The Economics That Saved America | The U.S. Civil War Pt. 2

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Published 2023-08-06
Part I Link:
   • The Economics That Split America | Th...  

In Part 2 of our series on Salmon Chase and Abraham Lincoln, we delve into the financial ingenuity that fueled the Civil War. Explore how Chase, a passionate abolitionist and rival of Lincoln, crafted the greenback, transforming America's banking system. Discover the 'Chase Club,' a secret society that laid the groundwork for his presidential ambitions. From the creation of greenbacks to political rivalry, this episode uncovers the economic strategies that shaped a nation. Join us as we unravel the money, secrets, and innovations of a crucial time in American history.

#civilwar #america #lincoln #presidentialelection #animation #edutainment #history #americanhistory #supremecourt #constitution

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Timecodes
0:00 Intro
0:35 Part 1: A Nation Torn
2:10 Government Bonds
4:30 Chase's Envy of Lincoln
6:30 Chase Club
7:30 The South's Economy
8:09 Hyperinflation
9:38 The 1864 Election
11:10 The Pomeroy Circular
13:52 Next Time On Epic Economics

All Comments (21)
  • Young man, this video was excellent, but to short! Do more videos like this on past history events that are not readily taught. Keep up the good work!
  • @Ngoroso
    This was so well put together! Amazing work, loved it.
  • @EconomicsIsEpic
    Let us know what you think of our first 2-parter. Also, the people have spoken and an Opium Wars episode is on the way! After that, let us know in the comments, would you rather watch.. a 2-Part series on 'The Silk Road/China's Belt & Road Initiative' a 2-Part series on 'Why Did Europe Conquer The World' or...a standalone episode on (YOU TELL US!)
  • @gallopingLake6
    Chase wasn’t the problem in the 1864 election for the Republicans. It was Fremont and his supporters that had to be negotiated and dealt with for Lincoln to have a chance to win reelection.
  • @dre6289
    Now do "how germany paid for ww2" Certain family member keeps bringing it up
  • @scotthesse3965
    The Yankees also had the California gold fields and the Nevada silver mines to support the Civil War.
  • @pbr4814
    Chase betrayed Lincoln many times yet Lincoln elevated Chase to be Chief Justice of the Supreme Court. Must we wonder about Lincoln's greatness?
  • @Mottleydude1
    Chase is considered by many historians to have been one of the better Chief Justices of SCOTUS.
  • Correction! The first Republican presidential candidate was John Freemont in 1856, who lost to James Buchanan.
  • @ask_why000
    Chase was more of an abolitionists than Lincoln ever was, yet "honest" Abe gets the credit and the statues.
  • @RextheRebel
    Is Salmon Chase the original man responsible for Chase Bank?
  • Interesting Fact: President Lincoln said, "Without the Military help of Black Freedman, the war against the South could not have been won."
  • @Blaqjaqshellaq
    chase was far from completely forgotten--from 1928 to 1946 his image was on the 10,000-dollar bill, the highest-value banknote circulated by the federal reserve...
  • @LiuMmayn64
    How about an India focused video next? You haven’t done one
  • @barbiquearea
    By 1863 the war was taking a clear toll on the civilians of both sides. The Union had labour shortages and inflation, which complicated life for Northerners, though on the whole the economy boomed in the North during the war. Whatever difficulties Northerners experienced paled in comparison with those of Southerners, who were plagued with shortages of everything, from food, salt, drink, luxuries and nearly every conceivable consumer good. There were many causes for these shortages. This included the Union blockade shutting off all imports coming in from Europe, the lack of a self sufficient economy in the South (as they lacked the capability to produce manufactured goods as their own industrial base wasn't particularly large or well developed to meet demand). Deprivation was evident early in the war with the lack of such basic items as paper and ink. Civilians wrote letters on anything they could find, including sheets torn from old account books and wallpaper ripped from the walls. But no single shortage was as much of a grave concern for the Southern population as that of food. Contemporary letters, diaries and newspapers made frequent references to a lack of food, the causes of which included natural disasters such as droughts, floods and fires, combined with unnatural factors such as manpower shortages (many slaves who worked the fields were fleeing to Union lines), targeted devastation of industrial and agricultural production facilities brought on by Union generals such as Sherman and Sheridan. This was compounded by a breakdown of transportation facilities, hoarding, speculation and hyperinflation (which sent the price of food skyrocketing while the value of the Confederate dollar cratered). As a result food riots broke out in several cities, including the Confederate capital of Richmond. In April 1863, President Jefferson Davis ordered the Richmond militia to open fire on several hundred women if they did not leave the area, which they grudgingly did.