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Unformatted text preview: -National Banking Act 1863 o National bank notes could be written if backed up by federal bonds-Taxes o Starting in ’61 congress passed the most extensive system of taxes in US history until much later in the 20 th century o Therefore inflation was containable at around 80% o Tariffs were raised from 19% to 46% of good’s value o Homestead Act gave northern poor a chance to start fresh in the west o Moral Land Grant Act- subsidized building of colleges Confederate citizens were not pleased-impressment-taxes-draft-inability to decide military involvement-raids from both sides-poverty set in-letters from home were not positive-AWOL soldiers returned home to help out o Went from 20% to 53% from ’61 to ‘64 o Union AWOLs peaked at 30%-Built in demand in Union o Agricultural output almost triples o Union soldier wears out his shoes in two months and his uniform in four o Typical northern citizens could sympathize and relate to the war....
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- Spring '08
- Civil War, bank notes, Legal Tender Act, inflation Union Economy, rational tax structure