Southern vs Northern Economics (Civil War and after)

There are other things going on in the latter 20 years, see 1880-1900 timeline

Main

Civil War

1861 - 1865

Seven state secession

February 1861

South

First Conscription Act

April 1862 - 1863

White men 18-35, could be subbed for and if you were rich (20+ slaves) you didn't have to go. "Rich man's war". Therefore didn't last long

Food Riots

1863

Angry southerners, not just about food but also conscription and taxation

Confederate Income Tax

1863

Lower than the Northern one. Didn't work because there was little liquid capital, it was all tied up in agriculture and debt.

Second Conscription

1864

South getting desperate (17-50) and everyone knew it so few people showed up.

Redeemer success

November 1877

"Redeemer" democrats take back the south. artial return of the planter elite but also a genuinely new middle class. They lowered taxes and spending (especially education)

Readjusters in Virginia

1879

Readjusters take VA (along with influence elsewhere), looking to lower the rate at which the war debts were repaid and the interest that was taken on them. They also asked for greenbacks (quantitative easing)

Southern Industrialisation

1880 - 1900

Railroads, iron, tobacco and cotton. Secondary industries improved: the South now processed its own cotton and tobacco (American Tobacco Company and James B Duke) and also had a flourishing iron and steel industry

Standardised Railway Gauge

1886

More trade! Easier to be part of the economy

North

The Revenue Act

1861

First ever income tax! Big government spending a lot, expanding and growing a lot (and waging a war)

Pacific Railroad Act

1862

Land grants going straight to corporation! Expansion westward, new trade routes and lots of jobs too. Mutated a lot with subsequent, similar, Pacific Railroad Acts

Legal Tender Act

February 1862

$430 million in greenbacks (still not huge compared to the war debt so inflation was under control)

http://www.history.com/this-day-in-history/legal-tender-act-passed

http://www.britannica.com/EBchecked/topic/334889/Legal-Tender-Act

Homestead Act

May 1862

Homestead Act encouraged expansion and settlement, giving up land for growth.

Morrill Land Grant Act

July 1862

The Morrill Land Grant Act gave land to states for sale to finance public education (land grant institutions). Expansion west as well

http://www.ourdocuments.gov/doc.php?flash=true&doc=33

National Banking Act

1863

One third of a bank's assets had to be federal reserve: it allowed banks to hand out legal tender, therefore stabilising the economy because everyone is using one note.

National Bank Acts

1863 - 1864

National Bank Acts 1863-64 allowed little banks to be part of the national bank and give out national bank notes, therefore removing the chaos of lots of currency from the system

National Draft

March 1863

Not many actually showed up but they paid for replacements so it was a good money maker