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No Southern Terms of Reunion

Unofficial peace overtures of mid-1864 coming through leading citizens of the North to Confederate commissioners in Toronto and Niagara Falls led to much speculation, but all saw that the obstacle to peace was in Lincoln himself. Lincoln would not agree to self-government for the South and continued his war to crush independence for his fellow Americans.  Below, Confederate Commissioner Clement C. Clay reports to Secretary of State Judah P. Benjamin.

Bernhard Thuersam, www.Circa1865.com

 

No Southern Terms of Reunion

“We never proposed, suggested or intimated any terms of peace, to any person, that did not embrace the independence of the Confederate States. We have not dispelled the fond delusion of most of those with whom we have conversed, that some kind of common government might at some time hereafter be re-established. But we have not induced or encouraged this idea.

On the contrary, when obliged to answer the question – “Will the Southern States consent to reunion?” – I have answered:

“Not now.  You have shed so much of their best blood, have desolated so many homes, inflicted so much injury, caused so much physical and mental agony, and have threatened and attempted such irreparable wrongs, without justification or excuse, as they believe, that they would now prefer extermination to your embraces as friends and fellow citizens of the same government.

You must wait till the blood of our slaughtered people has exhaled from the soil, till the homes which you have destroyed have been rebuilt, till our badges of mourning have been laid aside, and the memorials of our wrongs are no longer visible on every hand, before you propose to rebuild a joint and common government.”

If we can credit the assertions of both peace and war Democrats, uttered to us in person or through the presses of the United States, our correspondence with Mr. [Horace] Greeley has been promotive of our wishes. It has impressed all but fanatical Abolitionists with the opinion that there can be no peace while Mr. Lincoln presides at the head of the Government of the United States.

All concede that we will not accept his terms . . . They see that he can reach peace only through the subjugation of the South . . . through the seas of their own blood as well as ours; through anarchy and moral chaos – all of which is more repulsive and intolerable than even the separation and independence of the South. “

(Correspondence of Confederate State Department, Hon. C.C. Clay, Jr. to Hon. J.P. Benjamin, August 11, 1864; Southern Historical Society Papers, Volume VII, Broadfoot Publishing, 1990, excerpt, pp. 335-336)

Power, Plunder and Extended Rule

Lincoln’s continued military defeats caused Radical Republicans to oppose his reelection, until Gen. George B. McClellan became the Democratic presidential nominee in 1864. As Charles Sumner put it privately, “Lincoln’s reelection would be a disaster, but McClellan’s damnation.” After winning their war against the South, Republicans extended their rule over the new empire beyond the turn of the century, except for the two terms of Democrat Grover Cleveland. For further reading on Lincoln’s opponents within his party see: Ward Hill Lamon’s “Recollections of Abraham Lincoln, 1847-1865,” published in 1895.

Bernhard Thuersam, www.Circa1865.com

 

Power, Plunder and Extended Rule

“Surgeon [Francis Marion] Robertson equates the Union logic of war with that which was being espoused by a set of Union opponents of President Abraham Lincoln’s conduct of the war.

Following the long series of Federal military disasters leading up to and including their defeats in the battles of Fredericksburg and Chancellorsville in 1863, there arose a movement within the Army and Federal Congress that reached a fever pitch in its call to displace President Lincoln, in effect, by the appointment of a dictator to direct the war effort.

Members of Congress called for appointing a vigilant “committee on the conduct of the war” to watch and supervise Lincoln’s movements and decisions. Supporters of this cabal included (a), political activists who sought increased military victories and preservation of their personal and party power, (b), commercial zealots who desired spoliation and plunder of the South, and (c), religious abolitionists whose sympathy for the slave had degenerated into envenomed hostility toward his owner.

These aggressive enemies of Lincoln in the North and within his own party summed up the logic of war in the comprehensive formula, “Power, plunder and extended rule.”

This phrase summarized the vindictive motivation that the seceding Southerners both expected and feared from the Union, if they should lose the war. The collection of attitudes has later been described by historians as the Radical Republican philosophies.

So Lincoln, faced with fire in both his front and rear, finally concluded that he must assert himself. Lincoln exclaimed, “This state of things shall continue no longer. I will show them at the other end of the Avenue whether I am President or not!” From soon after this moment, “his opponents and would-be masters were now, for the most part, silenced; but they hated him all the more cordially.”

In the end, after the Southern surrender and Lincoln’s assassination, the worst apprehensions of white Southerners about “power, plunder and extended rule” at the hands of the Republican North and the carpetbaggers would largely come true.”

(Resisting Sherman, A Confederate Surgeon’s Journal and the Civil War in the Carolinas, 1865, Thomas Heard Robertson, Jr., editor, Savas-Beatie, 2015, pg. 64)

A Conquered and Foreign People

Most, if not all, foreign observers recognized the fiction that the Union was saved by Lincoln. Americans in the South were put under military rule and the Republican Party moved quickly to enlist and manipulate the freedmen vote to attain political dominance and ensure the election of Grant in 1868 – lest their military victory be lost with the election of New York Democrat Horatio Seymour.  Grant won a narrow victory over Seymour, by a mere 300,000 votes of the 500,000 newly enfranchised freedmen.

Bernhard Thuersam, www.Circa1865.com

 

A Conquered and Foreign People

“Not everything was settled on the day the Federal flag was raised once again over the capitol building in Richmond. The nation had to go forward resolutely to complete the revolution begun by the Civil War . . . It was needful not only to impose obedience on the conquered inhabitants but also to raise them up again after having subjugated them, to bring them back into the bosom of the Union; to rebuild the devastated countryside and enlist the people’s sincere acceptance of the great reform about to be inaugurated.

They must be made to feel the firm hand of a determined government that would not, however, be a threat to their liberties. Armed repression must give way to politics . . .

[In dealing with the Southern States, they] might be considered conquered territory and be told that when they left the Union they gave up all their rights under the Federal Constitution that they had ceased to be sovereign States.

In that case they must be treated as a conquered foreign people; their State and local governments must be destroyed or allowed to collapse and then reorganized as territories . . . Then someday, when the memory of the Civil War had been completely erased, they would be readmitted to the Union.

This procedure, the Radicals argued, would be merely the literal application of the United States Constitution, the sole method of ensuring respect for national authority. It would be the only way to restore the former Union on a solid foundation, having levelled the ground beforehand by stamping out all tendencies to rebellion . . .

It would be a good thing for the Southern States to be subjected for a time to the rigors of military rule and arbitrary power, or at least for them to be kept for a number of years under the guardianship of Congress, that is to say, under the domination of the North.

Their delegates might come, like those from the territories, and present their grievances or defend their interests; but they would only have a consultative voice in Congress and would have no share in the government. Great care must be taken not to give back to the South the preponderant influence it had exercised for so long.

The rebellion is not yet dead, the Radical orators declared; it has only been knocked down and it may get back on its feet if we are not vigilant. Never has the Union been in such danger as in this moment of victory when peace seems to prevail, but when the future depends on the decisions the people and the government now adopt.

If the [Democratic Party] is once again allowed to reorganize, if the Southerners renew their alliance with the Northern Democrats, it will be all up for national greatness and liberty. The same arrogant claims and the same quarrels will reappear . . . all this will someday or another lead to another civil war which will encompass the total destruction of America.”

(A Frenchman in Lincoln’s America, 1864-1865, Ernest Duvergier de Hauranne, Volume II, R.R. Donnelley & Sons Company, 1975 (original 1866), pp. 543-545

 

Jan 25, 2017 - America Transformed, Lincoln Revealed, Myth of Saving the Union, Northern Resistance to Lincoln, Republican Party Jacobins    Comments Off on McClellan’s Men to March on Washington

McClellan’s Men to March on Washington

Only five years after fielding its first presidential candidate, the purely-sectional Republican Party of Lincoln had driven South Carolina and other Southern States from the Union. The following year Lincoln’s army was in near-revolt — below, after Lincoln removed McClellan from command due to Radical Republican pressure, the soldiers in blue were ready to march on Washington.

Bernhard Thuersam, www.circa1865.com

 

McClellan’s Men to March on Washington

“On November 10 [1862], a part of the Army of the Potomac was drawn up in long lines of review along the Warrenton-Alexandria road. The parting scene made a lasting impression on many men in blue. An officer . . . wrote home one of the best accounts of the dramatic moment, mentioning the distinct threat of an uprising by the army against the government:

“As General McClellan passed along its front, whole regiments broke and flocked around him, and with tears and entreaties besought him not to leave them, but to say the word and they would settle matters in Washington.

Indeed, it was thought at one time there would be a mutiny, but by a word he calmed the tumult and ordered the men back to their colors and their duty. [A General], who was riding near McClellan, [said] to another mounted officer close by that he wished to God McClellan would put himself at the head of the army and throw the infernal scoundrels at Washington into the Potomac. What do you think of such a man? He had it in his power to be a dictator – anything he chose to name – if he would but say the word . . .”

This little-known account gives an indication of the very real danger of a military revolt against the government in Washington. The army was beside itself with anger at the administration. A few days after [Sharpsburg], at McClellan’s headquarters, during a council of war of the top generals, no less prominent a civilian than John W. Garrett, President of the Baltimore and Ohio Railroad, had suggested using the Army of the Potomac to coerce the administration by force into adopting whatever policies the generals desired.

McClellan himself describes the threatening situation in a moderate way: “The order depriving me of command created an immense deal of deep feeling in the army – so much so that many were in favor of my refusing to obey the order, and of marching upon Washington to take possession of the government.”

(General George B. McClellan, Shield of the Union, LSU Press, 1957, excerpts, pp. 327-329)

Sherman’s New Notion of Total War

There is little question that Sherman operated against American civilians in the South with the full approval of Lincoln and Grant, who must also share the responsibility for visiting total war upon defenseless men, women and children. This executive approval of war against civilians was not lost on the young Spanish attache to the Northern army, Valeriano Weyler, who became known in mid-1890s Cuba as General “Butcher” Weyler. To discourage Cuban freedom fighters, Weyler herded their women and children into concentration camps after burning their homes.

Bernhard Thuersam, www.Circa1865.com

 

Sherman’s New Notion of Total War

“Major-General [Henry W.] Halleck, Sherman’s overall commander-in-chief, was an accepted authority of his day on the rules governing the intercourse of nations and the laws of war. Sherman had attended West Point with Halleck, and certainly curiosity if not actual interest on the subject would have prompted him to look into Halleck’s “International Law.”

It was said of Sherman that he was in the habit of “starting new notions constantly in his own brain, and following them up, no matter how far or whither they led.” On October 4 [1862] he reported to General Grant that two more steamboats had been fired upon – the attacks being described by Sherman as wanton and cruel – and he informed Grant of the new notion that had occurred to him:

“I caused Randolph [Mississippi] to be destroyed, and have given notice that a repetition will justify measures of retaliation, such as loading boats with their captive guerillas as targets (I always have a lot on hand), and expelling families from the comforts of Memphis, whose husbands and brothers go to make up the guerillas. I will watch Randolph closely, and if anything occurs there again I will send a brigade by land back of Randolph and clean out the country.”

From this modest beginning – the experiments to discover the effectiveness of the practical application of his concepts of total war – the destruction of property, the holding of hostages and now the improper exposure of prisoners to the fire of their own forces, would not be enlarged on in the weeks ahead and their effects carefully noted.

Whether Sherman himself ever entertained any doubts or hesitations as to the course to which he had committed himself cannot be stated accurately, but it is noteworthy that during this period no mention is made in his correspondence of the rules of war, nor does he suggest that his actions were not in accord with them.

There are threads of justification woven into his letters and his orders for extreme severity and barbarism; and a definite impression is left that many of these were included with one eye on posterity and the hope of ultimate vindication.”

(Merchant of Terror: General Sherman and Total War; John Bennett Walters, Bobbs-Merrill Company, 1973, excerpt, pp. 68-69)

From William Sherman to William Calley

As of April 24, 1863, the Northern armies were officially guided by Francis Lieber’s General Orders 100, Instructions for the Government of Armies of the United States in the Field, which prohibited robbery, sacking, pillage rape, wounding maiming or killing of the South’s inhabitants. Observance of these instructions seemed to be the exception rather than the rule.

Bernhard Thuersam, www.Circa1865.com

 

From William Sherman to William Calley

“Paradoxically . . . Union General William Tecumseh Sherman [gradually] evolved his own personal philosophy of war along lines which were clearly at variance with the official pronouncements [of the North’s and in his practical application of that philosophy became one of the first of the modern generals to revert to the use of military force against the civilian population of the enemy.

While this represents only a part of the present concept of total war, its significance lies in Sherman’s demonstration of the effectiveness of a plan of action which would destroy the enemy’s economic system and terrify and demoralize the civilian population.

Sherman’s conduct, reflected in the actions of his men, demonstrated a strange hatred – one without parallel even in World War II. Even as brutal as the Japanese were to prisoners and to civilians who came under their bayonets, there was no demand in United States newspapers for the burning, sacking and pillaging of towns. Nor was there any public sentiment for the humiliation of civilians.

No efforts are made here to show that Sherman’s program pf terror was original with him. It is evident that he was willing to proceed in the face of official pronouncements to the contrary to apply the terrifying force of an uncontrolled soldiery against noncombatants.

It is likewise evident that he would not dared do so without the tacit approval of Abraham Lincoln and General Grant. Sherman pleaded that he could no control his troops in the face of their righteous indignation against those who would rebel against a benign government. The pages of recent history reveal that this plea was reiterated by both Japanese and German generals as the mounted the steps of scaffolds to which they were condemned by international tribunals.

There were extreme and unnecessary cruelties involving civilians in the Korean action. However, it was in the highly dramatic court martial of Lt. [William] Calley that the army undertook to point up the brutal attack upon civilians in the village of My Lai, South Vietnam.

The nation and the world was shocked at the pictures and detailed accounts of witnesses which placed upon the consciences of people everywhere the details of the massacre of the inhabitants, including women and children, of My Lai.

There can be little doubt that Sherman’s actions toward a proud and almost defenseless people left a heritage of hate which lasted far longer than it might otherwise have lasted.”

(Merchant of Terror: General Sherman and Total War; John Bennett Walters, Bobbs-Merrill Company, 1973, excerpt, pp. xxii-xxiii)

“In Defense of Their Traditional Liberties”

In his May 1, 1861 message to the North Carolina General Assembly, Governor John Ellis of referred to the “Northern Government” and that “they have drawn the sword against us and are now seeking our blood. They have promised to partition our property and the earnings of our people among the mercenary soldiers after our subjugation shall be effected. All fraternity of feeling is lost between us and them. We can no longer live with them. There must be a separation at once and forever.”

Bernhard Thuersam, www.Circa1865.com

 

“In Defense of Their Traditional Liberties”

“Although North Carolina had soon after the adoption of the Federal constitution taken steps to prevent the importation of Negroes, not only from abroad but from any other State, yet in the progress of time the system of slavery became strongly engrafted on her social structure, and the agitation of slavery question excited her people greatly.

Periodically this agitation stirred the people and animated them to maintain with steadfastness the right to manage their own domestic, local concerns in their own way.

At length when it was declared that an “irrepressible conflict” had arisen, and that the “Union could not exist half slave and half free,” it came to be regarded that the limitations of the Federal constitution were no longer to be observed, and that the abolition party would seek to abolish slavery. This led South Carolina and other commonwealths to the South to withdraw from the Union.

The question of holding a convention for the purpose of withdrawing was submitted to the people of North Carolina in the spring of 1861, but so conservative were they and so attached to the Union, that they separated themselves from their Southern brethren and refused to call the convention. The difference between the votes was, however, small — only about 250 in the poll of the entire State.

Such was the situation, when in April 1861, Fort Sumter was bombarded and President Lincoln called on North Carolina to furnish her quota of troops to coerce the seceding States. These events changed the aspect of affairs in North Carolina instantaneously. All differences ceased.

Union men, who, like George E. Badger, did not hold to the right of secession, united now in the declaration that North Carolinians must [now] share in the fortunes of their Southern kindred. Then amid the excitement of that period came the rapid preparations for the inevitable conflict — the marshaling of troops, the formation of armies, the strenuous endeavors to equip and maintain our citizen [soldiers] and make defense of our unprotected coast.

Never was there a finer display of patriotic ardor; never did peaceable ploughboys more quickly assume the character of veteran soldiers. It was if a common inspiration possessed the souls of all the people and animated them to die, if need be, in defense of their traditional liberties.

During the four years of strife that followed, the people of North Carolina bore themselves with an unparalleled heroism. With a voting population of 112,000, North Carolina sent to the army 125,000 soldiers.

Strenuous efforts were made to provide food for the soldiers and the poor, and while salt works were erected along the sea coast, vast quantities of cards were imported for the women to use at home, and other supplies were brought through the blockade.

[Life then] was accompanied, however, by straits and hardships, suffering and mourning, the separation from husbands and fathers from their families and the pall of death that fell upon every household. What awful experiences were crowded into four years of heroic and grand sacrifice — how trying the vicissitudes, how calamitous the dire result!”

(Cyclopedia of Eminent and Representative Men of the Carolinas of the 19th Century, Volume II, Brant & Fuller, 1892, pp. 35-36)

 

Grabbing Pennies Off the Southern Corpse

Sherman’s army occupied Savannah in late December, 1864 after Gen. William J. Hardee had evacuated his troops into South Carolina. Offshore and awaiting the occupation of the city by Sherman were US Treasury agents and others anxious to seize bales of cotton and other valuables for government or personal enrichment. In addition, presidential-aspirant Edwin M. Stanton presciently coveted the Negro vote in the South as Grant eventually did, and pretended concern for their future.

Bernhard Thuersam, www.Circa1865.com

 

Grabbing Pennies Off the Southern Corpse

“In making the rounds of the city [in late December, 1864, Sherman] was irritated to find that an agent of the [US] Treasury had arrived in the city ahead of him and seized a large stock of cotton there, estimated at 25,000 bales, later found to amount to 31,000 bales.

His chief annoyance . . . was from outside meddlers, agents from the North, the forerunners of the pestiferous army of carpetbaggers that swarmed into the South in the next few months and years. Some were sincere and fervent, but narrow-minded, zealots determined to impose salvation as decreed by the abolitionists upon the Negroes; many were greedy and unconscionable rascals bent upon seizing political power and grabbing the pennies off the Southern corpse.

[Sherman] . . . divined the developing purpose of the Radicals in Congress. It became apparent in the attitude suggested in hints let out here and there by the chief of the northern agents who descended upon Savannah while Sherman was there.

This was none other than Secretary of War Stanton, who hurried down by boat at the first opportunity to look the ground over. Stanton was fussy about many things, peeking here and there, prying, asking questions, seemingly deeply concerned about the Negro and his future, but in reality carefully measuring the political potentialities in this Southern tragedy, thus foretelling his action, a few months later, in joining the Radicals openly in their desperate and vicious Reconstruction program.

Sherman was most resentful when Stanton revealed his intention to quiz the Negroes about [Sherman’s] own policies . . . [and] witnesses upheld Sherman also in the firm policy he had adopted against recruiting Negroes for his army by State agents who rushed into Savannah and were trying to enlist Negroes right and left.

[Sherman] did not want to enlist any Negro soldiers, not only because of the bother of handling such unseasoned troops, but also because he had smarted under the taunts of Confederate General [John B.] Hood at Atlanta to the effect that the North had to use the South’s own Negro slaves to defeat the Confederacy.”

(The Savannah, More Than the Story of a River, Thomas L. Stokes, University of Georgia Press, 1951, excerpt, pp. 285-288)

 

Shaping Northern Opinion Against the South

As the Northern armies spread across the Confederacy, newspaper reporters following them sent observations and stories northward. The result was predictable as they wrote of an evil land and emphasized any unfavorable aspects of Southern civilization. In the last year of war, the United States government refused prisoner exchanges while Jefferson Davis and Robert E. Lee pleaded in vain for the starving men in blue held in Southern prisoner of war camps to be saved by their own leaders.

Bernhard Thuersam, www.Circa1865.com

 

Shaping Northern Opinion Against the South

“[The] years from 1865 to 1880 were dreary years in which there was no peace. The war had only ended on the battlefield. In the minds of men it still persisted. Memories of the past and issues living in the present combined to perpetuate and perhaps enlarge the antagonism that victory and defeat created. One observer made the comment that “it was useless to preach forgiveness and good will to men still burning with the memory of their wrongs.”

Deeply [engraved] on the Northern heart was the conviction that the Confederacy had deliberately mistreated the prisoners of war captured by its armies. The Southern prisons . . . were at best what one Confederate surgeon described as a “gigantic mass of human misery.”

A war-crazed [Northern] public could not dissociate this suffering from deliberate intent of the enemy. Rather it fitted the purposes of propaganda to attribute the barest motives to the Confederates [that] “there was a fixed determination on the part of the rebels to kill the Union soldiers who fell into their hands.” The great non-governmental agencies of relief and propaganda contributed to the spread of similar impressions.

Northern opinion was thus rigidly shaped in the belief that “tens of thousands of national soldiers . . . were deliberately shot to death, as at Fort Pillow, or frozen to death as at Belle Island, or starved to death as at Andersonville, or sickened to death by swamp malaria, as in South Carolina.”

Horror passed into fury and fury into a demand for revenge. And the arch-fiend of iniquity, for so the North regarded him, Major Henry Wirz, was hanged as a murderer [in November 1865] . . . he was the scapegoat upon whom centered the full force of Northern wrath.

Meanwhile the South had no effective way of meeting these charges of brutality [though] it is not difficult to find, however, material in these years that the South received the Northern charge with sullen hatred.

Typical is an article contributed to the Southern Review in January 1867:

“The impartial times to come will hardly understand how a nation, which not only permitted but encouraged its government to declare medicines and surgical instruments contraband of war, and to destroy by fire and sword the habitations and food of noncombatants, as well as the fruits of the earth and the implements of tillage, should afterwards have clamored for the blood of captive enemies, because they did not feed their prisoners out of their own starvation and heal them in their succorless hospitals.

And when a final and accurate development shall have been made of the facts connected with the exchange of prisoners between the belligerents, and it shall have been demonstrated . . . that all the nameless horrors [of both sides] were the result of a deliberate and inexorable policy of non-exchange on the part of the United States, founded on an equally deliberate calculation of their ability to furnish a greater mass of humanity than the Confederacy could afford for starvation and the shambles, men will wonder how it was that a people, passing for civilized and Christian, should have consigned Jefferson Davis to a cell, while they tolerated Edwin M. Stanton as a cabinet minister.”

(The Road to Reunion, 1865-1900, Paul H. Buck, Little, Brown and Company, 1937, excerpts, pp. 45-48)

Lincoln’s Inflationary Finances

It did not take long after Fort Sumter for Northern war expenditures to reach staggering proportions. James Randall in his “Civil War and Reconstruction” (1937, DC Heath) wrote: “With the treasury nearly empty, financial markets shaken, foreign bankers unsympathetic, taxation inadequate, and loans unmarketable except at a discount, the door of escape by way of paper money seemed most tempting.” Lincoln resorted to the printing press to create money.

Bernhard Thuersam, www.Circa1865.com

 

Lincoln’s Inflationary Finances

“The classic study of Union inflation was Wesley Clair Mitchell century-old “History of the Greenbacks.” Initially the war was to be financed with the use of government bonds, tax revenues would be used to pay the normal expenditures of government, and the gold standard would be retained. However, this system quickly collapsed in late 1861 and the first of three legal tender acts was passed in February 1862 with a total of $450 million in greenbacks authorized for issue.

When an economy has two types of money, such as gold and paper, and they are both defined in the same units, such as dollars, Gresham’s Law states that bad money will drive good money out of circulation. And in accordance with Gresham’s Law, greenback dollars quickly displaced gold dollars as the circulating medium of exchange.

The value of greenbacks quickly depreciated in terms of gold and fell to a low point of only 35 cents worth of gold on July 11, 1864. Amazingly, the Union currency had depreciated as much in three short years as the dollar has in the thirty years since the United States went off the gold standard. The prices of goods appreciated in terms of greenbacks from an index value of 100 in 1860 to a maximum of 216.8 in 1865.

Citizens tended to blame higher prices on business, speculators, and foreigners. Some government officials believed that speculators in the gold market were somehow causing the value of greenbacks to fall, but the real culprit for inflation was the government itself.

In addition to an ever-increasing supply of greenbacks, Mitchell showed that the value of greenbacks in terms of gold would change on the basis of expectations that in turn were based on peoples’ estimated probability that the greenbacks would be redeemed for gold after the war. Battlefield losses were associated with declines in value while victories meant higher values for the greenback.

Higher prices also meant that the Union government would have to issue more greenbacks in order to purchase war supplies and pay its soldiers [and pay enlistment bounties]. Because the Union government would eventually have to pay its war debts and redeem the greenbacks in gold, Mitchell . . . calculated that greenbacks had increased the real cost of the war to the government itself by $528 million. Of course, the politicians who borrowed and spent the money during the war were not necessarily the same ones who had to pay off the debt and redeem the greenbacks after the war.

Mitchell also found that the switch from gold to paper . . . [created] an illusory increase in property values, an increase in extravagance and the purchase of luxury goods, a crippling of economic efficiency, and a decrease in real wages for farmers, laborers, professionals, teachers and soldiers. As expected, the Union’s inflationary finances created an illusion of general prosperity that greatly upset the ability of entrepreneurs, workers, consumers, and bureaucrats to make accurate economic calculations.”

(Tariffs, Blockades and Inflation: The Economics of the Civil War; Mark Thornton and Robert Ekelund, Jr., Scholarly Resources Books, excerpts, pp. 68-69)

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