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The Daily Dispatch: April 10, 1863., [Electronic resource], Financial Affairs at the South. (search)
ced the circulation, and caused a contraction in the bank accommodation. He says: This was evident at the last sale here of bank stock and other securities. We learn also that cotton has felt it seriously there being a marked decline in Augusta, and in some other interior towns in Georgia, amounting to 4 @ 5 cents per pound, or $25 per bale. We are not surprised at this, for cotton has attained a ridiculous and hazardous height. What prudent banker will loan money to speculate in cotton at 30 cents per pound, or what sane man who can obtain 7 per cent. Confederate bonds would in preference invest his money in cotton at such prices quoted as above? We find amongst honest men an earnest desire that the Confederate Tax bill should become a law immediately, and go into effect on the 1st of May. Nothing that congress can do will go further to benefit the country, restore confidence, and give a tone and strength to our paper circulation and place the currency on a sound basis.