the
Directors' Meeting of the Richmond, Fredericksburg & Potomac RR,
October 21, 1863} |
| |
| The President represented to the Board
that in view of the continued and rapid advance present & future
in the price of Cotton it was important at once to adopt measures for
procuring the Cotton which would be needed to comply with the
Company's obligations given to Messrs Joyce & Co of London for
Rail road supplies and that after consultation with the Presidents of
the other Railroad Companies associated with this in purchasing those
supplies, with the Secretary of the Treasury and other officers of the
Government he had come to the conclusion for reasons which he then
gave to the Board that probably the safest and most economical mode of
procuring the requisite amount of Cotton was by purchasing such an
amount of the New Cotton Loan of the Government as would furnish in
the interest Coupons payable the first year in Cotton the quantity of
Cotton required to meet the Bonds of the Company. The President also
represented to the Board the necessity of a timely provision for
paying the interest on the Company's bonds to Messrs Joyce & Co
one semi annual payment of which would be due before the first Coupon
on the Government Cotton Bond would be due and suggested that for this
purpose it would be much cheaper to purchase & export a limited
quantity of Cotton than to purchase bills of exchange. Whereupon it
was |
| Resolved that for the purpose of procuring
cotton for the satisfaction at maturity of this Company's obligations
to Messrs Charles Joyce & Co of London the President &
Treasurer be authorized & instructed to purchase an amount not
exceeding $160,000 of the Cotton Interest Bonds of the Confederate
States issued under the act of the last session of Congress, and to
pay for the same with any money of the Company derived from its
current resources not otherwise appropriated and from the sales of
such other Confederate States Bonds as may be required for that
purpose in addition to the available cast resources of the Company. |
| Resolved, that to the extent to which the
available cash resources of the Company shall not suffice to afford
the cost of the said Cotton Interest Bonds to be purchased under the preceding
resolution, the President & Treasurer be and are hereby authorized
& instructed to see the other Bonds of the Confederate States held
by this Company, reserving from such sales as far as practicable
Registered Bonds due at remote dates rather than Coupon Bonds or Bonds
maturing at earlier dates, and reporting to the Board their action
under this and the proceeding Resolution at its next succeeding
meeting. |
| Resolved that to provide the Sterling
funds needed to pay in London the first two semi annual payments of
interest due on the Bonds to Messrs Charles Joyce & Co of this
Company and of the Va Central Rl Rd Company the President &
Treasurer be and are hereby authorized and instructed in conjunction
with the Va Central Railroad Company to purchase & export to
London for sale on Commission there so much cotton not exceeding 6000
lbs as may be needed for that purpose. |