Gold is the second best currency by Madame DeFarge for The Burning Platform
Our own national experience with hyper-inflation is largely forgotten but it bears remembrance with our current financial situation looming down the road. Fiat currency is a disaster waiting to happen.
In 1860 the wealthiest people in the world lived in the South. Cotton was at all time highs and the coastal rice plantations of South Carolina and Georgia were shipping their product to China. We were financially stable with a gold standard and our agriculture production.
The reason we never hear about this is of course slavery. The college seminaries of New England that espouse their moral superiority can trace their endowments directly to the finances of the slave trade, all the while trying to ignore their own involvement.
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The Civil War was fought over money as are all wars. The tariffs were the main source of income for the government. Since the South paid the countries’ bills through the tariff to support nascent northern industry, freeing slaves would mean financial disaster for the South as well as requiring a redesign of our national finances. When secession arrived, even the city of New York initially wanted to secede with the South because of the volume of their investments in slaves and plantations.
The Rothschild Bank in England was also an early financial supporter of the Confederacy. They always fund both sides of a war to be sure to be allowed back in with at least one side after peace arrives. The gold borrowed by the South was rapidly used both in the North and England to purchase supplies needed for the army. Little was left as a medium of exchange for the citizens. This rapidly led to the printing of Confederate paper dollars and bonds to support the country. These dollars were total fiat currency. As things went downhill on the military fronts, hyper-inflation took hold and everyone using this paper currency was wiped out.
Gold became the only acceptable form of payment for both governments. Ironically the US paper greenback was issued at this time as well and inflation surged in the North. Bonds were also issued by the US government and purchased by the NY and London bankers which provided the financial basis for winning the struggle.