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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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Europe (search for this): chapter 25
financial system of the Southern Confederacy. the modern system of public credits an encouragement to war. review of financial experiments in the modern wars of Europe. the three conspicuous examples of great Britain, France and Russia. the great financial errour in the American war. how a bank of exchequer would have operate and the Empire, copied the British example, and created enormous debts which shared the fate of the ephemeral powers which incurred them. All the governments of Europe, with scarcely an exception, now labour under the burden of obligations incurred in expensive wars. In proportion with the facility of public credit, has been thounts ranging from the fractions of a dollar up to notes of five hundred dollars. If to these measures we add the cotton bonds, which were employed in England and Europe for the purchase of war material, and the cotton loan upon which they were based at home, we shall have mentioned all the leading measures of finance employed by
Russia (Russia) (search for this): chapter 25
ublic credits an encouragement to war. review of financial experiments in the modern wars of Europe. the three conspicuous examples of great Britain, France and Russia. the great financial errour in the American war. how a bank of exchequer would have operated in the war. the rule of reflux in currency. brief statement of fi the abuse of credit for purposes of war, antecedent to those furnished by the two belligerents in the American conflict, were those of Great Britain, France, and Russia. The debt of the British government at the close of the Napoleonic wars, was eight hundred and eighty-five millions of pounds sterling. In March, 1863, after a 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 to that empl
America (Netherlands) (search for this): chapter 25
r to have exceeded in periods of the most pressing military exigency more than eight hundred and thirty-six millions of roubles. A most remarkable circumstance connected with the history of this circulation is, that it underwent a most excessive appreciation, above gold in value, during the winter of Napoleon's Russian campaign, rising in value as the invader approached the heart of the country, and receding as he retired. Unfortunately for themselves, neither of the two belligerents in America took any measures for establishing a proper relation between the efflux and reflux of the currency, during the gigantic war which we have under consideration. If a Bank of Exchequer had been established at the beginning, endowed with functions like those exercised by the Bank of England during the first two decades of the present century, having entire control of the circulation, and acting as the principal factor of the government in the negotiation of its bonds, the evils of a ruinously
United States (United States) (search for this): chapter 25
red in expensive wars. In proportion with the facility of public credit, has been the magnitude of the scale on which modern wars have been conducted. And if in America the people have reason to boast of the stupendous magnitude of the armies which they brought into the field, and of the extent and costliness of their military opgland 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 and official circles that the debt, when all audited and settled, will reach the round sum of three thousand millions of dollars. There was outstanding in the United States in the form of currency issued from the Federal Treasury, on the 31st of July, 1865, the aggregate sum of seven hundred and eleven millions of dollars; compose
France (France) (search for this): chapter 25
in the modern wars of Europe. the three conspicuous examples of great Britain, France and Russia. the great financial errour in the American war. how a bank of excs the mammoth debt of the British government. The revolutionary governments of France, as they succeeded each other in the various stages of transition between the a by the two belligerents in the American conflict, were those of Great Britain, France, and Russia. The debt of the British government at the close of the Napoleonic dollars. The amount of Assignats issued by the Revolutionary authorities of France, counting all the different series, reached the enormous amount of forty thousass to their holders; a circumstance which is thought to have been fortunate for France rather than otherwise, in proving the means of divesting her, at the same time h made of the government bonds a basis for the security of the circulation. In France, the government itself put forth its obligations in the form of a currency, dec
England (United Kingdom) (search for this): chapter 25
couragement to war. review of financial experiments in the modern wars of Europe. the three conspicuous examples of great Britain, France and Russia. the great financial errour in the American war. how a bank of exchequer would have operated in n wars that they are conducted chiefly by means of credit in the form of paper issues. The system was inaugurated by Great Britain; and its result is the mammoth debt of the British government. The revolutionary governments of France, as they succit for purposes of war, antecedent to those furnished by the two belligerents in the American conflict, were those of Great Britain, France, and Russia. The debt of the British government at the close of the Napoleonic wars, was eight hundred and eircassian frontier, a large employment of credit was found to be requisite. An expedient similar to that employed by Great Britain was resorted to, in the establishment of an institution called the Bank of Assignats. This establishment furnished th
Napoleon (Ohio, United States) (search for this): chapter 25
rted to, in the establishment of an institution called the Bank of Assignats. This establishment furnished the proper currency of the Empire for many years, and its circulation is believed never to have exceeded in periods of the most pressing military exigency more than eight hundred and thirty-six millions of roubles. A most remarkable circumstance connected with the history of this circulation is, that it underwent a most excessive appreciation, above gold in value, during the winter of Napoleon's Russian campaign, rising in value as the invader approached the heart of the country, and receding as he retired. Unfortunately for themselves, neither of the two belligerents in America took any measures for establishing a proper relation between the efflux and reflux of the currency, during the gigantic war which we have under consideration. If a Bank of Exchequer had been established at the beginning, endowed with functions like those exercised by the Bank of England during the fir
England (search for this): chapter 25
valueless. The volume of currency in England, 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 fou
Lycurgus (search for this): chapter 25
tly 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 specie which would have resulted from the large purchases of merchandise at the North which the prospect of a long embargo would have induced. The specie was saved; but it proved a curse rather than a blessing to the country. If by some talismanic power every dollar of it could have been transformed into iron coins like those of Lycurgus, the Confederacy would have been a gainer. It was extensively used in the smuggling trade throughout the war, and the goods brought in through its agency were sold at such enormous prices in Confederate currency as to contribute very powerfully to the discredit of that circulation among the people. True, the patriotic men and women of the country prided themselves in homespun; but far too many manifested a more eager desire for exotic fabrics than ever before. The first financial measu
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
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