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Birth of the U.S. Dollar | Roger Lowenstein
Forward Guidance
The Insufficiency of State Banks in the Civil War
Behind these state notes were the state bank notes, most banks had gold. And you could always go and redeem a note for the bank for gold. If they had the gold, that was why they got discounted. Nobody really knew the Eastern banks were generally stronger. So when the war started, he did what we'd done in other wars. He asked to borrow gold to pay for this vastly greater expense of the war.
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