Financial Markets after Civil War南北战争后的金融市场.pptVIP

Financial Markets after Civil War Two Major Changes Move to uniform currency Creation of Federal Reserve system Both grew out of problems financing Civil War Review What was money? Specie, gold and silver coins, later certificates Bank notes issued by national banks and state chartered banks Government notes Economy grows without uniform currency Forms and Values of Currency in the United States, 1860–1915 Civil War Financing How is Civil War financed? Limited ability to borrow Europeans unwilling to buy bonds Excise taxes, tariffs, land sales not enough, so income taxes First, Treasury