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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 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 ...
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 ...
Social and industrial conditions in the North during the Civil War (1910) online edition, old but still useful; Hammond, Bray. Sovereignty and the Empty Purse: Banks and Politics in the Civil War (1970) online. Hammond, Bray. "The North's Empty Purse, 1861–1862," American Historical Review, (1961) 67#1, pp. 1–18 in JSTOR; Hyman, Hyman.
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 ...
The Continental Congress also issued paper money during the revolution — known as continental currency — to fund the war effort. To meet the monetary demands of the war, state and continental governments printed large amounts of currency, leading to rapid depreciation. By the end of the war, these paper notes became effectively worthless.
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]
A series of western adventure novels written by Paul Wheelahan (using the pseudonym E. Jefferson Clay) featured two brawling Civil War veterans searching for stolen Confederate gold. In the 1936 novel Gone With the Wind, Rhett Butler is rumored to have stolen the Confederate gold.