The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-07-07
Whst the Rebellion did for the South
500 ReeuuiartlY.


Whst the Rebellion did for the South
5000 Peeuniar1lys
A correspondent of a Rochester paper,
in speaking of the banks of the Southern
States under rebel rule, says:
In the city of Charleston they had char
tered banks with $l3, 900, 600 capital, and
in the State,awsy from the city, S :, 1000, 900
more. They had also $4,000 900 capital
| of private bankers, making for the State
an actual banking capital of $25, 100000.
The banks had issued $l2, 100000 circula-
ton, which, under the Law, the stockhold-
l ers are individually liable for. This is still
unredeemed. The banks, losing ali they
had at home, were not ensbled to ssvetheir
balances. These will ultimately pay ten
| to fifteen cents upon the dollar, of the va
rious Dsuhs aneording to the balances held.
To accomplish this the Rrst step was TO
compel the banks and bankers to take
their government bonds, and issue their
bills as par for one-hslf their capital. This
left their assets mainly in bills receivable.
AS these matured, from time to time, they
were paid in confederate circulation, which
sank in its commercial value rapidly "
such q point as to use up their entire assets
at home ere long. At n time it was dis
olverted that the bank held $780, 900 ingol1.
The government demanded of them q tax
cf fifty per cent. upon that amount. This
they were allowed to pay in Confederate
scrip at its par value, which at that time
wss two cents on the dollar, so that they
paid the tax with currency that upon its
face represented 100000. By this and
similar processes their government not
only absolutely absorbed all their capital,
but almost all sorts of mer hRndise that
could be converted into money, to raise
means TO prosecute the war. Thus jeff
Davis and his eOsdiutOfs, upon the plea of
g. military necessity, took all She cash not
only of South Carolina, but of Virginia,
North Carolina, Georgia, Alabama, Flor
ida, Mississippi, which in the aggregate
amounted to 10000 900 as my informant
! speaks sdVisedlB ss far 50 ne does
spsAk-but, IS he supposes, they have sb-
sorbed all their money and property in the
seeded States, it is presumed the same
rules apply 70 other states as they do to
/ South Carolina. In South Carolina the
people now find their lands Under their feet
bare, their money, merchandise and pro-
ducts gone, slavery abolished, and the en-
bLI0 DOpuAhtiOA WAhAOuh hAOnA5 "a 5ADoAhb-
ence, except as they go to work, and with
their own hands, hitherto uusccustomed TO
labor, plant cereals and cotton, living upon
these productions. Thus, then, we can see
what 8 scene the entire Southern country
must present. They have lost in slave
properly $4,000, 900, OOo; also five crops Of
cotton and rice, SIC ,o00, 600; banking
capital, $4,000 900; railroads, in stock and
destruction, $I24, 600, 900; tobacco, grain,
stock, SIC, $500, OOO, OOO-so that their an
tire loss of actual capital is So, 500, 90, 900
"a larger sum than the entire federal
debt. Add 10 this their outstanding in
debtedness, to remain forever unpaid, of
So 600, 600, 0O0, and we see an entire loss
and indebtedness of s., 300, 900, 900 of the
Confederate States, to say nothing of the
loss of human life. The people now find
themselves without money, without slave
labor, without clothing and the comforts of
life.