Cornell Notes Page 6
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7Cornell Notes
People, events, terms
The Economic Stresses of War, pages 449
War bonds
The North, already wealthier than the South, used excise taxes on tobacco and
alcohol, and an income tax to finance their war effort.
Protective tariffs were also increased.
The Union government also issued “greenbacks” paper dollars who’s value fluctuated
throughout the war.
The majority of Northern war funds came through the sale of war bonds
The South had to fight to fund the war. Large amounts of Confederate war bonds
were sold at home and abroad and the government increased taxes and imposed a
10% tax on farm produce but the Southern states were resistant to taxation by a
central government and most refused to pay the taxes.
When other funds dried up, the Confederate government issued its own paper money
that was worth 1.6 cents by the time the war ended.
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Cornell Notes
People, events, terms
The North’s Economic Boom, pages 450-451
Wartime prosperity in the North was just short of miraculous:
New factories prospered
Prices rose
Dishonesty grew among those who put profit before patriotism as some of the
businessmen sold inferior products to the military.
Homestead Act of 1862
Labor-saving machinery was invented that replaced the man-power that was being
drained by the war.
The invention of the sewing machine ultimately led to the creation of
standard sizes and the end of custom-made clothing.
Mechanical reapers released thousands of farm boys to fight as it harvested
grains.
The oil industry was born in the fields of Pennsylvania.
Pioneers pushed Westward drawn by the free land of the Homestead Act of
1862.
New opportunities for women on both sides opened with so many men gone off to
fight
New job opportunities in government and industrial areas
Some women posed as men to join the fighting
Many women served as spies
A few became doctors, and many became nurses and improved sanitation tat
saved thousands of lives.
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