Le Ricain wrote:The attached link presents the history of the Confederate financing. Figure 5 gives the values of CSA Cotton and Junk Bonds over time during the ACW. You are correct in that the bond price did collapse to £36 after Gettysburg and Vicksburg. However, the drop was only temporary as the price rose to almost £90 by August 1864. It was the loss of Atlanta that knocked the bond market and then only after February 1865.
http://eh.net/encyclopedia/article/weidenmier.finance.confederacy.us
I stand corrected and by an Aberdonian no less
I was familiar with that article from previous reading - it had escaped my memory. But Chaplain Lovejoy is correct - dont trust TV.
Also it appears that no account is given to the effects of operation Anaconda on Bond prices as I assume any cotton or other Southern products that beat the blockade would have been traded up front for weapons etc?? Or more than likely luxury products that only the few in the South could afford and thus provide some generous profits for any blockade runners?
I am always suspicious of any Stats produced by ant Economic Historians?
Oh and before I go - whats the forecast for Aberdeen this weekend Ricain - I will be in Aberdeen as it happens this weekend and on Union Terrace on the Sunday to listen to Ally and Phil!
"How noble is one, to love his country:how sad the fate to mingle with those you hate"
W.A.Fletcher "Memoirs Of A Confederate Soldier"