Financing the War (12 abr 1861 año – 9 abr 1865 año)

Descripción:

Union:
Paper money: greenbacks instead of specie circular
Government bonds: people lend & to gvt., get paid back w/ interest (#1 way they made money)
Samuel Chase (head of treasury): first income tax (only during the war)
High excise taxes & tariffs
Better economically than South
North has always been better at banking (BUS)
James K Polk had created an independent treasury

South:
Print “Confederate Dollars”
Paper money
MAJOR inflation– $750 for 4 pounds of coffee in modern money

Añadido al timeline:

fecha: