Confederate States presidential election 1861, Jefferson Davis was elected Provisional President and Alexander H. Stephens was elected Provisional Vice President. Stephens took office on February 11 and Davis took office on February 18, 1861. On March 11, 1861, a permanent Constitution was adopted. Article II Section 1(1) reads: ""The executive power shall be vested in a President of the Confederate States of America. He and the Vice President shall hold their offices for the term of six years; but the President shall not be re-eligible."" Article II Section 1(7) of the Confederate Constitution provides citizenship to people "born in the United States prior to
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