"This is WXCH Chicago and you are on the air" says the sultry voice of Alice Johnson .A rough voice says "I am sick of all these Confederates coming up here and dragging down American wages. They do little more than get drunk on moonshine, sleep until noon and collect welfare checks while decent American taxpayers have to work for a living." Radio broadcast Nov 4, 2010
The CSA economy was in terrible shape after the War of Southern Independence being hip deep in debt at all levels with ruined infrastructure and a need for a large army both to keep an eye on the USA and to recapture escaped slaves. The Beauregard Administration had its hands full from the beginning of its term having to deal with a broke treasury , a very hostile US to the north and west and pariah status abroad. Although he certainly worked hard at it he was always a step behind.
The UK blockade and plantation raids after the CSA default on its debt didn't help. A deal was finally negotiated, after the British government was finally convinced that there was no way that the CSA could possibly pay back all its debt quickly, that for a 2% point increase in the interest rate all CSA debt would be extended 30 years.
To be fair it made a number of reforms. The price controls on rail shipping, various food items and salt were slowly lifted. This didn't save the railroads from bankruptcy but at least it made the new railroads worth something when they bought the tracks. He also pushed through an amendment to allow direct taxation so that the CSA could have some revenue as virtually all its tarrif revenue was being used to pay back the loans.
A History of the Confederacy John C. Washburn University of Virginia Press 1994
The CSA economy was in terrible shape after the War of Southern Independence being hip deep in debt at all levels with ruined infrastructure and a need for a large army both to keep an eye on the USA and to recapture escaped slaves. The Beauregard Administration had its hands full from the beginning of its term having to deal with a broke treasury , a very hostile US to the north and west and pariah status abroad. Although he certainly worked hard at it he was always a step behind.
The UK blockade and plantation raids after the CSA default on its debt didn't help. A deal was finally negotiated, after the British government was finally convinced that there was no way that the CSA could possibly pay back all its debt quickly, that for a 2% point increase in the interest rate all CSA debt would be extended 30 years.
To be fair it made a number of reforms. The price controls on rail shipping, various food items and salt were slowly lifted. This didn't save the railroads from bankruptcy but at least it made the new railroads worth something when they bought the tracks. He also pushed through an amendment to allow direct taxation so that the CSA could have some revenue as virtually all its tarrif revenue was being used to pay back the loans.
A History of the Confederacy John C. Washburn University of Virginia Press 1994
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