“The Yankees did not whip us in the field,” noted one Confederate soldier. “We were whipped in the Treasury Department”
Save time by listening to our audio articles as you multitaskIn hindsight, it is hard to imagine that the triumph of Union forces could ever have been in doubt, given the North’s advantages in population and industry. But the Confederacy did not need to win the war outright; it had only to struggle on until the people of the North grew tired enough of fighting to seek a peace.
Chief responsibility for addressing these problems fell to Salmon Chase , a prickly figure and aspirant to the presidency who served as Lincoln’s Treasury secretary. At first neither North nor South expected a long war, and Chase’s initial financial requests were a mere drop in the bucket of money that would be needed to subdue the rebellion. After he secured a loan of $50m from a bank syndicate , a banker said he hoped the sum would be sufficient to win the war.
The government’s measures did not just make the financing of the war possible; they also knitted together an ever more powerful national economy. The new currency facilitated commerce, spurring economic growth in the North which benefited the war effort.
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