The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 15
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State Finances of Texas During the Civil War.
8, 1861, which authorized a loan of $1,000,000, to bear 8 per cent
interest and to run 16 years.1 A specific tax of 4 cents on the $100
to pay the interest and maintain a sinking fund was also author-
ized by the act, but it was not until January 11, 1862, that it was
provided that this tax should be a specie tax.2 Under the provi-
sions of this act $917,000 of bonds were issued, $294,000 of which
were used in funding state warrants, $28,000 in paying debts con-
tracted under the authority of their Constitutional Convention of
1861, and $595,000 were turned over to the Military Board. Sev-
enteen thousand dollars of the bonds given to the Military Board
were returned and $1000 mutilated, leaving a net amount out-
standing of $899,000. The net amount for which the Military
Board was responsible was $578,000.3
The act of December 16, 1863, authorized the issue of $2,000,-
000, 7 per cent bonds, payable 6 to 12 years after the close of the
war, for the purchase of cotton.4 Certificates for these bonds to
the amount of $195,190.29 were issued, but only 45 bonds were
issued and delivered in redeeming certificates. This debt with in-
terest amounted at the close of the war to $211,130.83.6
The only other bonds authorized and issued were 6 per cent
bonds to fund the treasury warrants received by the school fund
for interest and principal payments by the railroads." Of these
'Gamnmel, Laws of Texas, V, 375.
2Ibid., V, 481.
"The following is a statement of the -disposlition of the bonds held by
the Military Board up, to January 1, 1863, the only period for which an
itemized statement is obtainable:
299 were sold for 'Confederate money.
3 were sold for Nichols' guns.
3 were sold for sulphur and saltpeter.
20 were paid for the Steamer Bayou City.
21 were paid for alterations +and repairs on the steamer and for remov-
ing obstructions from Buffalo. Bayou and Galveston Bay.
114 'were used in the redemption of cotton certificates.
Par value .................. .......$460,000.00
Premiums ........... . ........ 16,422.60
Total value . .. ....... .......... . $476,422.60
M-SS. in File Case No. 54, State Department.
4Gammnel, Laws of Texas, V, 663, 683.
"Report of Pease and Palm, p. 8.
Act of December 1.6, 1863, Cnnmel, Laws of Texas, V, 691; Act of
November 15, 1864, Ibid., V, 820.
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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/m1/23/: accessed June 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.