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1st, 1863, payable half yearly in London, Amsterdam, Paris, or Frankfort. The bonds exchangeable on application at the option of the holder for cotton or redeemable at par in sterling at twenty years by half-yearly drawing, commencing March 1st, 1864. This sum has been contracted with Messrs. Emilie, Brianger & Co., of Paris, by the Government of the Confederate States of America, and is specially secured by an undertaking of the Government to deliver cotton to the holders of the bohe holder, until the repayment of the principal at par. An annual sinking fund of 5 per cent. is provided for, whereby 2½ per cent. of the bonds unredeemed by cotton shall be drawn by lot half yearly, the first drawing to take effect on March 1st, 1864, and to be continued to 1st September following, and on the 1st March and 1st September in every succeeding year, so as finally to extinguish the loan in twenty years from the first drawing. The bonds to be issued at ninety per cent., wh