Cryptocurrency Trading and Investing

Crypto Ultimatum

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Crypto Ultimatum Summary

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Contents: Membership Site
Creator: Michael
Official Website: cryptocoinrankings.net
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Contents: Online Course
Creator: George Philips
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Crypto Trend Rider

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Crypto Trend Rider Summary

Contents: Membership Website
Author: Roger Pierce

Lecture Nineteen The Sinews of War Finance and Supply

Scope This lecture will examine the Union and Confederate efforts to finance the war and supply their armies. The conflict forced both contestants to undertake spending on an unprecedented scale. The federal budget in 1860 was less than 65,000,000 in 1865, the North's budget alone totaled more than 1,250,000,000. Both sides resorted to selling bonds, taxing their citizens, and printing paper money to meet financial obligations however, the Confederacy proved far less able than the North to do so without suffering economic hardship. Lacking a well-developed prewar financial infrastructure and without substantial reserves of hard money, the Confederacy relied too heavily on paper currency and experienced spiraling inflation that eventually reached more than 9,000 percent. The northern economy, in contrast, proved able to raise necessary money and produce military and nonmilitary goods in profusion while inflation reached only about 80 percent (slightly less than the United States would...

The presidential election of 1864

During the summer months, the situation grew tense for Lincoln. After the President withheld his signature and prevented the Wade-Davis Bill, a congressional plan for reconstruction, from becoming law, Wade and Davis drafted a critical manifesto that stoked the fires of opposition against Lincoln. In July, Jubal Early's raid northward nearly seized Washington. The value of Union currency plummeted. And for a while, a sullen Lincoln believed his defeat at the polls was a real possibility. He drafted a letter which he required every cabinet member to sign unseen, declaring,

Lecture Forty One The Northern Home FrontJI

Examination of the economy and the nonmilitary Republican legislative agenda. Unlike the Confederacy, the North proved able to outfit and provision its armies while producing ample consumer goods. It accomplished this with only modest inflation and minimal government interference. Labor-saving machines allowed agricultural production to soar despite the absence of hundreds of thousands of men. Water transport increased, and railroads carried far more goods and improved their tracks and rolling stock. The textile industry suffered because of reduced access to southern cotton, but other segments of the industrial economy exceeded prewar production, and mechanization in factories increased. Most of the technology that allowed the economy to do so well was already in place when war broke out. The conflict did mark a radical shift of national wealth toward the North. While the southern economy largely lay in ruins in 1865, northern production was healthy and growing. The Republicans passed...

The Southern home front

Refugees from the war flooded cities, seeking protection, jobs, and nourishment. The population of Richmond soared almost out of control in other cities, it increased astronomically as well. Columbia, South Carolina, for instance, tripled in size over the four years. The local infrastructure lacked the capacity to care for the huge influx, and prices began to skyrocket. Nor did the paper currency, which the Davis administration printed to finance much of the war. help inflation. By the late stages of the war, these paper notes were more valuable as keepsakes than as a medium of exchange. Because prices escalated on an almost daily basis, and currency lacked any real value, farmers declined to sell to the government, which would only pay-anywhere from one-third to one-eighth of the market price. In order to feed the troops, commissaries confiscated food and livestock, which again alienated farmers. Even then, the Commissary Department procured so little food, and the transportation...

The Effects of War on the Economy

How the Union and Confederacy paid, or did not pay, for this war played an important role in the nation's economic recovery after secession as well as how urban Americans experienced the war. The federal government that had to that point intruded little on the lives of its individual citizens suddenly became the largest and most dominating economic entity. For the Union, dealing successfully with an economic enterprise never imagined even a year before meant reshaping how the government raised revenue. Secretary of the Treasury Salmon P. Chase, with the help of Philadelphia financier Jay Cooke, developed a play by which the United States would finance the war through the sale of bonds, issuing paper currency known as greenbacks, increasing tariffs and excise taxes, and instituting the nation's first income tax. The Thirty-seventh Congress approved Chase's financial plan and extended the basic framework for the Republican economic program, which was in large part an updated version of...

Consequences of the civil war

The Republican campaign had also cost about S700 million for war material imported from abroad, but it had not generally relied on credit. In November 1936, when Negrin was Finance Minister in Largo Caballero's government, the gold reserves of the Bank of Spain were shipped to Moscow. They were converted into currency equivalents to pay the Soviet Union for the arms it supplied, and to buy arms elsewhere. By the end of the war, they were depleted.

Early blockade runners

Confederate Blockade Runners

One of the most important shipping businesses in the South was the Charleston-based firm of John Fraser & Company, run by its senior director, George Alfred Trenholm. The subsidiary company of Fraser, Trenholm & Co. maintained an office in Liverpool, England, while another subsidiary was based in New York. The company operated five sailing ships which plied between these three ports, but the establishment of the blockade prevented these ships from sailing. Trenholm immediately approached the Confederate government, offering the services of his Liverpool subsidiary as a financial clearing-house. Specie deposited in Charleston could therefore be converted into letters of credit, which could then be exchanged for foreign currency by Confederate officials in Britain. This could then be used to purchase much-needed war materials. The arrangement was immediately approved by Major Josiah C. Gorgas, who ran the Confederate Ordnance Bureau, beginning a partnership that would last for the...

United States Navy Monitors of the Civil

Skylight 1890

Commerce raiding, blockade-running, mining and much ingenuity. Commerce raiding was by far the most successful operation by the CSN, with much credit for this going to Great Britain who furnished most of the successful raiders to the Confederacy. Blockade running proved profitable for the first two years of the war. However by 1 863 the Union Navy had expanded its blockade force and captured a number of the southern ports, and so the trickle of exorbitantly priced supplies getting through did little but drain off the hard currency left in the Confederacy.

Mm Iii Mm Mm Mm Mm Iii Mm Mm Mm Mm Iii Mm Mm Mm Mm Iii Mm Mm Mm Mm Iii Mm Mm Mm Mm Iii Mm Mm Mm Mm

Wooden side-wheel steamer, 1,359 tons. Length 220 feet, beam 36 feet. Owned by the California Steam Navigation Co. Carried 120 cabin passengers, 72 steerage passengers, and 50 officers and crew. Cargo of 346 barrels of whiskey, 100 tons of machinery for the Providence Mining Co., mill equipment, 10,000 in Indian treaty funds entrusted to Indian agent William Logan, and 200,000 in currency in a U.S. Army payroll. Also rumored to have 850,000 in gold (1890 value), 140,000 sent by Wells Fargo and Co. and possibly Haskins and Co., and 1 million being carried by a New York businessman to invest in the goldfields. Built in 1851 in New York City. Was reportedly overloaded when it left San Francisco for Fort Vancouver, Washington Territory. Capt. Samuel J. De Wolf said the vessel was overloaded but was told by the company's agent that he must take the Brother Jonathan out or the company would find a captain who would. The Brother Jonathan dropped cargo off...

The Democracy Divided

He still enjoyed the popularity of a war hero, but he lacked the political know-how and rhetorical flair needed to heal the breach in the party. With no dominant issue to serve as a rallying point, and with no forceful leader to rein in political rogues like James Gordon Bennett, the party had become temporarily disoriented. This state of affairs enabled some Democrats to toy with measures like reversing the party's stance on slavery, but the instability also made it difficult for any new doctrine to gain currency with all of the party's factions.

The causes and origins of the English civil wars

The debate on the causes and origins of the English civil wars is intense and unresolved. Since the emergence in the 19th century of scholarly, source-based interpretations, very different theories have been advanced. At times, something approaching consensus has been achieved, but discordant voices have always challenged the then orthodoxy and produced contrasting theories, and in due course the consensus has collapsed. At other times, no single line has carried much weight and a range of differing interpretations have been given currency. In the early 21st century we are going through a period of discordance, with no single interpretation which most historians either hold to or are reacting against. Instead, the field appears rather cluttered.

Ella Washington and the Federal Army

Descendants George Washington

When the provost guard took young Washington away to head for a prisoner-of-war camp, Custer stuffed some US currency in his friend's vest pocket to help smooth his captivity. 'You must have some money, Jim,' Custer said, 'those pictures in your pockets Confederate currency don't pass up there.' The cartel for exchange of prisoners had not yet broken down at that stage, so James went back to Confederate service upon exchange after a short period in captivity. Two years later, George Custer would be in a position to help James Washington's stepmother in a more substantial fashion.

The Western 4 Atlantic R R

A 50-cent note issued by the state-owned and -operated Western & Atlantic Railroad based in Atlanta, GA. Many banks and large capital-holding companies such as the railroads, as well as a few cities and counties, issued their own currency notes. On both these and the currency issued by individual Southern states trains were a common motif, since they symbolized commerce and prosperity. The W & A, one of the principal lines utilized by Sherman during his march through Georgia, had earlier been the scene of the famous Great Locomotive Chase, when disguised Northerners led by Capt James Andrews hijacked the locomotive The General and a train of cars. Conductor W.A. Fuller used more than one locomotive, a pole car and his own feet to chase the Federals, and finally recovered The General. The fully restored locomotive now rests in the Southern Museum in Kennesaw, GA. (Author's collection)

Constitutional Freedom and Racial Equality

Democrats had always played on race prejudice to combat Republican antislavery policies. Their antiblack position was in part a political technique and in part a by-product of a popular culture that embraced images of black inferiority. Racism fused with Democrats' wish for public order and civic purity to generate a party doctrine claiming that newly freed African Americans represented the greatest threat to the nation's political and social integrity. In every new policy of their opponents, from a proposed national railroad to a national currency to, of course, emancipation, Democrats saw the specter of disorderly free blacks.34 Not surprisingly, when Democrats came to the issue of the antislavery amendment, most of them wheeled out the old bugbear of racial upheaval.

Into the Wilderness

Burnside's IX Corps also marched with the army. The once-disgraced Burnside had enough political currency to have landed back in corps command, and to be immune to Meade's orders. He would report directly to Grant, in awkward contravention of the most basic principles of unity of command.

Worthless Money

At the start of the war, the Confederate government backed up its paper currency with gold kept in Southern and European banks. It also counted on backing up its money by exchanging cotton for gold in European markets. As the war went on, however, much of the South's gold was spent and it became hard to ship cotton abroad. Soon, food and clothing that had sold for 2 in the South cost 20. This was not because those things had really become much more expensive. It was because Confederate currency gradually became worth less and less as the conflict continued.

The Southern Press

The confederate states of america existed for four years. It came into being when officials of the seceded states met to elect a leader in the spring of 1861. It died when Union troops occupied its capital city, Richmond, Virginia, in the spring of 1865. During those years, the people of this rebel nation tried to set up the institutions that citizens of more mature countries enjoyed. They chose a president and a vice president, elected members to a House of Representatives and a Senate, set up a Supreme Court, and appointed representatives to foreign governments. They also printed their own currency, raised a national flag, took the song Dixie as their national anthem, and adopted a constitution identical to the United States's document except that the Confederate constitution contained an amendment guaranteeing the existence of slavery. The Confederacy also had national newspapers and magazines, supported theaters in its big towns, published patriotic poetry, and created its own...

Confederate culture

Varina Davis Portrait

The confederate states of america existed for four years. It came into being when officials of the seceded states met to elect a leader in the spring of 1861. It died when Union troops occupied its capital city, Richmond, Virginia, in the spring of 1865. During those years, the people of this rebel nation tried to set up the institutions that citizens of more mature countries enjoyed. They chose a president and a vice president, elected members to a House of Representatives and a Senate, set up a Supreme Court, and appointed representatives to foreign governments. They also printed their own currency, raised a national flag, took the song Dixie as their national anthem, and adopted a constitution identical to the United States's document except that the Confederate constitution contained an amendment guaranteeing the existence of slavery. The Confederacy also had national newspapers and magazines, supported theaters in its big towns, published patriotic poetry, and created its own...

Trained Band Colonel

Military Dress 1650s

The 1650s saw the appearance of a Scots equivalent to the irregular Croat and Tartar light cavalry so common on the Continent. These were the 'Moss Troopers', or as they were more familiarly known, 'Mossers'. The term is frequently applied in secondary sources to the border raiders of the 16th century, but in fact the earliest recorded use of the term is in 1646. and it did not gain real currency until the English invasion of 1650. After the rout at Dunbar many of the fugitives formed marauding bands instead of rejoining the army. Initially the Mossers were simply involved in highway robbery and the capture or murder of stragglers and unescorted messengers. As time went on, however, the sole practitioners were either killed off or forced into the larger bands and shifted their activities farther north. As the Scots regulars were progressively defeated or scattered, it soon

Epilogue

But only a few die-hard, unreconstructed rebels paid much attention to Davis. The Civil War not only preserved the Union it also transformed it. The old decentralized republic, in which the federal government had few direct contacts with the average citizen except through the post office, became a nation that taxed people directly, and created an internal revenue bureau to collect the taxes, drafted men into the army, increased the powers of federal courts, created a national currency and a national banking system, and confiscated at least three billion dollars of personal property by emancipating the four million slaves. Eleven of the first twelve amendments to the Constitution had limited the power of the

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