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Comte de Paris, History of the Civil War in America. Vol. 2. (ed. Henry Coppee , LL.D.), Book VII:—politics. (search)
ns, and it yielded a revenue which, if well administered, might have upheld the credit of the Confederacy for a considerable length of time; in fact, as will be seen presently, the revenue secured by this tax was nearly seventeen millions in ten months, or about twenty millions during the year 1862. Thanks to these resources and the hope of speedy peace, the finances of the South were at first well supported. In September, 1861, the treasury notes were still at par. In his message of November 10th, Mr. Davis, while recommending the levying of new taxes, presented a favorable picture of the pecuniary situation that was hardly overdrawn; at the close of the year, despite the blockade, which had stopped the importation of specie from Europe, the premium on gold was only up to twenty per cent., which was about the same rate as at the North. In his fourth message, addressed to the permanent Congress, immediately after its installation on February 25th, 1862, the President stated that