A Rebel's Recollections

by George Cary Eggleston

The prices which obtained were almost fabulous, and singularly enough there seemed to be no sort of ratio existing between the values of different articles. I bought coffee at forty dollars and tea at thirty dollars a pound on the same day.

My dinner at a hotel cost me twenty dollars, while five dollars gained me a seat in the dress circle of the theatre. I paid one dollar the next morning for a copy of the Examiner, but I might have got the Whig, Dispatch, Enquirer, or Sentinel, for half that sum. For some wretched tallow candles I paid ten dollars a pound. The utter absence of proportion between these several prices is apparent, and I know of no way of explaining it except upon the theory that the unstable character of the money had superinduced a reckless disregard of all value on the part of both buyers and sellers. A facetious friend used to say prices were so high that nobody could see them, and that they "got mixed for want of supervision." He held, however, that the difference between the old and the new order of things was a trifling one. "Before the war," he said, "I went to market with the money in my pocket, and brought back my purchases in a basket; now I take the money in the basket, and bring the things home in my pocket."

As I was returning to my home after the surrender at Appomattox Court House, a party of us stopped at the residence of a planter for supper, and as the country was full of marauders and horse thieves, deserters from both armies, bent upon indiscriminate plunder, our host set a little black boy to watch our horses while we ate, with instructions to give the alarm if anybody should approach. After supper we dealt liberally with little Sam. Silver and gold we had none, of course, but Confederate money was ours in great abundance, and we bestowed the crisp notes upon the guardian of our horses, to the extent of several hundreds of dollars. A richer person than that little negro I have never seen. Money, even at par, never carried more of happiness with it than did those promises of a dead government to pay. We frankly told Sam that he could buy nothing with the notes, but the information brought no sadness to his simple heart.

"I don' want to buy nothin', master," he replied. "I's gwine to keep dis always."

I fancy his regard for the worthless paper, merely because it was called money, was closely akin to the feeling which had made it circulate among better-informed people than he. Everybody knew, long before the surrender, that these notes never could be redeemed. There was little reason to hope, during the last two years of the war, that the "ratification of a treaty of peace between the Confederate States and the United States," on which the payment was conditioned, would ever come. We knew the paper was worthless, and yet it continued to circulate. It professed to be money, and on the strength of that profession people continued to take it in payment for goods. The amount of it for which the owner of any article would part with his possession was always uncertain. Prices were regulated largely by accident, and were therefore wholly incongruous.

But the disproportion between the prices of different articles was not greater than that between the cost of goods imported through the blockade and their selling price. The usual custom of blockade-running firms was to build or buy a steamer in Europe, bring it to Nassau in ballast, and load it there with assorted merchandise. Selling this cargo in Charleston or Wilmington for Confederate money, they would buy cotton with which to reload the ship for her outward voyage. The owner of many of these ships once told me that if a vessel which had brought in one cargo were lost with a load of cotton on her outward voyage, the owner would lose nothing, the profits on the merchandise being fully equal to the entire value of ship and cotton. If he could get one cargo of merchandise in, and one of cotton out, the loss of the ship with a second cargo of merchandise would still leave him a clear profit of more than a hundred per cent. upon his investment. And this was due solely to the abnormal state of prices in the country, and not at all to the management of the blockade-runners. They sold their cargoes at auction, and bought cotton in the open market.

Their merchandise brought fabulous prices, while cotton, for want of a market, remained disproportionately low. That the merchants engaged in this trade were in no way the authors of the state of prices may be seen from two facts. First, if I am correctly informed, they uniformly gave the government an opportunity to take such articles as it had need of, and especially all the quinine imported, at the price fixed in Richmond, without regard to the fact that speculators would pay greatly more for the goods. In one case within my own knowledge a heavy invoice of quinine was sold to the government for eleven hundred dollars an ounce, when a speculator stood ready to take it at double that price. Secondly, the cargo sales were peremptory, and speculators sometimes combined and bought a cargo considerably below the market price, by appearing at the sale in such numbers as to exclude all other bidders. In one case, I remember, the general commanding at Charleston annulled a cargo sale on this account, and sent some of the speculators to jail for the purpose of giving other people an opportunity to purchase needed goods at prices very much higher than those forced upon the sellers by the combination at the first sale.