First approached by this company in September, 1862, Slidell consulted Mason but found the latter strongly committed to his own plans with Spence[1051].

But Slidell persisted and Mason gave way[1052].

Representatives of Erlanger proceeded to Richmond and proposed a loan of twenty-five million dollars; they were surprised to find the Confederate Government disinclined to the idea of a foreign loan, and the final agreement, cut to fifteen millions, was largely made because of the argument advanced that as a result powerful influences would thus be brought to the support of the South[1053].

The contract was signed at Richmond, January 28, 1863, and legalized by a secret act of Congress on the day following[1054].

But there was no Southern enthusiasm for the project.
Benjamin wrote to Mason that the Confederacy disclaimed the "desire or intention on our part to effect a loan in Europe ...