One should really read what is posted. I did not mention post on this board. But post I have read in the past. Let's try to discuss this economic situation calmly Mr. Upton, without all the capitals and exclamation points.

The Confederate government possesed no machinery for leving taxes. Congress did enact a tiny tariff in 1861 but it brought in only 3.5 million during the entire war. In August 1861 the Richmond government put out a direct tax of one-half of one percent on real and personal property. They relied on the States to collect it. Only South Carolina did so.

Another economic failure for the South was loans. The first bond issue of 15 million was subscribed. Later actions in May and August of 61 authorized the issuance of 100 million in bonds at 8 percent interest. The bonds however didnot sell fast., you see Mr. Upton the rate of inflation had already reached 12 percent by the end of 1861. The South then tried another way to raise money. It permitted investora to pledge the proceeds of their crops to pay loans. A brain child og Treasury Secretary Memminger.Some Planters however changed their minds and sold it on the open market. Only 34 million wae realized by this. Not the way to finance a war?