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Texas Treasury Warrants, 1861-1865: A Test Of The Tax-Backing Of Money

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Author Info
Gary M. Pecquet () (Department of Economics, Central Michigan University)
Clifford F. Thies (Shenandoah University)

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Abstract

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.

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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 32 (2006)
Issue (Month): 2 (Spring)
Pages: 191-203
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Handle: RePEc:eej:eeconj:v:32:y:2006:i:2:p:191-203

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  2. McCallum, Bennett T, 1992. "Money and Prices in Colonial America: A New Test of Competing Theories," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 143-61, February. [Downloadable!] (restricted)
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  3. Michener, Ronald, 1987. "Fixed exchange rates and the quantity theory in colonial America," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 27(1), pages 233-307, January. [Downloadable!] (restricted)
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  10. Richard C.K. Burdekin & Marc D. Weidenmier, . "Inflation is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864," Claremont Colleges Working Papers 1999-31, Claremont Colleges. [Downloadable!]
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  11. Davis, George K. & Pecquet, Gary M., 1990. "Interest Rates in the Civil War South," The Journal of Economic History, Cambridge University Press, vol. 50(01), pages 133-148, March. [Downloadable!]
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