of the view, for, after various attempts to obtain increased advantages, the vessels resumed their voyages. Their number has been largely increased, the ability to export produce and import supplies on Government account has been developed to a greater extent than had been anticipated, and the credit of the Government has been so improved in foreign markets that the quotations for its loan have rapidly advanced.
It is proper here to observe that among the efforts made to induce a change of the regulations, was a warning given to officers of the Government that the owners of vessels could make better bargains with Governors of States than with the Confederate Government, and that if the regulations were not relaxed in their favor, they would transfer their vessels to the Executives of the several States and thus withdraw them from the operations of the regulations.
Reverting to the terms of the act of 6th of February, 1864, it is to be observed that by the fifth section it was provided that nothing in the act "shall be construed to. prohibit the Confederate States or any of them from exporting any of the articles herein enumerated on their own account." Holding in view this expression of the legislative will, the regulations authorized by the law were formed and are now in force, based substantially on the following policy:
First. That every vessel owned by private persons shall be considered on every voyage as chartered to the Confederate Government for one-half of her tonnage, outward and inward.
Second. That all private owners of cargo exported from the Confederacy shall bring in return supplies equal to one-half of the proceeds of their expected cargo.
Third. That the several States shall remain at liberty to charter the other half of each vessel, and shall be free to carry out or bring back cargo on that half without being subject to the regulations.
It will be perceived that the policy of these regulations places the several States on an equal footing with the Confederate Government so far as is possible, the only difference being that while the Confederacy imposes a forced charter for one-half of the tonnage in its favor, it has no authority to do more for the States