The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 13
348 p. ; 23 cm.View a full description of this periodical.
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State Finances of Texas During the Civil War.
and were quoted in the fall of 1864 at 8 and 10 cents on the dollar.
The constitutionality of the issue of treasury warrants which would
perform some of the functions of money was questioned, but a ma-
jority of the senate judiciary committee held that they were not
money and were not intended to circulate as money.2 This was
also the opinion of the Supreme Court of the United States in 1899
in the case involving the validity of the payments of warrants to
the school fund by the railroad companies.8
The bulk of receipts during the war period was in Confederate
notes and treasury warrants. During the five years 1861-1865,
$948,711.34 of treasury warrants was received, distributed as fol-
lows :
1861................................$ 12,278.21
1862................................ 27,654.15
1863................................ 333,946.77
1864................................ 393,544.57
1865............. ................... 181,287.64
No distinction was made in the financial reports between Coufed-
erate notes and specie until the year beginning September 1, 1862,
which would indicate that by that date the disproportion in the
amounts of notes had begun to complicate the operations of the
treasury. During the three years 1863-1865, specie receipts
amounted to only $163,647.37, the most of which was credited to
the special loan account and was secured for this account by the
Military Board. The specie receipts were distributed as follows:
1863................................$72,149.97
1864. ............................... 2,323.42
1865................................. 89,173.98
Receipts of Confederate notes were $957,137.96 in 1863; $3,652,-
813.91 in 1864, and $1,559,757.88 in 1865-a total of $6,169,-
709.75. In the Fox table of currency values, the average value of
$1 in gold was $5.88 in Confederate notes in 1863; $19.89 in
'Proclamation of Governor Murrah, September 13, 1864. Executive
Records, 280.
2The Tri-Weekly Telegraph, December 9, 1864.
'H. & T. 1C. R. R. Co. v. Texas, 177 U. S., 83.
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Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911, periodical, 1911; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101054/m1/21/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.