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American Civil War
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Alumno: Ocampo Ibarra Pablo Emmanuel
Civil
War
Econo
my of
the
Union
The Union economy grew and prospered during the war while fielding a
very large army and navy. The Republicans in Washington had a Whiggish
vision of an industrial nation, with great cities, efficient factories,
productive farms, all national banks, all knit together by a modern
railroad system. The South had resisted policies such as tariffs to
promote industry and homestead laws to promote farming because
slavery would not benefit. With the South gone and Northern Democrats
very weak in Congress, the Republicans enacted their legislation. At the
same time they passed new taxes to pay for part of the war and issued
large amounts of bonds to pay for the most of the rest. Economic
historians attribute the remainder of the cost of the war to inflation.
Congress wrote an elaborate program of economic modernization that
had the dual purpose of winning the war and permanently transforming
the economy. (Bestor 1964, p. 24-25.) (Gara, 1964, p. 190)
The United States needed $3.1 billion to pay for the immense armies and
fleets raised to fight the Civil War over $400 million just in 1862 alone.
Apart from tariffs, the largest revenue by far came from new excise taxes
a sort of value added taxthat was imposed on every sort of
manufactured item. Second came much higher tariffs, through several
Morrill tariff laws. Third came the nation's first income tax; only the
wealthy paid and it was repealed at war's end. (Avery Craven, The
Growth of Southern Nationalism, 18481861 (1953))
The Treasury started buying cotton during the war, for shipment to
Europe and northern mills. The sellers were Southern planters who
needed the cash, regardless of their patriotism. The Northern buyers
could make heavy profits, which annoyed soldiers like Ulysses Grant. He
blamed Jewish traders and expelled them from his lines in 1862 but
Lincoln quickly overruled this show of anti-semitism. Critics said the
cotton trade helped the South, prolonged the war and fostered
corruption. Lincoln decided to continue the trade for fear that Britain
might intervene if its textile manufacturers were denied raw material.
(McPherson 1988, pp. 234266.)
Secretary Chase, though a long-time free-trader, worked with Morrill to
pass a second tariff bill in summer 1861, raising rates another 10 points
in order to generate more revenues. These subsequent bills were
primarily revenue driven to meet the war's needs, though they enjoyed
the support of protectionists such as Carey, who again assisted Morrill in
the bill's drafting. The Morrill Tariff of 1861 was designed to raise
Econo
my of
the
Confe
derat
e
State
s
Across the South there were widespread rumors to the effect that the
slaves might engage in some sort of insurrection. Patrols were stepped up.
The slaves did become increasingly independent, and resistant to
punishment, but historians agree the threat never materialized. However, in
the invaded areas, insubordination was more the norm than loyalty to the
old master; Bell Wiley says, "It was not disloyalty, but the lure of freedom."
According to Wiley, many slaves became spies for the North, and large
numbers ran away to federal lines. Lincoln's Emancipation Proclamation was
an executive order of the U.S. government on January 1, 1863 changing the
legal status of 3 million slaves in designated areas of the Confederacy from
"slave" to "free." (Bell Irvin Wiley, Southern Negroes, 1861-1865 (1938) pp
21, 66-69)
Most whites were subsistence farmers who traded their surpluses locally.
The plantations of the South, with white ownership and an enslaved labor
force, produced substantial wealth from cash crops. It supplied two-thirds of
the world's cotton, which was in high demand for textiles, along with
tobacco, sugar, and naval stores (such as turpentine). These raw materials
were exported to factories in Europe and the Northeast. Planters reinvested
their profits in more slaves and fresh land, for cotton and tobacco depleted
the soil. There was little manufacturing or mining; shipping was controlled
by outsiders. (William L. Barney (2011). The Oxford Encyclopedia of the Civil
War. Oxford Up. p. 291.)
The plantations that exploited over three million black slaves were the
principal source of wealth. Most were concentrated in "black belt" plantation
areas (because few white families in the poor regions owned slaves.) For
decades there had been widespread fear of slave revolts. During the war
extra men were assigned to "home guard" patrol duty and governors sought
to keep militia units at home for protection. Historian William Barney
reports, "no major slave revolts erupted during the Civil War." Nevertheless,
slaves took the opportunity to enlarge their sphere of independence, and
when union forces were nearby, many ran off to join them. ( Leslie
Alexander (2010). Encyclopedia of African American History. ABC-CLIO.
p. 351. )
Eman
cipati
on
Decla
ration