Financial History 1-10: The Revenue Imperative: The Union's by Jane S Flaherty
By Jane S Flaherty
Presents a finished evaluation of the Union monetary rules in the course of the American Civil conflict. This paintings argues that the profit valuable, the necessity to maintain speed with the burgeoning bills of the clash, ruled the advance of financial coverage.
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Extra resources for Financial History 1-10: The Revenue Imperative: The Union's Financial Policies During the American Civil War
38 The United States had managed its debt well, despite early republican concerns about the perils of indebtedness. 39 Only during times of great uncertainty, such as the months before the War of 1812, did the government sell securities at interest rates higher than 8 per cent. 41 Throughout the antebellum era, investors had poured money into the United States. The reliability of the federal interest payments enticed many Europeans to invest in US securities, especially railroad bonds. After the collapse of the state bonds in the 1840s, foreigners surveyed the debt in the United States more cautiously.
36 As sectional tensions mounted, investors became increasingly cautious when loaning money to the United States government. They would not commit to long-term securities, instead opting for Treasury notes. This dependence on Treasury notes to meet ordinary government expenses began a policy of short-term borrowing that the Republican administration could not reverse at the onset of the war. 37 However, this reliance on Treasury notes began during President Buchanan’s term because the market would not support longer-term debt.
Throughout the antebellum era Massachusetts, for example, collected over half of its revenue from a 1 per cent tax on bank capital. 109 The purchase of stock or investment in bonds of corporations helped underwrite internal improvements in states. The interest from these investments provided another source of ‘tax-free’ revenue. States helped foster private initiatives. 110 Road, canal and railroad companies all received state support and in turn helped support social spending through interest and dividend payments as well as toll collections.