The United States of America had been in existence for less than a century when it was nearly shattered by the most terrible conflict in its history. Why did it happen?
Tag: Taxes
The Internal Revenue Act
July 1, 1862 – President Abraham Lincoln signed a bill into law imposing taxes on almost everything to help finance the war. This became the
The Northern Financial Crisis
December 30, 1861 – The leading banks of New York, Boston, and Philadelphia suspended specie payments (i.e., exchanging paper money for gold or silver) due