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This Day in Georgia Civil War History

November 18, 1863

Rare Decline in Prices Reported

The Southern Banner of Athens reported on a fall in price of blockaded goods, which they hoped was a sign that home manufactured goods were becoming successful.

Fall in Price of Blockade Goods. A correspondent at Wilmington, under date of the 11th instant, writes: “Blockade goods are tumbling down with a crash The last auction sale I attended was the 10th, when prices fell more than seventy-five per cent below those realized at the preceding one. I am not at all surprised at this seemingly extraordinary change. –There are here now no less than fifteen entire cargoes warehoused, waiting a change in the market. The result may, in a great measure, be attributed to the large stocks already in the hands of the speculators but much is also due to the success which has attended home manufactures. “A merchant tailor, whom I met at the sale, observed that it was astonishing to witness the great extent to which home made cloth had come into use in so short a time, and that almost nine out of every ten men he met wore a homespun suit. So he said it was getting to be the case with shirts and domestics. He said he intended to be very cautious in his purchases, as a panic was brewing, and he was not going to be caught among the victims.”