Chapter 20 Girding for War: The North and the South I. The Menace of Secession

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XI. The Economic Stresses of War

  1. The North passed the Morrill Tariff Act, increasing tariff rates by about 5 to 10%, but war soon drove those rates even higher.

  2. The Washington Treasury also issued greenback paper money totaling
    nearly $450 million, but this money was very unstable and sank to as
    low as 39 cents per gold dollar.

  3. The federal Treasury also netted $2.6 billion in the sale of bonds.

  4. The National Banking System was a landmark of the war, created to
    establish a standard bank-note currency, and banks that joined the
    National Banking System could buy government bonds and issue sound
    paper money.

    • The National Banking Act was the first step toward a unified
      national banking network since 1836, when the Bank of the United States
      was killed by Andrew Jackson.

  5. In the South, runaway inflation plagued the Confederates, and
    overall, in the South inflation went up to 9000%, as opposed to
    “just” 80% in the North.

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