The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 3
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State Finances of Texas During the Civil War.
At the beginning of the war all expenditures were made through
the State Comptroller and the State Treasurer and were pursuant
to specific legislative appropriations. In December, 1861, Judah
P. Benjamin, Secretary of the Confederate Treasury, proposed to
Governor Lubbock the exchange of the United States bonds then in
the State Treasury to the credit of the school fund for Confederate
bonds.' The need of secrecy about such a transaction and the neces-
sity also of some organization to superintend the defence of the
state of a more continuous and adaptable character than the legis-
lature led to the creation on January 11, 1862, of the Military
Board.2 This board was known as the Old Board and was com-
posed of the Governor, the Comptroller and the Treasurer. Jt was
reorganized on April 12, 1864, in accordance with the act of De-
cember 16, 1863, to be composed of the Governor and two ap-
pointees, and was known as the New Board.8 The duty in gen-
eral of the boards was to provide for the military defence of the
state by securing supplies of arms, ordnance, ammunition and other
The two boards drew from the treasury a total of $1,651,621.85,
divided as follows :4
In Confederate treasury notes..........$257,191.90
In specie .......................... 7,729.95
In State treasury warrants............ 25,000.00
In 8 per cent State bonds............. 595,000.00
In United States 5 per cent bonds ..... 634,000.00
In coupons of United States bonds...... 132,700.00
With these receipts as a basis the boards carried on the varied
and complex operations of purchasing, exporting, and selling cot-
ton, of purchasing and importing supplies, of manufacturing arms
and munitions, and of working the salt deposits in Van Zandt
The Old Board purchased, so far as can be ascertained, 5736
1MSS. Record of Militry Board, No. 101, p. 5.
"M.SS. Record of Military Board, No. 101, p. 14; Gammel, Laws of
Texas, V, 484, 499.
8Gammel, Laws of Texas, V, 680.
'Report of Pease and Palm, 1865, p. 1. This published account is con-
densed. For the full report see Executive Record, No. 281.
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Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911, periodical, 1911; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101054/m1/11/: accessed April 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.