March 16, 1864: Reversing inflation in the Confederacy

Confederate 100 dollar bill

As we’ve seen, the Confederate Congress passed a bill that constricted the supply of money. It reversed the severe inflation they had been experiencing during the war, at least until the situation became hopeless. The Richmond Daily Dispatch reports on the drop in prices.

Confederate inflation


Prices Tumbling.
–The fall in prices caused by the currency bill is beginning to show very plainly. In Lynchburg, Va., on Saturday, a beautiful article of coffee sugar, sold in 100 pound parcels at $7.50. In Petersburg, Va., Friday, cotton shirting, sold at $5.50 per yard and osnaburgs, at $3.85 @ $4.25.–In AugustaGa., in the public market, pork is selling at $1.50 @ $2 per pound, and beef at $1.40 @. Corn meal is quoted at $13 @ 15 per bushel.

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The New issue.
The new issue of Confederate currency is being printed in Columbia, S. C. About the end of this week there will be received in Richmond the first instalment of $10,000.000. The issue from the presses in Columbia will average $2,000,000 per day. The number of signers has been largely increased, so as to accomplish the additional work thus created for them.

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