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Another sharp increase in the debt occurred as a result of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and reached $2.7 billion by the end of the war. During the following 47 years, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off.
The economic history of the American Civil War concerns the financing of the Union and Confederate war efforts from 1861 to 1865, and the economic impact of the war. The Union economy grew and prospered during the war while fielding a very large Union Army and Union Navy . [ 1 ]
In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. started borrowing again as the economy entered a recession in 1837.
He implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. [48] Tariffs remained at this level even after the war, so that the North's victory in the Civil War allowed the U.S. to remain one of the largest users of tariff protection for industry.
The national debt of the United States was measured in billions for most of the country's history, until Oct. 22, 1981, when routine Treasury transactions pushed the debt above the.
Diagram of the U.S. federal government and American Union in 1862. The Diagram of the Federal Government and American Union is an organizational chart of the Federal government of the United States and the American Union designed by N. Mendal Shafer, and published July 1862 during the American Civil War.
Between 1989-2020, the national debt soared by more than 800% as Congresses and presidents from both parties approved massive spending increases and massive tax cuts at the same time.
During the early 1870s, Treasury Secretaries George S. Boutwell and William Adams Richardson maintained that, though Congress had mandated $356,000,000 as the minimum Greenback circulation, the old Civil War statutes still authorized a maximum of $400,000,000 [nb 1] —and thus they had at their discretion a "reserve" of $44,000,000.