In Paris, Slidell had been approached by the banking firm Erlanger et Cie. The company offered to float a loan to benefit the Confederacy. The proposed terms provided a large commission to Erlanger and would entitle the bondholder to cotton at a discounted price once the South won the war. Baron Frederic Emile d'Erlanger, head of the firm, journeyed to Richmond in early 1863, and negotiated with Benjamin, although the transaction properly fell within the jurisdiction of Treasury Secretary Memminger. The banker softened the terms somewhat, though they were still lucrative for his firm. Benjamin felt the deal was worth it, as it would provide the Confederacy with badly needed funds to pay its agents in Europe.