Six thousand years of history . Confederatearms, and after the war it became, along with the bonds,entirely worthless. Many of these bonds were heldabroad. In fairness it can be said that the finances ofthe Confederacy were never well handled, even consider-ing all the difficulties involved. The Federal Government was more fortunate. Aftera short period of gloom and despair the Northern peo-ple resolved to stick together. A meeting of the leadingbankers was held and money was furnished for a timealmost as called for. The Treasury also issued interestbearing notes for small denominations, but e
Six thousand years of history . Confederatearms, and after the war it became, along with the bonds,entirely worthless. Many of these bonds were heldabroad. In fairness it can be said that the finances ofthe Confederacy were never well handled, even consider-ing all the difficulties involved. The Federal Government was more fortunate. Aftera short period of gloom and despair the Northern peo-ple resolved to stick together. A meeting of the leadingbankers was held and money was furnished for a timealmost as called for. The Treasury also issued interestbearing notes for small denominations, but even thesewere not sufficient for the strain. When it was foundthat there was to be a long and bloody war, entirelyoriginal measures were taken. The National BankingSystem, substantially as it now is, was established. Thishad the two-fold effect of marketing bonds and provid-ing currency for the needs of the people. Income andinternal revenue taxes were laid on many payments were suspended, but no great disaster. COST OF THE WAR 373 came. Finally, non-interest bearing Treasury notes tothe amount of nearly $450,000,000 were issued to paywar expenses. These were never on a par with gold,falling to about 40 per cent at one time, but fluctuatingaccording to the success of the Federal arms. After thewar they rose in value rapidly, but did not reach par until1878. During the most trying part of the war was at the head of the Treasury, but, on the deathof Chief Justice Taney, succeeded him and Hugh Mc-Cullough became Secretary. During the war most ofthe bonds were sold through the agency of Jay Cooke,of Philadelphia—the fourth man from that city to financeour Government in a war. By August, 1865, theNational debt, which was only about $80,000,000 ini860, had reached $2,845,000,000. About $800,000,000was raised during the war by customs duties, internal revenue, and direct taxes. Vol. 3 —18 FIFTH PERIOD FROM THE END OF THE CIVIL WAR TO THE WAR WITH SPAIN The
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