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The Confederate government managed to honor the Cotton Bonds throughout the war, and in fact their price rose steeply until the fall of Atlanta to Sherman. This rise reflected both the increase in the underlying cotton prices and perhaps the possibility that George B. McClellan might get elected as US President on a peace platform. In contrast ...
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 efforts paid off. From May 1941 through December 1945, more than $54 billion worth of war bonds were sold in the U.S. Can you still redeem war bonds? Yes, many U.S. war bonds are still redeemable.
The war destroyed much of the South's wealth, in part because wealth held in enslaved people (at least $1,000 each for a healthy adult prior to the war) was wiped off the books. [286] All accumulated investment in Confederate bonds was forfeited; most banks and railroads were bankrupt.
On Christmas Day, 1864, the Confederate dollar's worth had decreased to such an extent that a turkey sold for $155 and a ham for $300. [6] By the war's end, a cake of soap could sell for as much as $50, and an ordinary suit of clothes was $2,700. [7] Near the end of the war, the currency became practically worthless as a medium of exchange.
Citing the success of war bonds in raising revenue during the War of 1812, Chase consulted Philadelphia banker Jay Cooke to administer the sale of war bonds to citizens in the Union. Cooke employed a sophisticated propaganda campaign to market bonds to the middle classes as well as to the upper classes. He was able to persuade almost one ...
The money was mostly wasted on ships that were never delivered (because of the Union blockade) and in futile efforts to prop up the price of Confederate bonds to fool Europeans that the new nation was doing well. [33] The British had money to invest. They bought some Confederate bonds but spent far more on the blockade runners as in Confederate ...
Davis did, in effect, take what was left of the stable-value [5] Confederate treasury with him, which consisted of $528,000 (equal to $10,845,809 today) in gold and silver bullion (some of it in Mexican silver coinage), when he and his cabinet fled Richmond on April 3, 1865 by train.