Mr. Phillip Whiteman of Alpharetta, GA, will present “Financing the Civil War - Southern and Northern Banking Systems and Money” to the Washington Civil War Round Table on Monday evening, February 24 at 6:00 p.m., in the second floor ballroom of the historic Fitzpatrick Hotel (1898) located on The Square in Washington, Georgia.
In order to finance the Civil War both Southern and Northern governments had only four options. They could impose more and new taxes, they could borrow or sell government securities, they could sell government assets including land or they could just print more money. Both the Union and the Confederacy printed more money, lots more money, without anything other than the governments’ pledge to back it up. The printing of an almost endless supply of unbacked money by the Confederacy, and to a somewhat lesser extent by the Union, added to the growing problems that affected their individual economies. After the Civil War, America never looked at money and banking the same way as it had prior to The War.
Mr. Whiteman’s presentation will focus on the forms of money used by then Union and the Confederacy. It was the first time since the American Revolution that the Union had issued paper money. The Confederate government issued paper money seven different times and the Southern states issued their own individual paper money. It is during the Civil War that the Union issued the first “greenbacks”, money printed on both sides. Up until the “greenbacks” were issued, paper money was only printed on one side with the back side left blank.
This the one program that will inform you as well as be very enjoyable - don’t miss it! You will learn a lot.
