Csa Imprint: 1863 Secret Bill Regarding Confederate States Currency


Csa Imprint: 1863 Secret Bill Regarding Confederate States Currency

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Csa Imprint: 1863 Secret Bill Regarding Confederate States Currency:
$34



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CSA Imprint: 1863 Secret bill regarding Confederate States Currency

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Marked SECRET

Confederate States of America. Congress. Senate

A bill to be entitled "An act to provide for the further issue of treasury notes, and for other purposes."

At head of title:; Secret Senate bill no. 11. Senate, January 23, 1863. Read first and second times, and referred to Committee on Finance. January 30, 1863, reported with amendment, and bill and amendment ordered to be printed. February 9, 1863, transferred to secret calendar, considered and pending at adjournment. February 10, 1863 read third time and passed. James H. Nash, Secretary; At head of title:; House of Representatives, February 11, 1863. Taken up, read first and second times, and referred to Committee on Ways and Means

7 pages

A working draft printed for the use of the Confederate Congress, double spaced, with line numbers.

Crandall, Confederate imprints, 102

CONDITION
Waterstained on one edge, with Rebel Archives stamp at top.

ABOUT CONFEDERATE CURRENCY (from Wikipedia)
The Confederate States of America dollar was first issued just before the outbreak of the American Civil War by the newly formed Confederacy. It was not backed by hard assets, but simply by a promise to pay the bearer after the war, on the prospect of Southern victory and independence.

As the war began to tilt against the Confederates, confidence in the currency diminished, and inflation followed. By the end of 1864, the currency was practically worthless.

The Confederate Dollar (or "Greyback") remains a prized collector's item, in its many versions, including those issued by individual states and local banks. The various engravings of leading Confederates, gods and goddesses and scenes of slave-life, on these hastily printed banknotes, sometimes cut with scissors and signed by clerks, continue to stimulate debate among antique dealers, with even some of the counterfeit notes commanding high prices.
Contents

Background

The Confederate dollar, often called a "Greyback", was first issued into circulation in April 1861, when the Confederacy was only two months old, and on the eve of the outbreak of the Civil War.

At first, Confederate currency was accepted throughout the South as a medium of exchange with high purchasing power. As the war progressed, however, confidence in the ultimate success waned, the amount of paper money increased, and their dates of redemption were extended further into the future. Most Confederate currency carried the phrase across the top of the bill: "TWO YEARS AFTER THE RATIFICATION OF A TREATY OF PEACE BETWEEN THE CONFEDERATE STATES AND THE UNITED STATES OF AMERICA" then across the middle, the "CONFEDERATE STATES OF AMERICA will pay" [the amount of the bill] "to BEARER." As the war progressed, the currency underwent the depreciation and soaring prices characteristic of inflation. For example, by the end of the war, a cake of soap could sell for as much as $50 and an ordinary suit of clothes was $2,700.

Near the end of the war, the currency became practically worthless as a medium of exchange. This was because Confederate currency were bills of credit, as in the Revolutionary War, not secured or backed by any assets. Just as the currency issued by the Continental Congress was deemed worthless (witness the phrase "not worth a Continental;" and see The Federalist Papers, which also addressed this issue in the run-up to the ratification of the U.S. Constitution) because they were not backed by any hard assets, so, too, this became the case with Confederate currency.[citation needed] Even though both gold and silver may have been scarce, some economic historians have suggested that the currency would have retained a relatively material degree of value, and for a longer period of time, had it been backed by hard goods the Confederacy did have, perhaps such as cotton, or Tobacco. When the Confederacy ceased to exist as a political entity at the end of the war, the money lost all value as fiat currency.

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Csa Imprint: 1863 Secret Bill Regarding Confederate States Currency:
$34

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