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In 1865, the annual inflation in the South had reached 9000%. The Confederates unending quest for liquid capital had ended in economic disaster.
The South's lack of liquid capital or inability to raise money, was not its biggest economic problem. The South's lack of gold to give an intrinsic value to its currency was probably its biggest problem...
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Instead of using gold to determine the money's value, the value was gauged on the public's belief of their winning the war. In times of military success, the currency would have a greater value than in those of defeat. The lack of a stable currency added to the difficulties faced by the Confederacy when they tried to raise money through bonds, because if the money was valueless than how would interest on near valueless currency help the investor? The South only managed to raise 2% of total capital through bonds or taxes, compared with the North, which raised most of its capital that way (Steele, 22-27)...
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