How did the Confederacy raise the money to pay for the war?

November 19, 2020 1:11 PM

What is the Cliff's Notes version of how the Confederacy raised the money to pay for the the war? Did they levy a tax? Who bought their bonds and who was left holding them when the war ended? Was it simply expected that land owners would pony up?
posted by John Borrowman to Grab Bag (2 answers total)

Best answer: They printed money like it grew on trees.
posted by Fukiyama at 1:14 PM on November 19, 2020 [3 favorites]

Best answer: Fukiyama nailed it. There is a Wikipedia article on the topic which notes that while there were tariffs and export taxes and newly issued debt, the Confederacy also increased their money supply by 20x through printing.
posted by whisk(e)y neat at 1:27 PM on November 19, 2020 [1 favorite]