Monday, September 26, 2011

September 27, 1861 (Sunday): Louisiana Pays Up

C. C. Meminger
September 27, 1861.
President of the Confederate States of America:
The returns of the war tax of the State of Louisiana have been completed for all the districts except six, and as to these six the circumstances of the country will prevent their completion for several months. An estimate has been made of the probable tax of these districts by the chief collector, and the aggregate for the whole State, including these districts, will amount to about $2,700,000, from which deduct 10 per cent., $27,000; net tax, $2,430,000; the State of Louisiana has paid into the Treasury 2,500,000; excess, $70,000. Assuming this statement to be nearly correct, the State has overpaid to this Government $70,000, and the Governor of Louisiana desires that amount to be refunded, subject to a final adjustment whenever the assessments and returns are all completed. The application is so reasonable that I beg to submit an estimate for the same, and to recommend that an appropriation be made for repaying the amount, subject to the final adjustment, as above stated.
Very respectfully, your obedient servant,

Secretary of the Treasury.

Series 4, Vol. 1, Part 1, Page 623

The amount of revenue brought into the Confederacy's coffers was only around 10%.  The main source of revenue was issuance of bonds, a small amount of foreign borrowing, and even issuance of some currency which bore interest. 

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