President of the Confederate States of America advice and consent of the senate. He was further empowered to grant reprieves and pardons, and convene and adjourn either or both houses of Congress under extraordinary circumstances. The president was indirectly elected by the people through the Electoral College to a six-year term, and was one of only two nationally elected Confederate officers, the other being the Vice President. On February 18, 1861, Jefferson Davis became president of the provisional government. On February 22, 1862, he became president of the permanent government and served in that capacity until being captured by elements of the United States Cavalry in 1865.
Economy of the Confederate States of America issuing a million dollars in notes in February 1861, and added to this amount during each subsequent session of the legislature. The other states followed suit. Cities also sought to replenish their treasuries in the same way. Corporations and other business concerns tried to meet the rising tide of prices with the issue of their individual promissory notes intended to circulate from hand to hand. As a result of this redundancy of the currency, its value collapsed. Gold was quoted at a premium in Confederate notes in April 1861. By the end of that year, a paper dollar was quoted