The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 12
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Texas Historical Association Quarterly.
should be received after the last day of June.' The purpose of
this legislation was to compel the funding of the old issue into Con-
federate bonds and to sustain the value of the new issue.
The specie needed to meet the interest and sinking fund require-
ments of the $1,000,000 loan issue of 1861 was provided for by a
special specie tax.2 This special tax began to fail in the early part
of 1863, and for the year ending August 31, 1864, produced only
$1,352.77 in specie. By the act of March 3, 1863, it was provided
that the tax might be paid in other funds, and the Military Board
was authorized to obtain the specie required for interest The
history of this special tax well illustrates the disappearance of
specie from general circulation. Receipts in 1862 on account of
it were $36,900.06, all of which was in specie; in 1863, $123,-
608.09, of which $57,549.18 was in specie; in 1864, $152,369.94,
of which $1352.77 was in specie. In 1865 the specie receipts were
not derived from taxation, but were provided by the Military
By the act of January 14, 1862, the disbursement of Confeder-
ate notes was restricted, except for about $30,000, to the payment
of military appropriations.4 Other appropriations were payable in
specie or in treasury warrants. Inasmuch, however, as the revenue
was collected principally in notes and to a much larger amount.
than military expenditures could absorb, the act of March 6, 1863,
provided that all appropriations should be payable in notes."
In the spring of 1864 the Confederate currency was rated in
specie at from 20 to 30 cents on the dollar." The state recognized
by the act of May 27, 1864, a depreciation of 331 per cent, and by
the act of May 28, 1864, made appropriations for the support of
the civil departments of the government and for the indigent fam-
ilies of Texas soldiers payable in treasury warrants. These war-
rants, however, enjoyed no better credit than the notes had had,
1'Gammel,Laws of Texas, V, 764. Act of May 27, 1864.
'Ibid., 611; Message of Governor Lubbock, February 5, 18,63. Senate
Journal, 9th Legislature, Extra Session.
6Message of Governor Murrah, May 11, 1864. Executive Records, 280.
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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/m1/20/: accessed July 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.