At the end of 1861, Confederate money was worth as much[465] as Federal, but it had depreciated. Often private credit was better than public, and individuals in need of a more stable circulating medium issued notes or promises to pay which in the immediate neighborhood passed current at their face value. Great quantities of this "card money" or shinplasters were issued, and in some communities it almost supplanted the legal money as a more reliable medium of exchange. The Alabama legislature passed severe laws against the practice of issuing "card money," but with little effect. The effect of depreciation of paper money was the same as a tax so far as the people were concerned. Forced into circulation, it supported the government, but it gradually depreciated and each holder lost a little. Finally, when almost worthless, it was practically repudiated by the state and by the Confederacy, and funding laws were passed, providing for the redemption of old notes at a low rate in new issues. Depreciation of the currency caused extravagance and other more evil results. A person who handled much money felt that he must at once get rid of all that came into his possession in order to avoid loss by depreciation. Consequently there was speculation, reckless spending, and extravagance. Money would be spent for anything offered for sale. If useful things were not to be had, then luxuries would be bought, such as silks, fancy articles, liquors, etc., from blockade-runners. This was especially the case in Selma, Mobile, and Montgomery, and in northern Alabama. Persons formerly of good character frequently drifted into extravagant and dissipated habits, because they tried to spend their money and there were not enough legitimate ways in which to do so. Depreciation, speculation, and scarcity caused prices to rise, especially the prices of the necessaries of life. These varied in the different sections of the state. In Mobile, in 1862, prices were as follows:--