AUGUST 8TH, 1862: Confederate Secretary of Navy Mallory wrote Commander Bulloch in London: "I am pleased to learn that the credit of my department stands well in England, and sensible of the great importance of maintaining it, I am endeavoring to place funds to your credit, which the scarcity and very high rate of exchange render difficult.
"We have just paid 200 and 210 per cent for $80, 072.2.9, which amount is now in the hands of John Fraser & Co. of Charleston, with orders to place the same to your credit in England."
The tightening blockade constantly constricted the Southern economy.
200 and 210 per cent? Did anyone ever hear of usury laws? How do I get in on this deal! Wait, too late.
Of course, Bulloch was to use the money to buy commerce raiders.