[Footnote 1054:  Schwab, The Confederate States of America, pp. 30-31.  Schwab is in error in stating that Erlanger himself went to Richmond, since it appears from Slidell’s letters that he was in constant contact with Erlanger in Paris during the time the “agents” were in Richmond.]

[Footnote 1055:  Richardson, II, 399-401, Jan. 15, 1863.]

[Footnote 1056:  Ibid, p. 420.  Mason to Benjamin, Feb. 5, 1863.]

[Footnote 1057:  Mason Papers, Jan. 23, 1863.]

[Footnote 1058:  Ibid., Slidell to Mason, Feb. 15, 1863.]

[Footnote 1059:  Ibid., Slidell to Mason, Feb. 23, 1863, and Mason to Slidell, Feb. 24, 1863.]

[Footnote 1060:  Schwab, p. 33.]

[Footnote 1061:  Ibid., p. 33.  In France permission to advertise the loan was at first refused, but this was changed by the intervention of the Emperor.]

[Footnote 1062:  Richardson, II, p. 457.  To Benjamin, March 21, 1863.]

[Footnote 1063:  Mason’s Mason, p. 401.  To Benjamin, March 30, 1863.]

[Footnote 1064:  MS. Thesis, by Walter M. Case, for M.A. degree at Stanford University:  James M. Mason—­Confederate Diplomat (1915).  I am much indebted to Mr. Case’s Chapter V:  “Mason and Confederate Finance.”]

[Footnote 1065:  No evidence has been found to support this.  Is not the real reason for the change to be found in British Governmental intentions known or suspected?  March 27 was the day of the Parliamentary debate seemingly antagonistic to the North:  while March 31, on the other hand, the Alexandra case was referred to the Law Officers, and April 4 they recommend her seizure, which was done on April 5.  It is to be presumed that rumours of this seeming face-about by the Government had not failed to reach the bond market.]

[Footnote 1066:  Mason Papers.  Mason to Slidell, April 3, 1863.]

[Footnote 1067:  Ibid., Spence to Mason, May 9, 1863.  This letter was written a month after the event at Mason’s request for an exact statement of what had occurred.]

[Footnote 1068:  Ibid.]

[Footnote 1069:  Schwab, pp. 39-44.  Schwab believes that Erlanger & Company “are certainly open to the grave suspicion of having themselves been large holders of the bonds in question, especially in view of the presumably large amount of lapsed subscriptions, and of having quietly unloaded them on the unsuspecting Confederate agents when the market showed signs of collapsing” (p. 35).  Schwab did not have access to Spence’s report which gives further ground for this suspicion.]

[Footnote 1070:  A newspaper item that Northern ships had run by Vicksburg sent it down; Lee’s advance into Pennsylvania caused a recovery; his retreat from Gettysburg brought it so low as thirty per cent. discount.]