Confederate States Five-Dollar Note
Printed Date "September 2nd, 1861."
Secretary Christopher G. Memminger (lower left) was unfairly blamed by many
for all the
ills that beset their currencies. "Memminger has flooded the land
with useless Treasury
notes," wrote Catherine Edmondston of Halifax County, N.C., in 1863,
the fountainhead of our prosperity" (from Journal of a Secesh
The Diary of
Catherine Ann Devereaux Edmondston, 1860-1866. Raleigh: North
of Archives and History, 1979.) The growing instability of
Confederate money was due
to many factors, the most glaring being the South's lack of gold and
silver reserves, its
weak industrial base, and its mounting setbacks on the battlefront.