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Re: The North's Economic Boom...
In Response To: The North's Economic Boom... ()

The weather made the economic boom? David was it raining money?...lol. Could it have been tariffs to protect American industry from foreign competition and federal support for projects like canal and railroads. In May 1860, the House had passed the Morrill Tariff, which was passed by the Senante between Lincoln's election and inauguration. This began a period lasting until World War Two in which America had the most protected home market in the world.

Internal improvements might have helped even more than the weather did. Before 1860 no bill providing for federal help for a railroad from east to west had ever been passed. In 1862 congress appropriated millions for a railroad to be built by two companies...Union Pacific and Central Pacific. By '68 the USA had the greatest proportion of railroad mileage to inhabitants in the world.

Limited Liability which was only getting started in the 1860's may have had more to do with American wealth than the weather also. Limited liability means that shareholders are not responsible for the debts of the corporation, causing more people to invest.

Another thing other than the weather could have been the The Legal Tender Act. Instead of notes issued by states and redeemable in gold or silver, this act allowed the Secretary of the Treasury to issuepaper money base on federal government debt in the form of "grenbacks". The National Currency Act of 1863 and 1864 created a new banking system. State bank notes were eliminated by a 10 ber cent tax on them, and national charter banks were authorized to issue notes supplied by the Treasurey. The Federal Government also instituted income, inheritance and excise taxes and ran up a deficit of 2.5 billion dollars. The Lincoln Adminstration coped with this by creating the Internal Revenue Service within the Treasury Department on July 1, 1862.

One last thing: Someone once said "Yankees are the most mechanical people in the world". But hey, I'll go along with you and agree that bad weather for europe created the most powerful economy the world has ever seen.

Chase.

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The North's Economic Boom...
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Move to top before we fall off. *NM*
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Thats $7568.5 in todays money *NM*
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$6,054,800,000 *NM*
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The Rest of the Story
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WW II economic boom......
Re: WW II economic boom......