Bonds of war : how Civil War financial agents sold the world on the Union
Author(s)
Bibliographic Information
Bonds of war : how Civil War financial agents sold the world on the Union
（Civil War America）
University of North Carolina Press, c2022
- : cloth
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Note
Includes bibliographical references (p. [247]-261) and index
Contents of Works
- Freedom of debt: the lessons of government finance before the Civil War
- A thousand dollar breakfast: the limits of war financing by elites
- Patriotism and profit: Jay Cooke and the democratization of debt
- The sale of American stocks constitutes the chief business at the Bourse: foreign war finance
- Like a cord through the whole country: nationalizing the economy
- A permanent national debt is not an American institution: post-war debt
Description and Table of Contents
Description
How does one package and sell confidence in the stability of a nation riven by civil strife? This was the question that loomed before the Philadelphia financial house of Jay Cooke & Company, entrusted by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War. How the government and its agents marketed these bonds revealed a version of the war the public was willing to buy and buy into, based not just in the full faith and credit of the United States but also in the success of its armies and its long-term vision for open markets. From Maine to California, and in foreign halls of power and economic influence, thousands of agents were deployed to sell a clear message: Union victory was unleashing the American economy itself.
This fascinating work of financial and political history during the Civil War era shows how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success. Indeed, David K. Thomson demonstrates how Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War.
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