[WhiskeyPapa]

In point of fact the Southern secession did cause a Northern financial crisis with North American and European trade sinking dramatically.

And yet President Lincoln could say in 1864:

"Our resources are unexhausted, and are as we think, inexhaustible."

Lee's army was on half rations.

Walt

[Non-Sequitur]

Lincoln solved the financial crisis by printing "Greenbacks" out of thin air. The foreign exchange value of the Dollar sunk to 30% of its pre-war value.

What was the confederate dollar worth by the end of 1864?

[Non-Sequitur]

Lincoln solved the financial crisis by printing "Greenbacks" out of thin air. The foreign exchange value of the Dollar sunk to 30% of its pre-war value.

What was the confederate dollar worth by the end of 1864?

[ggekko]

"Our resources are unexhausted, and are as we think, inexhaustible."

Of course Lincoln could say that; he had just authorized increasing the monetary base by 50% with absolutely no backing (fiat money was another key feature of advocates of American Mercantilism).

Poor U.S. Grant was left to clean up the inflationary mess that such a rapid increase in the monetary base portended.