As March 1863 closed the Confederacy still actively resisted the North. Confederate forces had a resilient winter and had absolute faith in their military leaders. In some areas there was discontentment with the Davis government, but in general the Southern attitude remained defiant and independent.
The Erlanger loan buttressed the will of the entire Confederate nation, even if only for a brief period of time. Yet vital events would soon occur along the Rappahannock near Fredericksburg and on the Mississippi at Vicksburg as both Union and Confederate forces sought the strategic advantage.
In truth, the war was yet to be decided after so many months of conflict, and no one either in the North or South truly knew which side would prevail in America’s most destructive conflict.