he tone, everywhere out of trade. A vague
feeling of insecurity about the power of the Government to check the
onward flood of issue prevailed in all classes. This produced a
reckless expenditure for anything tangible and portable. And at last
the colonel's prediction was verified; for money touched the two
hundred per cent., and went up--up--by the one hundred; until in a time
incredibly short--and with such a suddenness that people had no time to
be surprised--the Confederate treasury note stood still for a moment,
worth _twenty to one_ for _gold_!

This may be accounted for, in small part, by the scarcity of supplies
and the increasing efficiency of the blockade. But it must be
remembered that the value of gold remained a constant quantity and the
gold dollar in Richmond, note-flooded and blockade-bound, _bought
more_ of almost any article than it ever had before.

With a string of active vessels watching every port and cove, to snap
up the daring ventures between the island ports and the coast; with a
powerful enemy thundering at every point of entrance to southern
territory, still the fortunate man who had gold, or who could draw upon
Europe, or the North, actually lived much cheaper than in any place
beyond the lines! Singular as this statement may appear, it is actual
fact. At this moment--before the depreciation of currency became such
as to give it no value whatever--board at the best hotels in Richmond
was $20 per day--equivalent to $1 in gold, while it was $3 in New York,
or Washington; a suit of clothes could be had for $600 or $30 in gold,
while in New York it cost from $60 to $80; the best whisky was $25 per
gallon--$1.25 in gold, while in the North it was more than double.

Rapidly gold rose in the market, and in the absence of stocks became
the only vehicle for financial gambling. From time to time, as a
brilliant success would grace Confederate arms, the fall of Treasury
credit would be checked. But it was only for the moment--and it went
down steadily, rapidly, fatally. And as steadily, as rapidly and as
fatally did the Treasury shuttles fly; spinning out the notes, like a
whirlwind in autumn. And tighter grew the blockade, and fewer the means
of supply. Stocks on hand were long since gone; little came to replace
them, and the rich were driven to great straits to live, while the poor
almost starved.

Away from the army lines and great centers of cities, the suffering was
dreadful; impressments stri