By Hans Kuenzi
The Cleveland Civil War Roundtable
Copyright © 2008, All Rights Reserved
In late May 1861, Jefferson Davis, the former Mississippi Senator and the reluctant president of the seceding Confederate States of America, moved the capital of the CSA from Montgomery, Alabama to Richmond, Virginia to boost the morale of the Confederate troops and weld Virginia to the Confederacy. Had he known that in April of 1865 he, his cabinet and about $700,000 in gold and specie would have to evacuate Richmond to avoid capture during the waning days of the Civil War, he might have elected to remain in Montgomery. (Note: ‘specie’ describes money in the form of coins, usually gold or silver, as opposed to paper money. Also called hard currency. Since the gold standard was abolished in the 1930s, gold coins, aside from their higher intrinsic value and demand as collectibles, no longer have any special worth as a standard of value in world trade. Dictionary of Banking Terms.)
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