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Citing the success of war bonds in raising revenue during the War of 1812, Chase consulted Philadelphia banker Jay Cooke to administer the sale of war bonds to citizens in the Union. Cooke employed a sophisticated propaganda campaign to market bonds to the middle classes as well as to the upper classes. He was able to persuade almost one ...
In contrast, the price of the Dutch-issued high risk loans fell throughout the war, and the South selectively defaulted on servicing these obligations. [3] In France vigorous fund raising yielded £3 million (about $14.5m in US dollars) from the 1862 bond sale to the Erlanger bank in Paris. It was not repeated. [9]
Jay Cooke (August 10, 1821 – February 16, 1905) was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States.
The name of the bonds was eventually changed to War Bonds after the Japanese attack on Pearl Harbor on 7 December 1941, which resulted in the United States entering the war. The War Finance Committee was placed in charge of supervising the sale of all bonds, and the War Advertising Council promoted
After the war, Cooke & Company continued to fund its investments through the sale of US treasuries. After the Black Friday scare, however, it became apparent that Cooke & Company would have to find other sources of capital. The firm turned to investing in railroads. In 1870, the Northern Pacific Railroad made Cooke & Company its exclusive bond ...
The economic history of the American Civil War concerns the financing of the Union and Confederate war efforts from 1861 to 1865, and the economic impact of the war. The Union economy grew and prospered during the war while fielding a very large Union Army and Union Navy . [ 1 ]
Federal finances had not yet recovered from the Panic of 1857 when the election of President Lincoln in 1860 made it even more difficult for the federal government to raise money in the bond market due to the increased threat of Southern secession and a possible war. At the outbreak of the Civil War the Union was depending upon hand-to-mouth ...
The Public Credit Act of 1869 in the USA states that bondholders who purchased bonds to help finance the Civil War (1861 – 1865) would be paid back in gold. The act was signed on March 18, 1869, and was mainly supported by the Republican Party, notably Senator John Sherman.