Showing posts with label Specie. Show all posts
Showing posts with label Specie. Show all posts

Saturday, August 29, 2015

Diary of John Beauchamp Jones: January 20, 1862

Mr. Memminger advertises to pay interest on certain government bonds in specie. That won't last long. He is paying 50 per cent. premium in treasury notes for the specie, and the bonds are given for treasury notes. What sort of financiering is this?

SOURCE: John Beauchamp Jones, A Rebel War Clerk's Diary at the Confederate States Capital, Volume 1, p. 106

Saturday, July 4, 2015

Diary of John Beauchamp Jones: October 27, 1861

Still the Jews are going out of the country and returning at pleasure. They deplete the Confederacy of coin, and sell their goods at 500 per cent. profit. They pay no duty; and Mr. Memminger has lost hundreds of thousands of dollars in this way.

The press everywhere is thundering against the insane policy of permitting all who avow themselves enemies to return to the North; and I think Mr. B. is beginning to wince under it. I tremble when I reflect that those who made the present government, and the one to succeed it, did not represent one-third of the people composing the inhabitants of the Confederate States.

SOURCE: John Beauchamp Jones, A Rebel War Clerk's Diary at the Confederate States Capital, Volume 1, p. 88

Thursday, September 5, 2013

Major General Henry W. Halleck to Edwin M. Stanton, April 26, 1865, 9:30 p.m.

RICHMOND, VA., April 26, 18659.30 p. m.
(Received 10.45 p. m.)

Hon. E. M. STANTON, Washington:

Generals Meade, Sheridan, and Wright are acting under orders to pay no regard to any truce or orders of General Sherman suspending hostilities, on the ground that Sherman’s agreements could bind his own command only and no other. They are directed to push forward, regardless of orders from anyone except General Grant, and cut off Johnston's retreat. Beauregard has telegraphed to Danville that a new arrangement had been made with Sherman, and that the advance of the Sixth Corps was to be suspended till further orders. I have telegraphed back to obey no orders of General Sherman, but to push forward as rapidly as possible. The bankers here have information today that Jeff. Davis’ specie is moving south from Goldsborough in wagons as fast as possible. I suggest that orders be telegraphed through General Thomas that Wilson obey no orders of Sherman, and notifying him and General Canby and all commanders on the Mississippi River to take measures to intercept the rebel chiefs and their plunder. The specie taken with them is estimated here at from six to thirteen millions.

 H. W. HALLECK,     
 Major-General, Commanding.


SOURCES: The War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies, Series I, Volume 46, Part 3 (Serial No. 97), p. 953-4

Friday, August 16, 2013

Arrival of the Edinburg

NEW YORK, May 6.

The Edinburg arrived this evening from Queenstown, 24th.

The Times of the 24th says, “Advices from America indicate the recent battle had no effect in creating the hope among the lending houses, that the termination of the war was at hand.  Shipments of gold were beginning to excite apprehension, and it would surprise no one to hear of a decree from Washington, prohibiting the export of specie.”

The Times announces the termination of is correspondence from the Potomac, and says that the President formally decided that Russell would not be permitted to avail himself of McClellan’s invitation to accompany the army; that the Federal Government fears independent criticism; that the hopes were desirous of carrying with them an historian whom the world would believe; that Russell would have been received with joy in the rebel camp.  But out of scrupulous regard for confidential trust, and fear of imputation that he would afford them useful information he returned to England.


LATEST.

Breadstuffs quiet and steady.  Provisions very dull.

LONDON, 24th. – Consuls closed 93 7-8a94 for money and account.  American stock dull.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Thursday Morning, May 8, 1862, p. 2

Tuesday, May 7, 2013

The mints of the United States have . . .


. . . coined since they commenced operations – a period of less than twenty years – the large amount of $800,000,000 – about one fifth of the whole metallic currency of the world.  Of this amount $520,000,000 were derived from the mines of the United states.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, February 1, 1862, p. 4

Thursday, May 2, 2013

NEW YORK, Jan. 27 [1862].

The fire on Fulton and Pearl streets was completely extinguished this morning.  The Fulton Bank building was completely gutted, but the entire contents of its vault were in perfect condition.  The amount of specie is stated at $200,000.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, February 1, 1862, p. 4

Saturday, April 20, 2013

The Confederates are reduced to laughable shifts for a circulating medium.

A Cairo letter says the stock of specie at Columbus is entirely exhausted, or to use the very significant expression of the informant, “there are not half dollars enough in Columbus to hold down the eyelids of those that die daily in the hospitals,” so that they have resorted to a very novel mode of making change.  A man goes to a shopkeeper, or sutler, and buys half a pound of coffee, for half a dollar, and tenders a one dollar bill of some of the Southern banks in payment, but as the seller has no “four bits” for change, he tears the bill in two parts, keeps one and returns the customer the other.  When the customer wants to spend the other half of his bill, he goes to the same merchant who takes it, pastes the two halves together, and sends it into the bank to be replaced by another.  The bills of the State Bank of South Carolina, the Tennessee banks, the confederate scrip, constitute all the “circulating medium” afloat, none of which can be sold for over fifty cents to the dollar for gold or silver.  The Tennessee banks have all gone to issuing shin plasters. – {Louisville Journal.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, February 1, 1862, p. 3

Saturday, March 30, 2013

New Orleans and the War

We have just had the pleasure of enjoying a protracted conversation with a highly intelligent gentleman, long a resident of that city, who left New Orleans for the North about ten days ago.  Without further particulars as to our informant himself, it is enough to say that he is eminently reliable, a gentleman of mature judgment and excellent sense, and thus worth of the utmost confidence in his statements. – We shall do injustice to his lucid and graphic statements of the condition of affairs in the Metropolis of the Southwest, trusting only to memory to siege the details, but some points will interest our readers, even thus imperfectly presented.

Louisiana was a strong Union State, and the influence of New Orleans eminently so, long after the secession of other states.  The “Co-operationists” represented the intermediate state of public sentiment from loyalty to disloyalty, but leaned most strongly in favor of adherence to the Constitution and the Union. – They took their name and shaped their policy on the scheme of a co-operaiton of the Southern States in order to secure additional pledges from the General Government, and they carried the State to this measure, but the ground taken was not enough and secession came next, and became dominant, overpowering everything.

What of the Union element in New Orleans to-day?  The question might as well be asked in mid winter of a snow covered field, as to what is seeded down, and what it will bear.  Just now secession holds sway and Unionism is crushed out.  Only one sentiment is expressed because but one is safe, and martyrdom would be sure to follow the other.  Let this terrorism be removed, and there would come the time for judging as the share of this and other Southern communities who would welcome the restoration of the Federal power and unite with it in utterly sweeping away the reckless demagogues who have betrayed and outraged the South.  Our informant speaks hopefully with reference to the men who are thus “biding their time.”

In New Orleans, under the all overpowering influence of secession, there is but one opinion expressed in public.  The city is quiet and orderly, for its lower order of white society have gone to the wars.  There are no riots, nor disturbances.  The city is dull in commercial respects.  Whatever products belong to their market are plenty and without sale whatever they have been accustomed to seek form abroad are proportionately high.  Thus sugar is 1½ to 2 cents per lb., and mess pork is $50 per barrel.  All fabrics are high, and stocks are very light.  Owing to the scarcity of meats, the planters are feeding their slaves on mush and molasses, the latter staple being cheap.  The scarcity of ardent compounds being also great, large quantities of molasses are being manufactured into New England rum, which the whisky loving must need use in place of the coveted but scarcer article.

In monetary matters, the change is a striking one.  All specie has disappeared from circulation.  It has gone into private hoards, and bills of the sound banks of Louisiana (and there are not better in the United States) are also being stored away by holders, who see no advantage in presenting them for redemption in Confederate Notes.  Said a bank officer of the State Bank of Louisiana to our informant, “Out of $250,000 in currency received in making our Exchanges with other banks, only twenty five dollars of our own issues were received.”  For an institution with a circulation of one and a half million, this is a significant statement.

Another proof of the distrust of the people in the notes of the C. S. A. is seen in the fact of greatly stimulated prices of New Orleans real estate.  Secessionists who do not look beneath the surface wax vastly jubilant over the aspect. – “There, sir, look at it – see what the war, and this cutting loose from the North has done for us.  Real estate in New Orleans has gone up one half.  Glorious!! Sir, don’t you see it?  The cause of exultation diminishes rapidly when it is understood that all this is but the natural cause of holders of property who say to their possessions, in view of the everywhere present Confederate notes – “take any shape but that.”  No wonder they prefer real estate at exorbitant prices, and pass the shinplasters out of their fingers as fast as possible.  This is the sole secret of the flush times in New Orleans real estate.

The money in circulation from hand to hand is “everybody’s checks,” and omnibus tickets for small charge, and the most mongrel brood of wild cats and kittens that ever distressed a business community.  We saw in the hand of our informant, a bank note for five cents, issued by the Bank of Nashville!  Besides small issues of shinplasters, notes in circulation are divided, A desiring to pay B two dollars and a half, cuts a five dollar note in two, and the dissevered portion goes floating about distressedly looking up its better half, (or otherwise) according to which end bears the bank signatures.

As to the feeling of the community regarding the war, the outspoken sentiment is one of intense hatred to the North, or “the United States,” as they express it.  They affect to believe that spoliation, rapine and outrage of every dye would follow the invasion of Northern troops.  Their own troops are only indifferently provided with outfit, and camp comforts are scarce.  A very significant statement was recently made in the St. Charles Hotel, in the hearing of our informant, which we deem to give as nearly in his own words as possible.  A gentleman had gone up to the camps at Nashville, having in charge donations from the citizens of New Orleans.  On his return his unofficial statements were about as follows: “I tell you, you have no idea of the suffering there among our troops.  It would make your heart bleed to see them lying there sick and dying without nurses and medicine.  New Orleans has done a great deal, but she must do more.”

A Bystander – “But why don’t people up that way do something?”

“Well, I’ll tell you.  The fact is, about one half of them say they never wanted the troops to come there at all, and don’t care how soon they are removed.  The other half are doing all they can, but cannot do all.”

“Why don’t they set their niggers to tending the sick?”

“Well, that’s the squalliest point on the whole.  The niggers say that if they were Lincoln soldiers they would attend them.”

A Bystander (hotly) – “Why don’t they shoot the ______ treacherous sons of ______.”

“Well (meaningly) they don’t think it’s quite safe up there to begin that sort of thing.

A pretty significant confession, one would think to be made publicly in the rotunda of the St. Charles.  And this brings us to speak of the position of the blacks.  What do they think of the War?  The gentleman we quote says “the blacks have been educated fast within the past six months.  They are a different race from what they were.  Their docility is a thing of the past, and their masters stand appalled at the transformation.”  In several of the parishes about New Orleans, what were believed to be the germs of dangerous insurrections have been several times discovered within the past few months.  In St. Mary’s thirteen slaves were shot at one time.  The South have thought it would aid their plans by telling the slaves that the enemy of the Union was the “army of freedom,” and the blacks believe it.  Certainly no Abolition sheet of the North is responsible for the circulation of such a statement.

An instance was told us of a man sent to the North from New Orleans, with the purpose of looking about him a little [bare] and gaining an idea of matters.  He accomplished his mission after diverse adventures, and came back to the Crescent City.  Wherever his formal report was made, it certainly was pretty much summed up in a statement he made openly in a secession coterie at the St. Charles.  Said he, “I went to New York, business is going on there about as ever – never saw things more busy there – should not judge any body had gone to the war didn’t actually hear much about the South.  Then I went to where they were turning out the things for war, and saw how they were doing it, and, and then was when I began to smell h-ll.

We are exceeding the limits we had proposed for our statement, but let us add a few brief facts.  As to the defences of New Orleans.  There are two forts on the river below the city, which once passed, New Orleans would be in Federal hands in twenty four hours, for it has no defences in itself.  Earthworks were thrown up south of the city, but no guns have been mounted.  The secessionists feel the danger of their position, and are loud in censures of their Confederate government for its dilatoriness.  The foreign population of New Orleans are alarmed at the aspect of affairs.  A large meeting of French citizens has been held, and a delegation waited on the French Consul to ask him to present their petition to the French Emperor to send a national vessel to take them from the city.

It is upon a community thus constituted and filled with these real sources of alarm that the news of Zollicoffer’s defeat must fall.  It will be spread like wildfire all throughout the South.  If Confederate notes were a drug before, and only taken under protest and unwillingly, what will happen when notes “redeemable on the establishment of the Southern Confederacy” are made even more shaky as a currency by the imminent danger of the government.  The beginning of the end is at hand, and thus at no distant day. – {Chicago Tribune.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, February 1, 1862, p. 1

Friday, December 7, 2012

Shall the branches of the State Bank continue to . . .

. . . redeem their bills in gold and silver, as a literal construction of the Constitution seems to require?  In giving an answer to this question it is proper to say that the redemption of their notes in gold and silver will defeat the object of their creation which was to furnish a sound and convertible currency.  While the banks in the country are in a state of suspension, all of them refusing to redeem their notes in coin, Iowa banks cannot do it without at once withdrawing their paper from circulation.  This they are able, and so far as we know, willing to do.  But just as soon as brokers have gathered up all their bills and drawn the gold for them we shall have nothing in circulation in this State except foreign bank paper – bills of Eastern banks that we know nothing about.  It is fair to presume that with this foreign currency in the hands of our people we shall again pay roundly for the privilege of using it as in stump-tall times, exchange going up, &c., &c. – When there is a resumption of specie payments we shall find ourselves “stuck” with worthless and broken bank paper – for the more worthless it is the farther away from home it is sent, as a general rule.

How this matter may strike others we cannot say, but it seems to us that the spirit of its charter would require the State Bank to furnish a good, sound convertible home currency, which it only can do by redeeming its paper in Treasury notes, which Congress has made a legal tender.  Thus can the State Bank save the State from being plundered by the Eastern Banks.  Should this course be resolved on and properly carried out it must redound greatly to the benefit of the people of Iowa.  On the other hand a continuance to pay coin will wind up our banks, so far as circulation is concerned, in quick time, and long before July not a State Bank bill will be seen.  We think it is better that they redeem in Treasury notes and keep their bills afloat than that their con should all go into the hands of brokers.  And that it does into the hands of brokers we need only say that of $90,000 paid over its counter in redemption of its notes since the 1st of January by the Burlington Branch, over $85,000 was paid brokers, mostly from other States.  What the people want is a currency which is safe and sound, kept at par or convertible into par funds, with exchange at a fair rate.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, April 5, 1862, p. 1

Thursday, December 15, 2011

NEW YORK, April 9 [1862].

The new Cunard steamer China left this port to-day for Liverpool with $621,000 in specie, and a large number of passengers among whom was Russell, of the London Times, who has passed a year in this country.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Thursday Morning, April 10, 1862, p. 1

Wednesday, July 20, 2011

Southern News

FORT MONROE, March 7.

A flag of truce from Norfolk brought down the commandant of the French steamer.  He represents that there was great excitement at Norfolk.  The hotels were swarming with officers from the Gulf States.  The Virginia troops have been sent away.  The people dread the destruction of the city in case of an attack.

A strong force is concentrating at Suffolk to check Gen. Burnside, who was reported to have reached Winton in force, and was moving on Suffolk.

The reason given by the rebels for not returning Col. Corcoran is, that maps and drawings have been found concealed on his person.  No farther communication has been received as to the release of prisoners at Richmond.

Richmond papers of Friday contain no military news, except the arrest of a number of Union men, principally Germans.  A detective officer broke into the room of the German Turners, and found two American flags, and a painting on the wall of the goddess of liberty holding the Union colors and a shield, with the words underneath “hats off!”

The House of Representatives have passed a resolution, by a vote of 71 to 11, recommending and directing the military commanders to destroy all the cotton and tobacco in danger of falling into the hands of the enemy.  A resolution was also adopted asking the President to inform the House of what foreign vessels of war are doing in Hampton Roads.

The Richmond Dispatch says that a vessel drawing sixteen feet of water recently passed out of Charleston harbor.

Chas. Palmet, arrested for disloyalty a few days since at Richmond, had been discharged.

Specie is quoted at Richmond at 40 a 50 per cent. prem.

A dispatch from Atlanta, Ga., says that the Federal troops have possession of Murfreesboro, and the Gen. Sidney Johnston has retreated to Decatur, Ala.

The steamer Merrimac was lying near the navy yard yesterday morning, with flag flying and a crew on board.  She draws 23 feet of water, and was described to me as looking like the roof of a sunken house, with a smokestack protruding from the water.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Monday Morning, March 10, 1862, p. 1

Tuesday, November 23, 2010

The Advance upon Richmond – Treasure from California

NEW YORK, May 14. – A Fort Monroe letter of the 12th states that McClellan’s pickets were within 16 miles of Richmond, that the Monitor and Naugatuck had passed City Point towards Richmond, the Galena following.  The rebel steamers Yorktown and Jamestown were at Rockets, near Richmond.  These are only rumors.

The Champion, from Aspinwall, brings $484,000 in specie.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, May 10, 1862, p.

Thursday, November 11, 2010

After news of the victory at Richmond . . .

. . . was received in Memphis, Confederate money, which was always passed, despite Grant’s ukase to the contrary, rapidly brought from fifty to sixty cents in specie, and over seventy in Tennessee currency – more than it brings anywhere in the Mississippi valley.  It has since been in great demand, and so tenacious are holders of it that it is gradually becoming quite scarce.

– Published in The Daily Rebel, Chattanooga, Tennessee, Saturday, August 9, 1862, p. 2

Friday, October 29, 2010

Suspension of Specie Payments

DETROIT, Feb. 14.

All banks of this city suspended specie payments today.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Saturday Morning, February 15, 1862, p. 1