The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 14
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14 Texas Historical Association Quarterly.
1864. On the basis of this scale of depreciation the receipts in
Confederate notes in 1863 were equivalent to $162,778 in specie;
the receipts in 1864 to $183,650 in specie.'
Besides the excessive amount of Confederate notes in circulation
which the receipts of the state and the Confederate government
would indicate, there were state treasury warrants, city and county
warrants, and the notes of individuals and corporations. The ef-
fect of this inflation of the circulating media, together with the
scarcity of commodities, was an enormous rise in prices. As early
as January, 1862, the currency became redundant, and before the
end of the year public meetings were called in various parts of the
state to consider the rise in prices. The depreciation of the cur-
rency was popularly ascribed to the perversity of "merchants" and
"capitalists," and tariffs of prices and other coercive measures were
suggested as remedies, but none were enacted.2
From the beginning of statehood to 1860 Texas had no public
debt other than that inherited from the Republic. The inadequacy
of the revenue system and the increase in expenditures due to
frontier defence led to a deficit in 1860, one consequence of which
was a practical suspension of payment of what remained of the
debt of the Republic. There was paid on this debt, however,
$8520 in 1861, $1783.80 in 1862, and $20 in 1863. Another re-
sult of the deficit was the appearance of a floating debt. The act
of February 14, 1860, authorized the issue of 10 per cent interest
warrants, when there was not money in the treasury; and the act
of March 20, 1861, authorized the issue of $300,000, 10 year, 8
per cent bonds for the purpose of funding the warrants issued for
the protection of the frontier from Indian and Mexican depreda-
tions.3 This funding act was repealed January 11, 1862, after
$16,000 of warrants had been funded.
The important loan act during the war period was that of April
'For Fox Tables, see Appendix B, pp. 21-22.
'The Tri-Weeklly Teleqraph, August 4, December 10, 1862; January 9,
January 23, May 25, 1863.
'Gammel, Laws of Texas, IV, 1477; Ibid., V, 360; Act of January 11,
1862; Ibid., V, 488.
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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/m1/22/: accessed September 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.