vThe Confederacy relied heavily on inflationary finance. Of the states of the Confederacy, only Texas was able throughout the war to enforce mandatory tax payments. In November 1864, Texas enacted fiscal measures designed to support the value of its state-issued currency, while it was increasing the amount in circulation. These measures were effective in doubling the value of the Texas warrants. As a result, Texas was able to continue to operate even after the defeat of the Confederacy elsewhere, until the state was overrun by Union forces. These results strongly support the tax-backing theory of money.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Contact details of provider: Postal: c/o Iona College, 715 North Avenue, New Rochelle, New York 10801-1890 USA Phone: (914) 633-2088 Fax: (914) 633-2549 Email: Web page: http://www.iona.edu/eea/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Victor Matheson, College of the Holy Cross).
Related research
Keywords:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.: