during the war we want only such very moderate sums as are required abroad for the purchase of warlike supplies and for vessels, and even that is not required because of our want of funds, but because of the difficulties of remittance"; as for the Erlanger contract the Confederacy "would have declined it altogether but for the political considerations indicated by Mr.Slidell[1055]...." From Mason's view-point the prime need was to secure money; from Slidell's (at least so asserted) it was to place a loan with the purpose of establishing strong friends.

It had been agreed to suspend the operations of Spence until the result of Erlanger's offer was learned, but pressure brought by Caleb Huse, purchasing agent of the Confederacy, caused a further sale of "cotton warrants[1056]." Spence, fearing he was about to be shelved, became vexed and made protest to Mason, while Slidell regarded Spence[1057] as a weak and meddlesome agent[1058].

But on February 14, 1863, Erlanger's agents returned to Paris and uncertainty was at an end.

Spence went to Paris, saw Erlanger, and agreed to co-operate in floating the loan[1059].

Then followed a remarkable bond market operation, interesting, not so much as regards the financial returns to the South, for these were negligible, as in relation to the declared object of Slidell and the Richmond Government--namely, the "strong influences" that would accompany the successful flotation of a loan.
Delay in beginning operations was caused by the failure to receive promptly the authenticated copy of the Act of Congress authorizing the loan, which did not arrive until March 18.