TEXAS STATE HISTORICAL ASSOCIATION
VOL. XIV. JULY, 1910. No. 1.
The publication committee and the editors disclaim responsibility for vzews
expressed by contributors to THE QUARTERLY.
THE STATE FINANCES OF TEXAS DURING THE CIVIL
E. T. MILLER
Texas was perhaps the most fortunate of the Confederate States
during the war. Her territory was not a battleground and was
free from. devastating invasion. That part of her population which
was not in the armies was free therefore to follow agriculture and
other pursuits unmolested. Proximity to Mexico provided a com-
paratively safe outlet to a market for cotton and inlet for needed
supplies of various kinds. The possession, too, of a large amount
of disposable assets in the form of United States bonds obviated
the need of an early resort to high taxation or an extensive use of
the state's credit. Full advantage of these favoring circumstances
or geography and assets could not, however, be taken. Transport-
ation of products to the Mexican frontier proved to be slow, ex-
pensive and dangerous, while the United States bonds were only
partially productive and served but to stay temporarily the evil
day of financial disorder. In the end the financial story of Texas
was the same for this period as that of the other Southern States,
though the details are less direful. It is one of trust funds vio-
lated, of debt accumulated, and of receipts and expenditures,
swollen fictitiously by the depreciation of the paper money in which
'The period of which this is a study extends from August 31, 1860,
to June 8, 1865. The fiscal year ending August 31, 1861, has been in-
cluded not because the finances reflect the war but on account of the
legislation which made the initial financial provision for the struggle.
Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911. Austin, Texas. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth101054/. Accessed December 28, 2014.