Sunday, Nov. 02, 2008
Confederate Relic Room: Long-lost papers shine a light on Confederacy’s financial crisis
By OTIS R. TAYLOR JR. - email@example.com
On the verge of crisis 145 years ago, the Confederate States of America sought an economic rescue not unlike the one U.S. financial institutions recently got.
Confederate accounts were overdrawn, and credit from overseas investment firms was about to dry up because lenders weren’t confident the Southern states could repay their mounting debts.
So, in 1863, Alabama businessman Colin J. McRae was sent to Europe to orchestrate a bailout of the Confederacy.