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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)
million, which is a proof of the efficacy of the blockade. The fourth item is only the cancelling of credit, the gold provided by the Bank of Louisiana but an extraordinary receipt. The amount obtained by borrowing during those ten months, either in the shape of government bonds or treasury notes bearing interest, or notes without interest, reached the enormous sum of 431,811,443 dollars. If we add to this the debts contracted by the Confederate provisional government prior to the 22d of February, 1862, this sum will be found to figure at 556,105,100 dollars. This amount includes bonds and notes of every description to the extent of 410,485,030.50 dollars, after deducting those which had been cancelled. The notes that bore no interest constituted the real paper money, representing a sum of more than three hundred millions—that is to say, nearly four times the normal circulation before the war. This fact alone suffices to explain their depreciation. Consequently, at the close of