Home school of American history; embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . siderable opposition to the measure. Thelaw gave any person owing a debt, no matter if contracted in gold and silver, theright to pay the same with greenbacks. Since it is impossible to regulate thevalue of money except by the law of supply and demand, the bills, as comjjaredwith gold, depreciated a good deal in value. The act of February 25, 1862, authorized the issue of $150,000,000, andfurther issues were made on June 11,
Home school of American history; embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . siderable opposition to the measure. Thelaw gave any person owing a debt, no matter if contracted in gold and silver, theright to pay the same with greenbacks. Since it is impossible to regulate thevalue of money except by the law of supply and demand, the bills, as comjjaredwith gold, depreciated a good deal in value. The act of February 25, 1862, authorized the issue of $150,000,000, andfurther issues were made on June 11, 1862, and March 3, 1863. The depre-ciation of greenbacks was such that the price of gold averaged through-out 1864, and at one time reached In other words, a greenback dollar wasworth only thirty-five cents. Another method of raising money was throughthe sale of bonds, of which many millions were issued. To encourage theirsale, the National Banking System was established in 1863. This required allbanks that issued currency to deposit a slightly larger amount of bonds inWashington. Thus the banks were compelled to help the government byloanius; it CHAPTER XVII. ADMINISTRATION OK LINCOLN (CONTINUED), I86I-IS60. WAR KOR THE UNION (CONTINUED), 1863. The Military Situation in the West—Siege and Capture of Vicksburg—The Mississippi Opened—Battle ofChickamauga—The Rock of Chickamauga —The Battle Above the Clouds—Siege of Knoxville—General Hooker Appointed to the Command of the Army of the Potomac—His Plan of CampaignAgainst Richmond—Stonewall Jacksons Stampede of the Eleventh Corps—(Jritical Situation of theUnion Army—Death of Jackson—Battle of Chancellorsville—Defeat of Hooker—The Second Con-federate Invasion—Battle of Gettysburg—The Decisive Struggle of the War—Lees Retreat—Sub-sequent Movements of Lee and Meade—Confederate Privateering—Destruction of the Naxlu-ll/f—Failure of the Attacks on Charleston—The Military Raids
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