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They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money , the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves.
Greenback (1860s money) Coinage Act of 1873; Demand Note; United States Note; Public Credit Act of 1869; John Sherman, who was the biggest proponent of this act, and was the Secretary of Treasury when this was passed; Gold Standard; Salmon P. Chase; Resumption Act
A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the ... (1860s money) History of the United States dollar;
The Act of July 17, 1861 [2] authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. [3] These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field.
The government continued to issue greenbacks and borrow large amounts of money, and the United States' national debt grew from $65 million in 1860 to $2 billion in 1866. [14] Congress passed the Revenue Act of 1864, which represented a compromise between those who favored a more progressive tax structure and those who favored a flat tax. [24]
1861 $10 demand note depicting Abraham Lincoln. Demand Notes are a type of United States paper money issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. They were the first issue of paper money by the United States that achieved wide circulation.
The main prewar agricultural products of the Confederate States were cotton, tobacco, and sugarcane, with hogs, cattle, grain and vegetable plots. Pre-war agricultural production estimated for the Southern states is as follows (Union states in parentheses for comparison): 1.7 million horses (3.4 million), 800,000 mules (100,000), 2.7 million dairy cows (5 million), 5 million sheep (14 million ...
In 1860, American tariff rates were among the lowest in the world and also at historical lows by 19th-century standards, the average rate for 1857 to 1860 being around 17% overall (ad valorem), 21% on dutiable items only. The Morrill Tariff immediately raised those averages to about 26% overall, or 36% on dutiable items.