The Life And Times of C G Memminger
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In our eReader you can find the full English version of the book. Read The Life And Times of C G Memminger Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Life And Times of C G Memminger
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How, then, was the cotton to be paid for?
And when the mechanical difficulties were overcome, the financial presented an equal barrier. The scheme for raising money, adopted by Congress, was to issue Confederate notes, funding the redundant notes in interest-bearing bonds ; and all payments at the treasury were made with these notes. The daily demands on the Treasury exceeded greatly the means of supply. Now, if instead of applying the notes to the daily payments required at the Treasury they h...ad been used to purchase cot- ton, the Treasury would have found itself filled with cotton, without any money to meet the wants of the government until that cotton could be shipped abroad and sold.
If instead of payment in notes the bonds of the government had been used to purchase the cotton crop, those bonds would have been thrown in the market to meet the necessities of the planters, and their value as a means of funding the surplus currency would have been destroyed.
It is obvious to any one acquainted with finance that this would have broken down the Confederate currency within the first year of its exist- ence, whereas the plan pursued sustained the credit of the Confede- racy until broken down under calamities by which no credit could sur- vive.
What to read after The Life And Times of C G Memminger?
You can find similar books in the "Read Also" column, or choose other free books by Henry D Henry Dickson Capers to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
How, then, was the cotton to be paid for?
And when the mechanical difficulties were overcome, the financial presented an equal barrier. The scheme for raising money, adopted by Congress, was to issue Confederate notes, funding the redundant notes in interest-bearing bonds ; and all payments at the treasury were made with these notes. The daily demands on the Treasury exceeded greatly the means of supply. Now, if instead of applying the notes to the daily payments required at the Treasury they h...ad been used to purchase cot- ton, the Treasury would have found itself filled with cotton, without any money to meet the wants of the government until that cotton could be shipped abroad and sold.
If instead of payment in notes the bonds of the government had been used to purchase the cotton crop, those bonds would have been thrown in the market to meet the necessities of the planters, and their value as a means of funding the surplus currency would have been destroyed.
It is obvious to any one acquainted with finance that this would have broken down the Confederate currency within the first year of its exist- ence, whereas the plan pursued sustained the credit of the Confede- racy until broken down under calamities by which no credit could sur- vive.
What to read after The Life And Times of C G Memminger?
You can find similar books in the "Read Also" column, or choose other free books by Henry D Henry Dickson Capers to read onlineMoreLess
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