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As the Civil War progressed and victory for the South seemed less and less likely, its value declined. After the Confederacy's defeat, its money had no value, and individuals and banks lost large sums. The first series of Confederate paper money, issued in March 1861, bore interest and had a total circulation of $1,000,000. [1]
The financing of war expenditures by the means of currency issues (printing money) was by far the major avenue resorted to by the Confederate government. Between 1862 and 1865, more than 60% of total revenue was created in this way. [4] While the North doubled its money supply during the war, the money supply in the South increased twenty times ...
While the North doubled its money supply during the war, the volume of money in the South increased 20 times over from 1861 to 1865, and prices soared. An item that cost one Confederate dollar in 1861 cost 92 of these dollars in 1865. [37]
The main prewar agricultural products of the Confederate States were cotton, tobacco, and sugarcane, with hogs, cattle, grain and vegetable plots. Pre-war agricultural production estimated for the Southern states is as follows (Union states in parentheses for comparison): 1.7 million horses (3.4 million), 800,000 mules (100,000), 2.7 million dairy cows (5 million), 5 million sheep (14 million ...
During the war, many Southern Unionists went North and joined the Union armies. Others joined when Union armies entered their hometowns in Tennessee, Virginia, Arkansas, Louisiana, and elsewhere. Around 100,000 Southern Unionists served in the Union Army during the Civil War, with every Southern state except South Carolina raising official ...
Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. [1] They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2]
In the Franco-Belgian comic book series Blueberry (volumes "Chihuahua Pearl" through "Ballad for a Coffin"), $500,000 in Confederate gold bullion (being the historical end-of-war Confederate treasury as well) was smuggled to Mexico by a group of Confederate soldiers led by Colonel Trevor, the latter acting under orders from Confederate ...
[1] [2] The federal government was in need of funding because of economic issues in the years leading up to the war, and as result, Congress' first attempt to fund the war came with the Act of July 17, 1861. It authorized the Secretary of the Treasury Salmon P. Chase to raise money by issuing $50,000,000 in Treasury Notes. [3]