7591. Canal Bank & Trust Company (New Orleans, LA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
September 16, 1861
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
e873d219

Response Measures

None

Description

Articles (Sept 17-20, 1861) republish the governor's proclamation recommending that New Orleans banks immediately suspend specie payments because of the Confederate Treasury Note situation and blockade. Later accounts note the Canal Bank (with Citizens') suspended specie payments (recollection: Aug 9, 1861) and was at one point seized by Union forces (May 1862). There is no article here reporting a depositor run on this specific bank or a permanent closure; the primary action is suspension under wartime/government influence. I therefore classify as a suspension with likely later resumption (no evidence of permanent failure in these items).

Events (1)
1. September 16, 1861 Suspension
Cause
Government Action
Cause Details
Governor's proclamation recommending immediate suspension of specie payments so banks could receive and circulate Confederate Treasury Notes amid the blockade and wartime credit stresses; wartime governmental/military pressures thereafter (later seizure by Union forces mentioned in other notices).
Newspaper Excerpt
To prevent consequences that will prove so disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie payment.
Source
newspapers

Newspaper Articles (8)
1. September 17, 1861 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 17, 1861

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Article Text

Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blockade of our ports is raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the Unifed States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one hundred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States, except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so as to make the Treasury Notes 8 common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment. and would thus fail to answer the parposes of currency. The Banks of Louisiana, however, are forbidden to suspend specie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes must be below par, and hence cannot circuculate like bank notes while the Banks continue to pay specie, one of two results must follow: our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and theu be utterly una le to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the means absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depreelation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove so disastrous to the whole people, I recommend to the several Banks of New Orleans immédiately to suspend specie pay. men't In recommending this course to the Banks, T am well aware that they incur the risk of a forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. But the Legislature can refer the whole subject to the people of the State, at such time as, in their wisdom, they may think proper; and the people, in Convention assembled, will decide whether the forfeiture of their charters by the Banks shall be exacted or relinquished, The Banks are now in a condition to pay all their liabilities as rapidly as they ean be presented at their counters, and, not withstanding the suspension of specie payments hereby recommended, they can maintain a position SO strong, that when the period for resumption arrives, they will not be embarrassed or even inconvenienced by paying every dollar in coin. As the spirit of the Constitution and the laws of this State, regulating the Banking System. regards the bill-holder as the creditor first to be protected, an additional restriction is proposed which looks directly to his interest in order, therefore, secure the prompt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the banks will observe the following regulations: 1st. The circulation of the chartered banks-that is, the Canal, Citizens', Bank of Louisiana and the Louisiana State Bauk-shall not exceed the amount of coin actually held by them respectively; and the circulation of the free banks shalt be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance wilh existing laws. 2d. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opposition to the recommendation herein made. 3d. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4th. The usual week'y statements must be made through the Board of Currency, and all balances paid in Confederates notes, or in coin. THOS, O. MOORE, sel6 2p3t Governor.

2. September 18, 1861 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 18, 1861

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Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blookade of our portsis raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one hundred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States. except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so AS to make the Treasney Notes B common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment. and would thus fail to answer the purposes of currency. The Banks of Louisiana, however, are forbidder to suspend specie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes mnst be below par, and hence cannot circuculate like bank notes while the Banks (continue to pay specie, one of two results must follow: our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly nna le to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the morns absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depreI ciation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove so : disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie pay. men't In recommending this course to the Banks, I am well aware that they incur the risk of a forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. ) But the Legislature can refer the whole subject to the people of the State, at such time as, in their wisdom, they may think proper ; and the people, in Convention assembled, will decide whether the forfeiture of their charters by the Banks shall be exacted or relinquished. f The Banks are now in a condition to pay all their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspension of specie payments hereby recom mended, they can maintain a position 60 strong, that when the $ period for resumption arrives, they will not be embariassed or F even inconvenienced by paying every dollar in coin. As the spirit of the Constitution and the Jaws of this State, ) regulating the Banking System, regards the bill-holder as the 1 creditor first to be protected. an additional restriction is prot posed which looks directly to his interest in order, therefore, e to secure the prempt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the / banks will observe the following regulations : 1st. The circulation of the chartered banks-that is, the Canal, Citizens!, Bank of Louisiana and the Louisiana State Bauk-shall net exceed the amount of coin actually held by : them respectively ; and the circulation of the free banks shall e be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance with existing laws. 2d. The suspension of specie payments will not interfere 1 with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opposition to the recommendation herein made. : 3d. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. : 4th. The usual week'y statements must be made through the Board of Currency, and all balances paid in Confederates notes, or in coin. THOS. O. MOORE, self 2p3t Governor.

3. September 19, 1861 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 19, 1861

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Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blockade of our ports is raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one hundred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States, except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so as to make the Treasury Notes a common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment, and would thus fail to answer the purposes of currency. The Banks of Louisiana, however, are forbidden to suspend spscie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes must be below par, and hence cannot circuculate like bank notes while the Banks continue to pay specie, one of two results must follow our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly unacl to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the means absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depre1 ciation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove so disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie pay. ment. In recommending this course to the Banks, I am well aware that they inenr the risk of 8 forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. But the Legislature can refer the whole subject to the people of the State, at such time as. in their wisdom, they may think proper ; and the people, in Convention assembled, will decide whether the forfeiture of their charters by the Banks shall be exacted or relinquished. The Banks are now in a condition to pay all their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspersion of specie payments hereby recommended, they can maintain 8 position SO strong, that when the period for resumption arrives, they will not be embarrassed or even inconvenienced by paying every dollar in coin. As the spirit of the Constitution and the laws of this State, regulating the Banking System. regards the bill-holder as the creditor first to be protected, an additional restriction is proposed which looks directly to his interest; in order, therefore, to secure the prompt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the banks will observe the following regulations: , 1st. The circulation of the chartered banks-that is, the e Canal, Citizens', Bank of Louisiana and the Louisiana State 11 Bauk-shall not exceed the amount of coin actually held by 8 them respectively and the circulation of the free banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance wilh existing laws. 2d. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opposition to the recommendation herein made. n 3d. The Banks will receive on deposit and in payment of debts g due them, the notes of the Confederate States of America, and pay them out at their counters. y 4th. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederates notes, I or in coin. THOS. O. MOORE, r Governor. se16 2p3t

4. September 20, 1861 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 20, 1861

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Proclamation by the Governor. The wite and patriotic determination of the planters of the Confederate States to sell-no cotten until the blockade of our ports is raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one humdred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States, except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so as to make the Treasury Notes a commen currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment, and would thus fail to answer the purposes of currency, The Banks of Louisiana, however, are forbidden to suspend specie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes must be below par, and hence cannot circuculate like bank notes while the Banks continue to pay specie, one of two results must follow: our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly una le to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the means absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depreciation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove SO disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie pay. ment. In recommending this course to the Banks, I am well aware that they incur the risk of a forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. But the Legislature can refer the whole subject to the people of the State, at such time as, in their wisdom, they may think proper; and the people, in Convention assembled, will decide 1 whether the forfeiture of their charters by the Banks shall be exacted or relinquished. The Banks are now in a condition to pay all their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspension of specie payments hereby recommended, they can maintain a position so strong, that when the e period for resumption arrives, they will not be embarrassed or even inconvenienced by paying every dollar in coin. t As the spirit of the Constitution and the laws of this State, b regulating the Banking System. regards the bill-holder as the creditor first to be protected, an additional restriction is proposed which looks directly to his interest; in order, therefore, S to secure the prompt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the banks will observe the following regulations 1st. The circulation of the chartered banks-that is, the Canal, Citizens', Bank of Louisiana and the Louisiana State Bank-shall not exceed the amount of coin actually held by them respectively ; and the circulation of the free banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance wilh existing laws. 2d. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opf position to the recommendation herein made. a 3d. The Banks will receive on deposit and in payment of debts e due them, the notes of the Confederate States of America, and pay them out at their counters. 4th. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederates notes, or in coin. THOS, O. MOORE, Governor. se16 2p3t

5. September 25, 1861 The South-Western Shreveport, LA
Article from The South-Western, September 25, 1861

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# Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blockade of our ports is raised, has deprived our gov- ernment of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate government, like other governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The government has judiciously determined to issue one hundred millions of treasury notes, secured by a direct tax upon the property of the people, and the re- demption of the notes is as certain as the property they represent. All the banks of the Confederate States, ex- cept those of New Orleans and Mobile, receive these treasury notes in payment of debts due to them, and pay them out to their creditors, thus establishing a cur- rency of real value, which meets all the wants of the public. In order that their banks might be enabled to conduct their business so as to make the treasury notes a common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the treasury notes, these notes could not be taken by them in payment, and would thus fail to answer the purposes of currency. The banks of Louisiana, however, are forbidden to suspend specie payment, and our legislature, unlike that of the other States, is without constitutional right to legalise a suspension. As treasury notes must be below par, and hence cannot circulate like bank notes while the banks continue to pay specie, one of two results must follow; Our banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly unable to increase their loans, or they will have to suspend. If the banks refuse to receive treas- ury notes and continue to pay out coin, the entire plant- ing interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the banks in order to furnish the planters with their usual supplies, will be deprived of the means absolutely ne- cessary to meet the current expenses of the year, while the treasury notes would be subject to constant depri- cation, and the credit of the Confederate government seriously impaired thereby. To prevent consequences that will prove so disastrous to the whole people, I re- commend to the several banks of New Orleans to sus- pend specie payment. In recommending this course to the banks, I am well aware that they incur the risk of a forfeiture of their charters, from which neither the legislature nor the ex- ecutive can relieve them. But the legislature can refer the whole subject to the people of the State, at such times as, in their wisdom, they may think proper; and the people, in convention assembled, will decide whether the forfeiture of their charters by the banks shall be exacted or relinquished. The banks are now in a condition to pay all of their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspension of specie payments hereby recommended, they can maintain a position so strong, that when the period for resumption arrives, they will not be embarrassed or even inconven- ienced by paying every dollar in coin. As the spirit of the constitution and the laws of this State, regulating the banking system, regards the bill- holder as the creditor first to be protected, an additional restriction is proposed, which looks directly to his inter- est; in order, therefore, to secure the prompt redemp- tion of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payment shall be deemed advisable, the banks will observe the following regulations: 1. The circulation of the chartered banks that is, the Canal, Citizens' Bank of Louisiana, and the Louisi- ana State bank-shall not exceed the amount of coin actually held by them respectively, and the circulation of the free banks shall be restricted to the amount of bonds at present deposited with the auditor of this State, and in accordance with existing laws. 2. The suspension of specie payments will not inter- fere with the weekly and monthly returns to the board of currency, nor with the fundamental rules governing the banks, not in opposition to the recommendation herein made. 3. The banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4. The usual weekly statements must be made through the board of currency, and all balances paid in Confed- erate notes or in coin. THOS, O. MOORE, Governor. # LINCOLN SPIES AMONG US. Three men were arrested a few days ago, by order of the governor, and detained for examination on a most serious charge. Their names are J. D. Walker, Nicholas Casper, and Roden- baum, all three pilots. Being alleged to be spies, it was deemed by the governor most fitting that they should be turned over to the Confederate commander of this military department, and accordingly they were sent to Gen. Twiggs, who was preparing, in conjunction with the governor, to have an investigation. The act in which it is alleged these men were engaged is no less than a treasonable correspondence, having for its object the assisting in the organisation of Lincoln's flotilla for a descent upon this city. Notwithstanding the serious aspect which this case has assumed, writs of habeas corpus were sued out yes- terday by two of these men, before judge Howell, of the sixth district court-Geo. L. Bright, Esq., appearing as attorney for Walker, and J. B. Cotton, Esq., for Casper. The writ was served upon mayor Monroe, who denied having the prisoners in custody, his honor hav- ing stated that under the orders of the governor and major-general Twiggs, they had been committed to the charge of the sheriff, who, we learn, will be summoned to-day. It is very possible that the evidence is yet incomplete to warrant their detention, and if so, these men may be turned loose to pursue their treasonable schemes, and both the governor and Gen. Twiggs be thwarted in the patriotic efforts to guard the welfare of the republic. The following is a copy of a letter addressed to Capt. J. D. Walker, one of the spies arrested, which was in- tercepted. It shows clearly that we are surrounded by spies, and that at the present time too much vigilance and circumspection cannot be used by the police as well as by our loyal citizens generally. This letter would seem to convict the whole party beyond the shadow of a doubt. [Picayune. "LOUISVILLE, June 30, 1861. "Capt. J. D. Walker: "DEAR SIR-I received your letter the other day, and was happy to hear from you. You say that the rebels suspected you, and tried to get up a report that you was a Union man-but convinced them you were sound on the southern goose. The river is so low that we cannot make much headway. I am in hopes that we will have a rise in a day or so, that will let us out to Cairo. I saw Capt. N. McLelland the other day; he is just up from New Orleans; he says that business is flat; there is nothing doing, and the Union feeling is stronger than any body could suppose. His opinion is that it would not take a very large army to capture the city, as most of the citizens are in favor of the Union. I expect to have charge of one of the gunboats, and want you to keep me posted about things Give all the informa- tion about Red and Ouachita rivers, and how much cotton there is from Alexandria to the mouth, and how much will be made on black and Ouachita rivers, for it will be our aim to take all the cotton on these rivers, and send it up the Ohio. I want you to find out how many pilots we can count on in Red River, and send us the names. You have sent me two besides yourself from Ouachita-Casper and Rodenbaum. Tell them that they will have a share in all the prizes that are taken. Tell R. to write to me. All the pilots that go with us will make money enough to do them without going on the rivers again. I will let you know in time to meet me at Memphis. It will be a glorious thing to clear the traitors out, and show them a lesson for rob- bing mints and customhouses, and stealing steamboats. You must send your letters by private hands to Cairo. Do not trust the mails. I will send this to Memphis by private hands, and have it mailed there. My respects to Mrs. W. Yours, [Signed] JOHN SEBASTIAN." The New York chamber of commerce have, in a re- cent meeting aired their patriotism in a series of resolu- tions, to which we give place, simply that the southern people may clearly perceive where stand the men who have thriven on southern patronage. At a meeting of the chamber on the 5th the subjoined resolutions were unanimously adopted: Resolved, That this chamber, in view of the unex-

6. May 23, 1862 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, May 23, 1862

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FROM THE SOUTH, The New Orleans Delta says that 15,000 bales of cotton were burnt in that city on the approach of our gunboats to the city.The tobacco, being all held by foreign residents on foreign account, was not destroyed. The specie of the banks, to the amount of twelve or fifteen millions, was removed from the city and deposited in a secure place. The Memphis Appeal says the Government wants and must have all the tin on the roofs of the common sheds in that city. The Baton Rouge Advocate has closed its doors and suspended publication on account of the approach of the Federal gunboats. Col. Voseen, commanding the post at Memphis, published a special order of Gen. Beauregard, requiring all the banks, persons and corporations to take Confederate money at par and all persons will distinctly understand nothing in the least degree tending to discredit the operations of the Government, will be tolerated or treated as anything but disloyalty. The Memphis Appeal of the 15th contains the following dispatch, addressed to the rebel Secretary of State: Camp Moore, May 11. -Gen. Butler yesterday took forcible possession of the office of the Consul of the Netherlands, searched the person of the Consul, and took from him the key of a bank vault in which were $800,000, transferred by the Citizens Bank to Hope Bank of Amsterdam, intended for the payment of the interest of the Confederate bonds. Gen. Butler also took possession of the offices of the French and Spanish Consulates, in the old Canal Bank and placed a guard there. He also seized the Canal Bank and the Smith Bank, and he has issued inflammatory proclamation to incite the poor, promising to distribute to the poor 1000 bbls. New The of He beef is recruiting and sugar in captured New Orleans. in Orleans. poor will soon be starved. The enemy have sent up a force to Bonnecarre, which marched through the swamps and destroyed the Railroad bridge." The Richmond papers of the 16th have been received. They contain a correspondence between the Virginia Legislature and Jeff. Davis, in relation to the recent movements of the rebel army. Davis states that he has never entertained the thought of withdrawing the army from the course the that State if, of in Virginia, the and abandoning of events, capital State should fall, the necessity of which he did not see or anticipate, that would be no reason for withdrawing the army from Virginia The war could still be successfully carried on and maintained on Virginia soil, and for 20 years

7. May 26, 1886 The Laurens Advertiser Laurens, SC
Article from The Laurens Advertiser, May 26, 1886

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expressed, they passed at par in several seaports of Dixie "for at least a month," as Col. Capers carefully puts it, "after they were issued." Several large bills of exchange were bought in London and Paris at par. But the financial boom of the Confederacy didn't last long. When it came to be August, '61, the Canal and Citizens' banks in New Orleans were the only ones handling Confederate money at par. On the 9th of August even they suspended specie payments, notifying the Richmond authorities of their intention two days in advance by a private cipher dispatch. Col. Capers has the original of this dispatch, in pursuance of which the Government made quite a saving speculation for itself by buying up all the foreign exchange it could lay its hands on in New Orleans, Mobile, Savannah, Charleston and Richmond during the two days of grace. Col. Capers's recollection of those early days of the war are a continuous story of makeshifts and expedients. The young Government lived from hand to mouth. One of the first naval officers to report for duty was Raphael Semmes, afterwards commander of the *Alabama*. He was on hand before they had a deck for him to stand on, and worked for a short time in the treasury department at Montgomery. A merchant vessel was soon bought and Semmes, after inspecting her, returned to Montgomery and announced to his fellow-clerk, Col. Capers: "She is a good craft, sir, a good craft. When I have strengthened her timbers and cut her down to fighting trim, my word for it, she will do brave work, sir." She was accordingly altered and armed and, with Semmes on her quarter-deck, made good his prediction to the dire cost of such as went down to the sea in ships under the Stars and Stripes in those days. The vessel was the *Sumter*. # SEMMES WHITTLES FOR I'S PAPERS. But when she was read to sail and her register made out, it was discovered at the last moment that the treasury department of the Confederate States had no seal. There wasn't an engraver to be found in Montgomery, and Semmes was impatient to get his papers and be off. So he and Col. Capers, aided by a handy young army surgeon, and at the expense of two or three penknives, carved a rude seal upon a piece of boxwood, which met the immediate need. Semmes got his register, and the *Sumter* set sail under the Stars and Bars. There was quite a time over the adoption of that flag. A considerable number were in favor of sticking to the old flag, with slight modifications, but Mr. Miles, of South Carolina, chairman of the Congressional flag committee, argued at length in his report against this sentimental idea, and added, by way of a clincher, that Liberia and the Sandwich Islands had flags very similar to ours, and the committee was not disposed, therefore, if for no other reason, "to keep, copy or imitate it. They have no inclination to borrow second-hand what has already been pilfered or appropriated by a free negro community and a race of savages." The very first Confederate flag that the sun ever saw, Col. Capers testifies, was hoisted by Judge Clitherall at Montgomery. He was in the confidence of the flag committee, and as soon as they told him the design selected he got his lady friends together and had one made. On the day the committee was to report to Congress he mounted the roof of the Capitol, fixed his flag to the halyards of the staff and waited. The recommendation of the committee was approved. He got his signal from below, and in the twinkling of an eye the new ensign of the South was floating proudly in the caresses of the gentle March wind. The news spread quickly through the city, and when Judge Clitherall shouted down from his lofty perch, "Three cheers for the Confederate flag" the crowd answered with a mighty greeting that, it was thought at the time, must have given an earache to the bronze statue on the dome of the far Northern Capitol.

8. June 8, 1886 The Abbeville Messenger Abbeville, SC
Article from The Abbeville Messenger, June 8, 1886

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pany of Georgians, commanded by Capt. George Washington Lee. They were the first body of troops enlisted by the Confederacy. When their provisional Congress provided for a loan of $15,000,000 "to meet the emergencies of Government." they thereby provided another emergency. The Government had no paper to print their bonds, certificates and notes upon. They managed to get the chief ingredient of paper money credit very well, but stuck fast a while for lack of what is usually comparatively valueless. The paper mills of the South made only the ordinary newspaper and the common wrapping paper of the shops. The finer manufactories of the country lay north of the line of separation. G. B. Lamar, president of the Bank of the Republic, in New York, acting as agent for the to Comfederate Government, arranged have the work done by the American Bank Note Company, but when the bonds and notes were all handsomely printed and ready to be shipped the secret service officers of the National Government swooped down and confiscated the whole batch. The difficulty of finding paper and engravers was not solved until the removal of the Government from Montgomery to Richmond. The Richmond paper mills were finally able to furnish a sort of bank note paper, but the first issue was printed by a firm of German engravers in Richmond on paper smuggled through, the lines from Baltimore. The proof-sheet, of eight one-hundred dollar bills, was far from handsome, but they were in a hurry and they approved it. It is now in the possession of Col. Capers, and bears upon the back of it this incription, made at the time, in the d-writing of Secretary Memminger : "When the money changers become familiar with the peculiar features of these uncanny bills it will be as difficult to pass a counterfeit as if they were engraved on steel by an expert; maybe more 80." Secretary Memininger seems to have been both a wit and a philosopher. Unattractive in as they were appearuncertain in the promise they passed at par ance expressed, and they in several sea ports of Dixie "for at least a month," as Col. Capers carefully puts it, "after they were issued." Several large bills of exchange were bought in London and Paris at par. But the financial boom of the Confederacy didn't last long. When it came to be August, '61, the Canal and Citizens' banks in New Orleans were the only ones handling Confederate moiey at par. On the 9th of August even they suspended specie payments, notifying the Richmond authorities of their intention two days in advance by a private cipher dispatch. Col. Capers has the original of this dispatch, in pursuance of which the Government made quite a saving speculation.for itself by buying up all foreign exchange it could lay its hand3 on in New Orleans, Mobile, Savannah, Charleston and Richmond during the two days of grace. Col. Capers's recollection of those early days of the war are a continuous story of makeshifts and expedients. The young Government lived from hand to mouth. One of the first naval officers to report for duty was Rapheal Semmes, afterwards commander of the Alabama. He was on hand before had a deck for him to on for a short time in worked they the stand treasury and department at Montgomery. A merchant vessel was soon bought and Semmes, after inspecting her, returned to Montgomery and announced to his fellowclerk, Col. Capers : "She is a good craft, sir. a good craft. When I have strengthened her timbers and cut her down to fighting trim, my word for it, she will do brave work, sir." She was accordingly altered and armed and with Semmes on her quarter-deck made good his prediction to the dire cost of such as went down to the sea in ships under the Stars and Stripes in those days. The vessel was the Sumter. SEMMES