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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.
Social and industrial conditions in the North during the Civil War (1910) online edition, old but still useful; Hammond, Bray. Sovereignty and the Empty Purse: Banks and Politics in the Civil War (1970) online. Hammond, Bray. "The North's Empty Purse, 1861–1862," American Historical Review, (1961) 67#1, pp. 1–18 in JSTOR; Hyman, Hyman.
The appearance of these new obligations, together with the changes brought about by the National Banking Act, effectively eliminated most of the uses of the old Treasury Notes as money and the term Certificate of Indebtedness was introduced to apply to new notes which possessed the debt-like aspects of the pre-war Notes.
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.
As of April 2023, the U.S. national debt has reached a record high of more than $31.5 trillion.. Clearly, the government's increasing debt is not a new trend. To see how it got to this point ...
The U.S. government will pay close to $900 billion this year just in interest payments on the national debt. ... Donald Trump to 31.3% (during the COVID ... even in the middle of the Cold War ...
The financing of war expenditures by the means of currency issues (printing money) was by far the major avenue resorted to by the Confederate government. Between 1862 and 1865, more than 60% of total revenue was created in this way. [4] While the North doubled its money supply during the war, the money supply in the South increased twenty times ...
The National Debt Represents Money Borrowed and Owed by You The national debt is the money the United States government owes its creditors. It borrowed that money on your behalf and in your name.