NEW ORLEANS, May 13,
1862.
Major-General BUTLER, U.S. Army,
Commanding Department of the
Gulf:
SIR: To avoid misapprehension we take the liberty to state
to you the impression made upon us during the interview of yesterday.
We understood you to say that you were disposed to reaffirm
the declaration made in your first proclamation that private property of all
kinds should be respected. You added that if the treasure withdrawn by the
banks should be restored to their vaults you would not only abstain from
interference, but that you would give it safe-conduct and use all your power
individually, as well as the forces of the United States under your command,
for its protection. That the question as to the proper time of the resumption
of specie payments should be left entirely to the judgment and discretion of
the banks themselves, with the understanding on your part and ours that the
coin should be held in good faith for the protection of the bill holders and
depositors.
On their part the banks promised to act with scrupulous good
faith to carry out their understanding with you; that is, to restore a sound
currency as soon as possible, and to provide for the resumption of regular
business as soon as the exigency of our trade requires it.
You are aware that a large portion of coin of the banks is
beyond their control, and that we can only promise to use our best exertions
for its return. Should we fail we will immediately advise you of the fact.
In the meantime we request of you the favor to give us
authority to bring back the treasure within your lines, with the safe-conduct
of the same from that point to the city.
We have the honor to
be, sir, your most obedient servants,
W. NEWTON MERCER.
J. M. LAPEYRE.
SOURCE: The War of the Rebellion: A Compilation of
the Official Records of the Union and Confederate Armies, Series III, Volume
2 (Serial No. 123), p. 129-30
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