The morning news., 1897-07-26
THE sOUTRHAD MONEY THEN.
A Time when Few stopped to Count
the Cost.

AhS NOHNs
Fl. s. Garfield in the Chicago Times-Her-
aid.
Representing nothing on Gods earth now
And naught in the waters below it,
As the pledge of a nation that's passed
away,
Keep It, dear friend. and show it,
heep IT, 1t tells all the history over
FROM the birth of the dream to its last!
Modest and born of the angel Hope.
Like our hope of success-it passed!
used to know the name of the author
of that poem on a confederate $40 bill.
but l have forgotten it. There are three
other stanzas as good. They were recall
ed to me by newspaper friend. showing
me note issued by the "storm-cradled
hdtlon that fell" The fact that he has
Kept 1t all Of these years is explained by
the further fact that II cannot be spent
Tor anything. Seeing the bill brought
back to me the days when money was
plentltul south of the Mason and Dixon
line, and | wondered that none of the
orators who deluged the country with
English in behalf of Mr. Bryan last fall
mad called attention to the southern ex-
pertinent. The principle of Organism and
the principle of the government at Rich
mond are the same-Viz., all that IS nee
essary to make money is for the govern
iiOht W plul ~ ana call II money. Inat
has been tried once before in the history
of this country, and somebody who was
alive and had his eyes open a that time
ought to write a book about it,
Every one I'm the confederacy had
money. 1t was about the cheapest thing
eXtant. 1t cost nothing, and it circulated
merrily in bundles. Being wholly of pa
per- 1t was easily carried No one knows
how much of 1t was issued first and last.
The secretary Of the
that he did not know. The only thing in
the way of its limitless creation was the
capacity or the presses. Even as il was
the bills were printed much faster than
the secretary could sign them. There were
two or three thousand of young ladies' in
Klchmond not averse to earning some
thing in their homes, so the bills were
sent to them in sheets, and thew signed
them and returned them for a small con
slderation. Money could be had literally
for the asking 1t was of no especial
value TO the holder. and parting with II
gave the donor a feeling of large Iiber-
ality. A man who chucked a s. bill into
beggars hat naturally felt better for
it all day He did not stop to think that
dollar i'm gold would have been a more
princely gift. A conversation occurring
between pickets of the two lines down
on the South Carolina coast is an instance
in point: Hello, reb." Hello yank "
Times pretty tough with you, eh?" Not
on your life. Got everything we need. -
How about the luXuries, reb?'' Got them.
too" Got coffee?" Goodies of il "
What do you pay for it?" Forty dol
lars pound isn't that rather high ?'
"A little; but we don't care how high
thing Is when we want it,"
With such currency as the sole medium
of barter, speculators ran no risks be-
cause however high a thing might be on
MonIaU MA 70. -.
Tuesday. For years prices constantly ap-
preciated. This being so, "speculator'' be-
came term of contempt. That class was
thought TO be trading and getting rich
upon the necessities of the people Finally
laws We're passed fixing a heavy penalty
for the offense Of buying with the intent
TO sell again" Not a few men spent terms
In prison for this offense. Prices were fab
ulous. A customer paid whatever was
asked without question. There was no
established ratio of value between articles
Coffee was $40 a pound and tea was $50 a
pound a the same store on the same day
Dinner at the leading hotel at Richmond
cost $50. and a seat in the dress circle Of
the best theater only s.. A copy OF the
Whig or the Examiner was sold for 81. and
tallow candles for $40 a pound one Of
the Virginian humorists expressed the sit
uation aptly. Before the war" he said
81 used TO go to market with my money
In my pocket and my basket on my arm.
Now carry my money In the basket and
my purchases in my pocket"
Two years before the surrender the peo-
pie knew that the money was worthless,
but Il continued TO circulate merely be-
cause it was called money. Not one man IN
a hundred believed that Il would or could
be redeemed. but he took Il In exchange
for his goods because his ncighbors took
H. About this time financial genius
came TO the front. whose name unfor-
tunatoly has not been preserved This
was his scheme. "Thc government has
N,00OO00 In gold. Let It boldly offer 70 re-
deem bills on presentation When they
find they can get their money redeemed
the people will not want n redeemed. Thus
confidence I'm our currency will be re-
established and we can issue as much Of
n az we want to-" Strange TO say he
had followers who would have been offend
ed II anyone had questioned his and their
sanity. There came a time when people
for the most part were forced back 10 first
principles. Goods became the currency. A
man paid for the tuition OF his children
with so many bushels OF corn and pounds
Of bacon. The old days Of the coon-skln
az circulating medium had returned.
The crisis was brought about by the post
Office clerks in Richmond. who resigned In
a body and went into the army. where
they could draw ratlons bocauge thev
could not support life on their salaries OF
5000 a year.
in the midst OF dcstltuIion that amount.
ed almost 20 famine some giant fortunes
were made. The fortunate ones were
blockade runners and the plan OF opora-
ti0n was simple. They bought a. fast boat
In Europe and loaded her with goods at
Nassau. Dodg.ng the federal cruisers ln.
10 Charleston the goods were sold an aue-
ton FOR enormous sums. with this money
cotton was purchased and tho return
trip made. if "a runner made one complete
passage and Loot hiH vessel and cargo on
the next rip he would clear moro than
10 per cent. aH hiH goods were onorm-
ously hIrh. and cotton in ihc confodoracv
was painfully low. without "a market for