I would not, if I could, record the bitter miseries of the last dreadful winter—paint the gaunt and ugly outlines of womanhood, squalid, famished, dying—but triumphant still. One case only will tell the tale for all the rest. A poor, fragile creature, still girlish and refined under the pinched and pallid features of starvation, tottered to me one day to beg work.
"It is life or death for me and four young children," she said. "We have eaten nothing to-day; and all last week we lived on three pints of rice!"
Will Wyatt, who was near, made a generous offer of relief. Tears sprang into the woman's eyes as she answered, "You mean kindness, major; but I have never asked charity yet. My husband is at the front; and I only ask a right—to be allowed to work for my children!"
Such were the sufferings, such the spirit of southern women!
When it was too late—when the headlong road to ruin had been more than half-way run—some feeble attempts were made to stay the downward rush. Of course, they were useless—worse than useless, in that they made widespread a feeling of distrust, already deep-seated with reflecting men. The volume of currency had reached such expansion that its value was merely nominal for purposes of subsistence, when the devices of Mr. Memminger to lessen it began to be pressed in earnest.
The people had now begun to see that the whole theory of the Treasury was false; that the moment for utilizing the cotton supply had indeed been lost; and they murmured loud and deep against the Secretary and the President; whom they believed not only retained him in office, but endorsed his destructive policy. Mr. Davis, the people said, was autocratic with his Cabinet, and would have displaced Mr. Memminger summarily, had he not favored that peculiar financial system. Mr. Davis, too, was known to have been hostile to the absorption and exportation by the Government of all the cotton. He had, moreover, recommended against any legislation by Congress to contract the currency and stop the issues. Now, therefore, the inflation and utter inadequacy of the paper money was laid at his door, as well as Mr. Memminger's; and the people, feeling there was no safety for them, began to distrust the good faith of such reckless issue. A system of barter was inaugurated among the country people; and they traded off things only needful for others absolutely essential. They began to feel a dread of taking the notes of the Government, and in many instances refused them utterly. And yet these very people yielded cheerfully to the constantly insolent, and not infrequently illegal, demands of the impressment officers.
In the cities, too, a point had been reached where the promise of the Government to pay was looked upon as a bitter joke. Bonds were constantly refused in business transactions, and only Treasury notes—as a medium of temporary exchange—were accepted.
Then, as a necessary measure, came the imperative order for funding the currency. All the millions of old issues were to be turned into the treasury, by a certain date, and exchanged for bonds. If the unlucky holder could not, or would not, deposit or exchange, he lost thirty-three per cent. of the value of the Government pledge he held. The old issues went rapidly out of sight; but the measure did not appreciably lessen the current medium, while it did very appreciably lessen the confidence in the integrity of the Department.
It is but the first step in repudiation, thought the people. If Government will on any pretext ignore one-third of its obligation, what guarantee have we for the other two? And so, justly or unjustly, the country lost all faith in the money. Men became reckless and paid any price for any article that would keep. Tobacco—as being the most compact and portable—was the favorite investment; but cotton, real estate, merchandise—anything but the paper money, was grasped at with avidity.
It has often been charged that speculators ruined the currency. But, to give the children of the devil their due—we can scarcely think but that the currency made the speculators.