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When the Civil War ended it did not mean an end to revenue taxes as the federal government still had not paid the $2.7 billion debt it had acquired until 1883, at which time it finally repealed the excise tax. Three distinct revenue stamp series were produced to pay the taxes during that twenty one-year period. [2]
A few dozen covers are known that carry 1847 stamps after the demonetization date; as stamp usage was then still optional (it would not be made mandatory until 1855), the demonetization seems to have had relatively little impact. The second, more serious, demonetization was prompted by the outbreak of the American Civil War in 1861. Southern ...
The Revenue Act of 1862 (July 1, 1862, Ch. 119, 12 Stat. 432), was a bill the United States Congress passed to help fund the American Civil War. President Abraham Lincoln signed the act into law on July 1, 1862.
Widespread hoarding of coins during the Civil War created a shortage, prompting the use of stamps for currency. To be sure, the fragility of stamps made them unsuitable for hand-to-hand circulation, and to solve this problem, John Gault invented the encased postage stamp in 1862. A normal U. S. stamp was wrapped around a circular cardboard disc ...
The American Civil War began on April 12, 1861, when Confederate forces opened fire on the Union-held Fort Sumter. Fort Sumter is located in the harbor of Charleston, South Carolina. [47] Its status had been contentious for months. Outgoing President Buchanan had dithered in reinforcing its garrison, commanded by Major Robert Anderson.
1863: 3 Cents an Half-Ounce. The post office provided a crucial link between Union soldiers and their families during the Civil War. Recognizing the need, Congress abolished the system of distance ...
The Revenue Act of 1861, formally cited as Act of August 5, 1861, Chap. XLV, 12 Stat. 292, included the first U.S. Federal income tax statute (see Sec. 49).The Act, motivated by the need to fund the Civil War, [1] imposed an income tax to be "levied, collected, and paid, upon the annual income of every person residing in the United States, whether such income is derived from any kind of ...
In 1861, just before the Civil War, Congress enacted the Morrill Tariff, which applied high rates and inaugurated a period of relatively continuous trade protection in the United States that lasted until the Underwood Tariff of 1913. The schedule of the Morrill Tariff and its two successor bills were retained long after the end of the Civil War ...