Readings in Money and Banking: Selected and AdaptedPhillips, Chester Arthur
General
Readings in Money and Banking: Selected and Adapted
Phillips, Chester Arthur
Banks and banking; Banks and banking -- United States; Money
As I was returning to my home after the surrender at Appomattox Court
House, a party of us stopped at the residence of a planter for supper,
and as the country was full of marauders and horse thieves, deserters
from both armies, bent upon indiscriminate plunder, our host set a
little black boy to watch our horses while we ate, with instructions to
give the alarm if anybody should approach. After supper we dealt
liberally with little Sam. Silver and gold we had none, of course, but
Confederate money was ours in great abundance, and we bestowed the crisp
notes upon the guardian of our horses, to the extent of several hundreds
of dollars. A richer person than that little negro I have never seen.
Money, even at par, never carried more of happiness with it than did
those promises of a dead government to pay. We frankly told Sam that he
could buy nothing with the notes, but the information brought no sadness
to his simple heart.
"I don' want to buy nothin', master," he replied. "I's gwine to keep dis
always."
I fancy his regard for the worthless paper, merely because it was called
money, was closely akin to the feeling which had made it circulate among
better-informed people than he. Everybody knew, long before the
surrender, that these notes never could be redeemed. There was little
reason to hope, during the last two years of the war, that the
"ratification of a treaty of peace between the Confederate States and
the United States," on which the payment was conditioned, would ever
come. We knew the paper was worthless, and yet it continued to
circulate. It professed to be money, and on the strength of that
profession people continued to take it in payment for goods. The amount
of it for which the owner of any article would part with his possession
was always uncertain. Prices were regulated largely by accident, and
were therefore wholly incongruous.
Public-domain text, read in full here on John Shaqi.
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