https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48 Post your summary of how the Union / Confederacy used borrowing, taxation or printing money to finance the war. en-us 2017-12-04 02:52:01 UTC 2025-07-11 04:22:06 UTC hello@padlet.com https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313512648 Congress authorized the selling of $150 million worth of "greenbacks" which was the new paper currency backed by promises of gold/silver repayment. In the end it became $450 million worth of new national currency which circulated throughout the Union. This compares to the other two because it is not borrowed, which means that it isn't a loan and it is certified because the Congress themselves are printing it, and taxes were not as successful as simply printing money. ]]> 2018-12-11 17:21:51 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313512648 varunsundar https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313512982 The Confederacy shifted from a specie backed currency to a greenback based currency. This meant that there was now physical paper that had adequate value. This shift led to a major problem with counterfeiting. People printed money illegally and this caused major inflation. The total amount of notes went from a value of $300 million in 1861 to $1.5 billion by the end of 1864.]]> 2018-12-11 17:22:16 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313512982 samanthamann https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313513504 The South did not want to raise taxes and didn’t view it as very important compared to printing and borrowing money. however, the Confederate states tried taxing various different things to achieve more income to the war effort, including cotton, slaves, real estate. The amount of money accumulated from these taxes were next to negligible; $200 million by the end of the civil war (only 9% of total revenue). Two of eleven states at one point actually paid the taxes in full and 6 didn’t attempt.]]> 2018-12-11 17:23:16 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313513504 https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313513767 Approximately a third of the Confederacy's budget came from borrowing, whether from loans or bonds. Many bonds were issued within the country in exchange for specie. An attempt was made to gain some funding from several French and British investors in 1862, but after the Battle of Gettysburg, their interest in purchasing the bonds declined along with the Confederacy's chances of winning the war.]]> 2018-12-11 17:23:52 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313513767 https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313514849 The Union implemented many taxes, such as poll taxes, excise taxes, property taxes, business taxes, import taxes, and income taxes.  The taxes were not very successful, as it primarily only taxed the wealthy.  They added additional income taxes on people making $5,000 and other emergency taxes on people making $600 or more.  Taxes were important to the Union but did not make up the majority of money raised for the war.   Overall, they made up 21% of the Union army’s revenue during the Civil War.  Income taxes had a small role only amounting to 2 million dollars in revenue during 1863. Despite this low number, income taxes jumped to 20 million dollars in 1864 and 32 million in 1865.]]> 2018-12-11 17:26:06 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313514849 erincraig https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313516756 The Union's primary source of income came in the form of government bonds. As the war effort grew, the sale of bonds grew with it and there was an influx in sales agents. Early in the war, the power of bonds was not as prominent in funding war, but the net worth would soon grow to upwards of 800 dollars as the sale of bonds was viewed as patriotic and supportive of the war effort. ]]> 2018-12-11 17:29:45 UTC https://padlet.com/garnetvalleyschooldistrict/zhg1driv8w48/wish/313516756