Wednesday, February 2, 2011

February 3, 1861 - Raising Money for Mississippi Independence

Mississippi River at Grand Gulf
February 3, 1861

The following account of Mississippi's efforts to raise money to fund its existence as an independent republic appeared 150 years ago today on the front page of the Cincinnati Enquirer:

RAISING THE WIND IN MISSISSIPPI. – The ways and means for the new “republic” of Mississippi furnish a great deal of matter for discussion. Like all of the seceding States, Mississippi is deficient in ready money. Two propositions are before the Convention – one to issue Treasury-notes and Bonds in such sums as from time to time are needed, not to exceed in the aggregate $5,000,000, nor to run for a longer time than five years; the other to establish a great State Bank, with a capital of $10,000,000, at Jackson; the State to be a stockholder in the bank to the extent of $5,000,000; and for the subscription a special tax to be levied and collected of the people at the rate of $500,000 per annum for ten years. The bank is not to issue more than three dollars to one of the capital stock after the 1st of March, 1862. The Legislature may compel the redemption of the notes in gold and silver.

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