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Birth of the U.S. Dollar | Roger Lowenstein
Forward Guidance
The Revolutionary Financial System of the Civil War
There was no central bank that had been we'd had sort of a prototype central bank until the Andrew Jackson era. So there were individual banks, so hundreds of them each charted by their own states with different rules about what reserves and assets they had. On top of that, there was no tax basis for the government except for the tariff on imported goods. Once the Civil War started, trade dropped quite precipitously, so that fell out.
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