Muscogee County, Georgia cotton certificates

Muscogee County, Georgia cotton certificates

Descriptive Summary

Repository: Hargrett Manuscripts
Title: Muscogee County, Georgia cotton certificates
Dates: 1865
Quantity: 0.02 Linear feet (1 folder; MS 3221 to MS 3230 housed together in 1 half box)
Coll. Number: ms3223

Biographical/Historical Note

Although the South never succeeded in convincing foreign powers to intervene against the North, cotton diplomacy was successful in obtaining financial help from abroad. This came in the form of loans and bonds, which Confederate Treasurer Christopher G. Memminger guaranteed with cotton. The Confederate Treasury Department issued $1.5 million in cotton certificates during the war for acquisitions abroad. One such loan backed by cotton was the Erlanger loan, signed on October 28, 1862, and modified on January 3, 1863. This loan, amounting to $15 million, was secured by cotton. At the time cotton was worth twenty-four pence a pound, and the Erlanger loan made cotton available to holders at six pence per pound. This reliance on cotton for the security of loans, bonds, and certificates placed a great deal of responsibility on the Produce Loan Office, whose agents had to ensure that planters would fulfill government subscriptions of cotton at a time when many planters were unwilling to sell to the government. Ultimately, however, cotton enabled the Confederacy to realize $7,678,591.25 in foreign exchange. "The Confederacy" A Macmillan Information Now Encyclopedia, article by Orville Vernon Burton and Patricia Dora Bonnin. (Retrieved October 8, 2009)


Scope and Content Note

The collection consists of certificates from Muscogee County, Georgia stating that "the late so called Confederate States or the State of Georgia or any Blockade Running Company" had no claim on cotton produced by the sworn individuals. Each certificate bears federal excise stamps.


Arrangement

Arranged in chronological order.


Index Terms

Certificates.
Commodity-backed bonds--Georgia--Muscogee County.
Cotton trade--Confederate States of America.
Cotton trade--Georgia--Muscogee County.
Inventory loans--Georgia--Muscogee County.
Taxation of articles of consumption--United States.

Administrative Information

Preferred Citation

Muscogee County, Georgia cotton certificates. MS 3223. Hargrett Rare Book and Manuscript Library, The University of Georgia Libraries.


Series Descriptions and Folder Listing

 
Box
1Cotton certificates, 1865