Confederate Secretary of War Judah P. Benjamin is putting his foot down when it comes to profiteering in goods at the expense of the general public. He is focusing his attention on speculators tying up goods and selling them at a higher price, increasing the already skyrocketing inflation that is hindering our nation.
As the new economy struggles to find its footing, hindered by the new paper money and the blockade which is making trade difficult, economists in Richmond are trying to steady the financial waves enough to run the country. Secretary of the Treasury Christopher Memminger, who has a long history working with finance committees in the United States, has been trying to keep value in the Confederate dollars through bonds and tariffs, as well as gold that was confiscated from the United States Mint in New Orleans. He is in the process of issuing $15 million worth of bonds to stem the tide of inflation, and is considering issuing “fiat currency,” which is money that is valuable in essence because the government says it is valuable, which, though it might be a short term solution, will ultimately raise inflation even higher.
This depreciation of the Confederate dollar is constantly raising the price of commodities, some of them commonplace, like shoes, and some of them necessities, like food. This has attracted a breed of profiteers known as speculators, men who purchase large amounts of goods and hoard them while the prices of them raise, then sell them when their value has reached a profitable point. This practice takes advantage of the needy, makes some necessities unavailable to the public, and helps the inflation to grow even more rapidly.
Though this is a financial issue, it has caught the attention of the Secretary of War because the speculating has moved into war materials, particularly saltpeter, which is used in gunpowder. Saltpeter is mined out of the limestone caves in such places as the Arkansas Ozarks, and western Virginia, (which has recently been lost to the Yankees.) Though they are typically sold directly to the government, speculators have been purchasing the mineral and holding onto it while the price raises, then selling it either to the government, or to outside individuals, raising the price even higher when they do.
If you think this is unpatriotic, just wait to hear who else they sell it to. With the value of the US dollar holding steady, these profiteers are selling these components of gunpowder to Northerners! Even treasury agents from Washington have been reportedly seen trading with these people, often purchasing cotton, which has raised in value more than tenfold in cities such as New York.
It is a profitable business, but one that is unpatriotic, and even treasonous. An unidentified Georgia man recently wrote that lying, swindling, and speculation are the only happenings in his part of the Confederacy. He ended by saying, “There is a heap of Yankees here as well as in the North.”
Secretary of War Benjamin has stepped in by issuing a ruling that lists severe penalties for speculating in commodities that are in short supply, especially in military necessities, such as saltpeter.
As he looks to punish those who are hurting the economy, he is also appealing to the patriotism of the men in the armed forces at the same time, calling in the same declaration for those out of the military service to join, and those in the military service to stay in, despite their one year enlistments ending soon. This country is finding itself in the same situation the North was in during the middle of last year after the Battle of Manassas when most of their men’s 90 day enlistments were ending.
It is tempting to leave the service, however, when they are being paid small amounts in almost worthless currency, while working against the country’s best interest brings in a lot of profit.


