New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-12


In vain its longing wish for happiness has been.
Bet can rest in this sweet silent DELI
And thou wilt say, Beloved, softly, 1T 10 well.v
Confederate Currency.
The Louisville Commercial, of recent
date contains the following letter from
Blanton Duncan:
In your issue of to-day find an article
from the Chicago Tribune. l am referred
to as helping ITO beat the South by supply
ing Us de factO government with measure.
less quantities of rag money" The asser-
tion ls made that one of the vignettes was
my suggestion, and was described by me in
a ielter to the Secretary of theTreasury as
'the South rising in its might and striking
down the North and gripping the eagle"
There was no such vignette on any OF the
currency, and l have no recollection of
making any suggestion of the kind. As to
the issue of 100000 900 of the denomi-
nation of $50 in New York, it is my
first information on the subject.
think there was an attempt to have
some published, but it was a failure. In
the fall of 1861 the supply of currency was
SO limited that the Secretary of the Treas
ury informed Inc the wants of the govern
ment could not be met. One hundred dol
lar bills were not available as circulating
medium, and the scarcity of engravers aud
note printers Was so marked that the troops
even could not be paid off. There was no
bank note paper to be had, except a little
which was occasionally struggled through
from New York. On being I'D Of his ne.
cessities and troubles, advised the Score
.ary to have all the printers and engravers
in the South concentrated in government
employ, and to have experiments made to
manufacture strong paper to be used for
notes and bonds. He authorized me to take
every step thought advisable, and set
to work fist 10 procure the paper. soon
had the paper mill at Nashville at work,
and the result was good enough article to
stand usage After the occupancy of Nash
vile the Richmond and North Carolina
mills furnished ample. supplies. The steel
engraved bills issued by Ball & Keatings
were of 800 denomination, and were al
ways printed on regular bank note paper,
of which large quantities we're imported by
the government after 1861.
Hoyer s. Ludwig we're the chief reliance
of tue Treasury for currency in 1861. Their
main issue was in 500 bills. The want of
smaller denomin atoms was felt so greatly
that in January, 1862, l was given carte
blanche by the government to produce as
rapidly as possible the small notes. Every
engraver, or note printer, or engraving ma
terial in the South was ordered to be sent
to me at Richmond. The fall of New Or
leans destroyed the chances of getting plen-
ty of everything. In this strait l was com.
PEELED to take all the burden of creating a
force by engaging intelligent newspaper
printers who had never worked day at
this other kind of printing, and number
OF intelligent boys. My foreman, French,
struction as fast as could have presses cast
in the toundries, and rollers and other
materials constructed. The establishment
was not in fair working order until March
l, 1862. My work was to supply the bonds
of 500, $500 aud $1,000, and the notes s.,
$40 and $40. The vignettes were OF the
most primitive style and ugliest workman.
ship. They were so bad that they defisd
counterfeiting. As a general rule, the like
ness of some of the prominent men was
placed ON the bill. That of Mrs. Pickens,
of South Carolina. was placed by me on the
81 notes. When RichmOndIwas threat ned,
in May, 1867, by Mcclellan, the Secretary
sent for ME, and requested me to move to
safer position, whence l could supply the
necessary currency in case of the fall of
Richmond and the capture of the other
me, and the train which carried Off my ma.
terials and printers also conveyed Presi
dent Davis family to North Carolina. We
left while the guns were laundering in the
great battle.
The Tribune is not well informed as to the
depreciation of the currency. In November
1861, the currency was only worth eighty
sixty cents. In November, 1862, forty-fve
to fifty cents. In July, 1868, it had gone
down to sixteen cents In November. 1863,
it was at eight cents, and in May, 1864, it
was at five cents. From that period to the
termination of the war it huctuated, going
up once to six cents, and only falling en-
tirely as q medium in the two last months
prior to the eapitulatlons, when every one
saw that defeat was inevitable. As to it's
purchasing value, it was far greater than
the standard of gold sho wed. In the first
place gold was exhausted, and commodity
for which the holder could ask what price
he pleased. For example, in 1868 and 1864
Ipaid from $6 to $40 per cord for wood; /
employed workmen at 81 SO to - per day.
paid Captain Henry W. Gray. of this city,
e2500 year as my cashier The price of
board throughout the country was only
slightly enhanced; good fat turkey was
worth 81 In 1862, Is in 1868, and $40 OF SIS
in 1864. 1t was ct the same figure probably
in New York. A splendid pair of shad only
cost $50 in the spring Of 1864. and bushel
of oysters the same.
1t ia mistake to suppose that the volume
of currency alone occasionsd the deprecia.
ton. No one saw its effects clearer than
did and knew the causes more thoroughly.
The policy of the government was to issue
without taxation. The credit of this couu.
try became impaired at once, for financiers
saw that the system was fatal Want of
confidence on the part of the people in final
success became stronger and stronger.
Disaster produced inevitable results. The
money brokers who collected the currency
and traded for specie or sterling had no
regard for the interest of the people. They
fixed the value from day to day, and it was
always in the descending scale. 1t was
commenced long before the treasury had
small notes sufficient to pay the troops or
Its liabilitls for purchase throughout the
country The total issue in January, 1862,
before l printed q note, did not equal the
currency of the South prior to the war, and
was nearly all in 500 bills, quite useless
for the transaction of business.
The statement about the several thou.
sand young women of Richmond who took
sheets of notes to their homes, signed them
with whatever name was wanted, and
brought the stuff back" is fiction. The
bureau was organized just as it is at Wash
ingtOn, and was under bureau officer
When it was removed to Columbia, under
charge of Colonel Pope. the number of la
dies was about 100. They counted the
notes and did other necessary duties. The
al lxI