Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-12-17

Il
government contract for another piece of
| work, but stipulation was made that they
| should not put their name on the notes, be-
cause any paper money bearing it had come to
be discredited. There was painful irony in
the circumstance that the counterfeits were
| largely circulated by spectators in tbs
north, who.employed them to purchase from
southernefs fhe cotton which was almost the
only capital the latter had. So great was the
harm inflicted by the circulation of these coun-
terfeits that IL was seriously proposed TO infict
the penalty of death upon any one who was
convicted OF making or passing them.
DEPRECIATION DURING THE WAR
Al tho beginning Of the war the confederate
paper money was current at par. 1t soon began
| to depreciate, however, and by 1868 lite market
value had fallen to about 80 per cent Toward
the end Of the rebellion it was worth so little
| that one had actually TO be millionaire in
| order 70 live at all. Milk cost $40 a quart and
in one recorded instance a southern gentleman
with q fair appetite paid S105 for a very modest
| lunch at a restauEant-such a meal as one could
| get for about as cents in Washington now. Al
the fall of the confederacy the currency passed
for only cent and a fraction on the dollar
An ex-colonel Of volunteers. located in Wash
| lngton, told the writer an odd story Of an Incl
dent which occurred when the army of the Po-
tomac was in full pursuit of Lees forces. As
fast as the wagon trains of the enemy were
overtaken they were pillaged, and in one of them
were found the funds OF q military paymaster.
About $50, 900 Of the confederate money seized
was crammed into a gunny sack and delivered
to the officer quoted. In response to a request
| he gave the entire sum to q sergeant who af-
| terward informed him that he had been able to
| dispose of it at the rate of IS on 600 to con-
federates, the presumption being that the latter
expected to be able TO use it probably in parts
OF the south whero the currency had not yet
dropped to nothing in value.
If THE SOUTH HAD WON.
tits very interesting to consider the fact that
il the confederacy had beaten the north in the
war these notes and bonds, which now are dis
credited and valueless, would be worth money.
OF course they would never have been re-
deemed ut their face valuation but they would
have risen greatly in the market Immediately
after the ratification of q treaty of peace,
whereas Uncle Sans paper currency would
have gone down with q slump. In 1864 United
States notes were so far below par that 81 in
gold was equal in value to 81 IS in the paper of
this government. Supposing-for anything
may be imagined for the sake of argument
that the south had been able to humble the
north completely, the confederate states might
have demanded that the United States should
pay the entire expenses Of the rebellion. which
would now be called revolution, such being
the term for a rebellion which succeeds. But
one of the most serious difficulties with which
the confederacy had to contend was that it was
nation without cash capital. 1t was obliged
| at once to resort to subscription BIZ private in
dividuals for its support and it was compelled
TO create an artificial circulating medium in the
shape Of promises to pay which had only q
hypothetical value. The government could not
go abroad and borrow, because it had no salts
factory security to offer.
USPRoFITABLE sPEcULATroNs.
Gen. q. s. Grant had good deal of trouble
with spectators, carrying large wads of coun-
terfeit confederate currency, who followed
along with his army for the purpose of
buying cotton. He was eventually compelled
to adopt very drastic measures for putting
stop to their business. Uncle Sans paper
money was counterfeited to a great extent dur
ing the rebellion, but this government was
strong enough to hold the criminals in check
Since the war the notes actually issued by the
treasury at Richmond have been largely used
for fraudulent purposes. and to this day they
are frequently palmed off upon ignorant immi-
grants bound for or newly arrived in this coun-
try. II 1t were practicable the United States au-
thorltles would on this account burn or otherwise
destroy all of the confederate notes and certifi-
Gates extant. inasmuch rs they resemble the
national currency closely enough to be danger
GUS. Shortly after the close of the war certain
persons abroad conceived a notion that when
the north and south became reconciled the
government of the United States would con-
slider itself in homo bound to pay the money
guaranteed by confederate securities. So they
sent over here and bought quantities of the
bonds of 1865. paying from 80 to $40 per
$1,000. Subsequently rumor was started to
the effect that immense sums in confederate
gold had been stored in England and another
boom in confederate paper was created. New
ertheless none of these speculations has ever
proved profitable.
A PROPOSED MINT.
At one time the confederate government con-
templated starting mint in New Orleans, with
q view to issuing series of coins, but the
scheme fell through. There were no available
metals ut hand. nor mines from which thew
could be obtained, and there would have been
too much risk in trying to fetch them through
the blockade from abroad. few 5O-cent
pieces were actually struck, and those of them
now extant have an enormous value as curiosi-
ties. Gen. Rosecrans anxious to offer a
collection of confederate money as a part of
world fair at Chicago, but his suggestion in
this regard has not been accepted.
THE LAST CHECK BOOK.
Four years ago a junk dealer in this city,
looking over lot of old paper which he had
bought, came across the last check book used
by the quartermaster generals department of
the cOnfederacy. 1t had only been partly ex-
hausted, owing to the fact that the conclusion
OF the war rendered it no longer available. At
the same time IL tOlQ very interesting story Of
the last days of the cause which was SO soon to
be abandoned. There were three checks on
each sheet. the first one being dated January
rs, 1861 and drawn for 81 40, in payment of
stage hire during the last two months of 1864.
The first very big check was No. 8, issued jan
| uary %. the stub showing that it was for sI2O.-
600, being given to the Virginia and Tennessee
railway for transporting troops. The amount
checked out during January was 1914. 2l7, of
which sum S1SS, 154 was for transportation,
The cause of the rebellion had become pretty
hopeless by March "a, when two big checks as
the stubs show. were paid over to the Richmond
and Danville Railroad Company. One of them
for 100000, but the company was ex-
tremely glad to get $4,000 of it in actual
coin.
WORTHLESS CHECKS.
This was almost the last money left in the
treasury of the rebellion. The other check was
for $500 600. to be paid in certificates at thirty
days. Before these certificates matured the
confederacy was no more. The stubs of the
checks relate pitiful tale OF the straits to
which the government was put for money at
that period. Some creditors would insist upon
cash, and they were accommodated with
small amounts in specie, granting a big dis
count for it. If the currency itself was depre-
| ciated treasury checks payable in confederate
notes n: thirty or sixty days were hardly worth
the paper they were written on. 1t must have
| Teen noble thing to see with what sang froid
| the quartermaster general would liquidate Off
hand a claim for few hupdred fbou,o,,1