The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 19
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State Finances of Texas During the Civil War.
In 1866, 5 per cent state bonds to the amount of $134,472.26 were
placed to the credit of the fund to replace the United States bonds
and interest used, the balance of the debt not being recognized.
The bonds thus credited remained of doubtful validity until 1883,
when they were paid with accumulated interest; $10,300.41 of this
old debt of war was also validated and paid in 1883, but without
The effect of the war upon the school and university funds was
to strip them of their sources of revenue, and as a result of condi-
tions brought about by the war education in Texas was set back by
more than two decades.
Condition of the Treasury at the Close of the War
On June 8, 1865, the total cash balances on hand amounted to
$3,368,510.07. This was made up of $2,908,038.34 in Confederate
notes, $445,074.37 in state paper, and $15,397.36 in specie. Only
$362,548.11 of the Confederate notes were actually in the treasury,
the remainder, $2,535,490.23, were old issues, and had been turned
over to the Confederate States' depository to be exchanged for new
issues. In addition to the above balance there was in the hands
of the Military Board $129,975 in United States bonds and interest
coupons. This latter and the specie were the only part of the
balance that was of value.
The finances of the war period which secession inaugurated ends
June 8, 1865. At this date the pen which traced the ledgers of the
fiscal department of the state government stops off shortly and
until October 13, 1865, when the work of accounting is again
resumed in a new handwriting, a gap of blank pages follow-mute
witnesses of the end of a disastrous struggle and of the temporary
dissolution of state government. Social disorder attended the
breakup of the Confederacy and on the night of June 11, 1865, the
state treasury was broken into and looted. There was little of value
in it that was negotiable, so that the loss, except for something
less than $5,000 in specie, was not serious.
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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/m1/27/: accessed August 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.