Funding the American Civil War-1861: A Revolution in Government Finance

Historical Spotlight examines the revolutionary financial methods employed by the Federal government to fund the Union army during the American Civil War in 1861. We explore how a new monetary system was created, and the implications of borrowing, taxation, and money printing. Historical Topics Covered: Morrill Tariff 1861 Salmon P. Chase, Secretary of the Treasury Confederate Attack on Fort Sumter The National Debt War Financing National Loan 1861 Demand Notes History of Paper Money in the U.S. Article 1, Sections 8 and 10 of Constitution U.S. Treasury Notes Battle of Bull Run Indirect Taxes 1861 National Land Tax Bill Revenue Act of 1861 The Income Tax The Trent Affair 1861