nov 1, 1861 - Financing the War; Greenbacks
Description:
) The Union borrowed 2.6 billion dollars through the sale of government bonds and the amount was not enough, so congress raised taxes. They instituted income tax and added excise taxes. The US Treasury issued paper currency known as Green Backs. It could not be redeemed in gold and it caused inflation. Prices in the North rose to 80 percent and Congress created a National Banking system.Added to timeline:
Date:
nov 1, 1861
Now
~ 164 years ago