During a secret session on February 19–20, 1861, he helped craft the import duties collection laws.
Taxes were raised from duties on exports and imports to further add to government funds.Ĭhristopher Gustavus Memminger of South Carolina was involved with the monetary policy of the Confederacy from the get-go. Hence, the Confederacy resorted to paper money to provide for domestic commerce and for bonds to attract both domestic and foreign capital, and it used its specie (gold and silver seized from the mints) as reserves and for foreign trade. mints at New Orleans, Louisiana Dahlonega, Georgia and Charlotte, North Carolina were seized, the circumstances of an impending war rendered coinage impossible. Although coinage was considered, and the U.S.
Of the many concerns facing the Confederacy as a new nation were those of financing the government and providing a medium of exchange. By April 1861, war would break out between the United States of America (USA or Union) and the CSA, which would last four bloody years, resulting in the defeat of the Confederacy in April 1865, the implementation of a strong central government, which would be the basis of the USA going forward, and the elimination of slavery. Lincoln’s advocacy of a strong central government and taxation, along with his goal to limit slavery, were the driving factors in the creation of the Confederate States. THE CONFEDERATE STATES OF AMERICA (CSA or Confederacy) was formed in February 1861 during a meeting of delegates from the Deep South states (South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, and Texas) in Montgomery, Alabama, in response to Abraham Lincoln’s presidential victory in autumn 1860.