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Comte de Paris, History of the Civil War in America. Vol. 2. (ed. Henry Coppee , LL.D.), Book VII:—politics. (search)
ight per cent., which were never issued, $3,612,300 of them were issued, according to Treasury Report of Jan. 1, 1864.—Ed. and five millions of small notes of the denominations of one and two dollars, on the 17th of the same month. Some of the resources placed at the disposal of the Confederate treasury, however, were not promptly realized, and more difficulty was experienced in Richmond in consolidating the public debt even than at Washington. In order to facilitate this operation, Mr. Memminger, Secretary of the Treasury, followed the example of Mr. Chase, and on the 24th of December, 1861, he was authorized to receive Confederate notes on deposit in exchange for certificates bearing interest. This interest, which at the North was at the rate of four and five per cent., was six per cent. in the South. But despite his efforts, the Secretary only succeeded in disposing of a portion of the loan scrip he had been authorized to issue. On the 1st of August, 1862, the eight per cen