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Use of Interest-Bearing Currency in the Civil War: The Experience below the Mason-Dixon Line

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  • Makinen, Gail E
  • Woodward, G Thomas

Abstract

This paper examines the case of interest-bearing notes in the Confederate States of America which were not legal tender but which were said to circulate. Like other known episodes, the Confederate experiment does not support the legal restrictions theory of the demand for money. There is no evidence that these instruments circulated readily and some evidence that their limited circulation fell short of that of competing noninterest-bearing notes--characteristics inconsistent with legal restrictions theory. The episode displays other characteristics inconsistent with or not encompassed by the major competing explanations of why interest-bearing notes do not circulate.

Suggested Citation

  • Makinen, Gail E & Woodward, G Thomas, 1999. "Use of Interest-Bearing Currency in the Civil War: The Experience below the Mason-Dixon Line," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 121-129, February.
    • Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:121-29
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    Cited by:

    1. Gary Pecquet & George Davis & Bryce Kanago, 2004. "The Emancipation Proclamation, Confederate Expectations, and the Price of Southern Bank Notes," Southern Economic Journal, John Wiley & Sons, vol. 70(3), pages 616-630, January.
    2. Malcolm Anderson, 2000. "Accounting History Publications 1999," Accounting History Review, Taylor & Francis Journals, vol. 10(3), pages 385-393.
    3. Richard C. K. Burdekin & Marc D. Weidenmier, 2008. "Can Interest-Bearing Money Circulate? A Small-Denomination Arkansan Experiment, 1861-63," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(1), pages 233-241, February.

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