entures were content with profit of one, or two hundred per
cent.; calculating thus for a ship and cargo, occasionally captured.
But as such risk increased and Confederate money depreciated,
percentage on blockade ventures ran up in compound ratio; and it became
no unusual thing for a successful investment to realize from fifteen
hundred to two thousand per cent. on its first cost.

Still, even this profit as against the average of loss--perhaps two
cargoes out of five--together with the uncertain value of paper money,
left the trade hazardous. Only great capital, ready to renew promptly
every loss, could supply the demand--heretofore shown to have grown
morbid, under lost faith in governmental credit. Hence sprung the great
blockade-breaking corporations, like the Bee Company, Collie & Co., or
Fraser, Trenholm & Co. With capital and credit unlimited; with branches
at every point of purchase, reshipment and entry; with constantly
growing orders from the departments--these giant concerns could control
the market and make their own terms.

Their growing power soon became quasi dictation to Government itself;
the national power was filtered through these alien arteries; and the
South became the victim--its Treasury the mere catspaw--of the selfsame
system, which clear sight and medium ability could so easily have
averted from the beginning!

Even when pressure for supplies was most dire and Government had become
almost wholly dependent for them upon the monopoly octopus--it would
not move. Deaf to urgent appeals of its trusted officers, to establish
a system of light, swift blockade-runners, the Department admitted
their practical necessity, by entering into a limited partnership with
a blockade-breaking firm. And, it must go without saying that the
bargain driven was like the boy's: "You and I will each take half and
the rest we'll give to Anne!"

As noted, in considering finance, the mania for exchanging paper money
for something that could be enjoyed, grew apace as the war progressed.
Fancy articles for dress, table luxuries and frippery of all sorts came
now into great demand. Their importation increased to such bulk as, at
last, to exclude the more necessary parts of most cargoes; and not less
to threaten complete demoralization of such minority as made any money.
It may seem a grim joke;--the starving, tattered--moribund Confederacy
passing sumptuary laws, as had Venice in her recklessness of riches!
But, in 1864