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Browsing named entities in a specific section of Edward Alfred Pollard, The lost cause; a new Southern history of the War of the Confederates ... Drawn from official sources and approved by the most distinguished Confederate leaders.. Search the whole document.

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June (search for this): chapter 25
d of the Congress of the first American Confederation. We have already stated the gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of the Confederate Treasury would reduce the cost of the war on the Southern side to less than a thousand millions
September (search for this): chapter 25
the first American Confederation. We have already stated the gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of the Confederate Treasury would reduce the cost of the war on the Southern side to less than a thousand millions of dollars. The d
December (search for this): chapter 25
hough somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; iDecember, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of the Confederate Treasury would reduce the cost of the war on the Southern side to less than a thousand millions of dollars. The difference between that sum and the nominal cost measures the aggregate depreciation of the money. The principal cause of the depreciation of this money, i
1776 AD (search for this): chapter 25
the Southern banks became involved. practical results of their loan to the Government. making money by machinery. sales of Confederate bonds. special occasions for this investment. unequal to relieve the currency. rates of depreciation of the Confederate money.Richmond, the centre of finance and trade. gold not a measure of value in the Confederacy. reasons for its extraordinary appreciation there. comparison of Confederate money with the Continental currency in the Revolution of 1776. two capital causes of the depreciation of the Confederate money. the influence of speculation. how the engrossers managed in Richmond. summary of the mismanagement of the Confederate finances Gettysburg and Vicksburg were twin victories for the Federals-twin disasters for the Confederates. They marked the line where the war turned, and the fortunes of the Southern Confederacy declined. The disaster of Vicksburg was a shock to the whole internal economy of the South; and this period
May, 1777 AD (search for this): chapter 25
y measured by the old dollar's worth, which was much higher than the values furnished by the brokers' quotations in Richmond. It is interesting to observe the similarity of career which is presented in the cases of the money of the Southern Confederacy, and of the Congress of the first American Confederation. We have already stated the gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to thos
March, 1778 AD (search for this): chapter 25
o observe the similarity of career which is presented in the cases of the money of the Southern Confederacy, and of the Congress of the first American Confederation. We have already stated the gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of
1779 AD (search for this): chapter 25
gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of the Confederate Treasury would reduce the cost of the war on the Southern side to less than a thousand millions of dollars. The difference between that sum and the nominal cost measures the ag
February, 1779 AD (search for this): chapter 25
he money of the Southern Confederacy, and of the Congress of the first American Confederation. We have already stated the gradual depreciation of the one. The progress of the depreciation in the old Continental money, though somewhat more tardy, was in the same degree. In May, 1777, the Continental paper dollar was worth at the rate of two and two-thirds for one in specie. In December it was worth four for one. In March, 1778, it was worth five for one; in December, six for one. In February, 1779, it was worth ten for one; in June, twenty; in September, twenty-four; in December, thirty-nine. After the year 1779 it seemed to have no value. The total amount of this old Continental money that was issued, was two hundred millions of dollars; and it was worth to those who received it, at the period when paid out by the Government, only thirty-six and a half millions of dollars. A similar scaling of the money of the Confederate Treasury would reduce the cost of the war on the Southe
1814 AD (search for this): chapter 25
land, on the other hand, never reached an unmanageable aggregate. The circulating notes of the Bank of England never aggregated quite thirty millions of pounds sterling, or one hundred and fifty millions of dollars Nor did the pound sterling, in proper form, ever experience a depreciation comparable with that which has generally attended the excessive issue of paper currency, during a state of war, in other countries; for the pound sterling note of England reached its maximum depreciation in 1814, when it sank to the value of £5 10s. to the ounce, or about 1.55 to the unit in gold. We shall see that in the United States, during the war, the greenback dollar sank to the value of 2.85 for one in gold; and that the Confederate paper dollar sank at the end, to the low value of 60 for one. During the protracted wars which the Russian Empire prosecuted for a long series of years upon its Circassian frontier, a large employment of credit was found to be requisite. An expedient similar t
1861 AD (search for this): chapter 25
ne abroad through the blockade during the war, as the termination of the struggle revealed a very small portion of the thirty millions, at first held by the banks, as still in their possession. The suspension of the banks early in the winter of 1861-1862 was not from any inability to protect their circulation. This latter had recently gone down very much in amount; and the banks were abundantly able to provide for it. The suspension was resorted to for the purpose of preventing the drain of t of their debts except a percentage upon their circulation. The notes of the different institutions varied in market value according to the accidental circumstances which influenced the original amount of accommodations which they had granted in 1861 to the Confederate Secretary of the Treasury. In the aggregate these accommodations had considerably exceeded the capital stock of the banks. The Confederate Treasury had paid off the accommodation notes due the banks with Treasury notes. The
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