Trivia 3-30-2020

[Trivia Master]

What financial bonanza befell the United states during Civil War?

credit: @scone

 

[kholland]

Income tax

 

[stuart1861]

Discovery of gold at Alder Gulch, southwestern Montana, on May 26, 1863. It certainly ranks among the most significant gold discoveries ever made.

 

[DBF]

I will site two -
August 5, 1861 - President Lincoln signs the Revenue Act establishing the first federal income tax.
https://www.history.com/this-day-in-history/lincoln-imposes-first-federal-income-tax

September, 1872 -when Britain was ordered to pay the United States $15.5 million as compensation for the damage the British built CSS Alabama inflicted on the United States during the Civil War.
https://history.state.gov/milestones/1861-1865/alabama

 

[FarawayFriend]

On May 26, 1863 gold was discovered in Alder Gulch, Montana Territory.

Source:

https://quizlet.com/47702140/americans-at-war-flash-cards/

 

[captaindrew]

Gold discovery in Abner Gulch Montana in 1863

 

[Stone in the wall]

National Currency Act

 

[Brenal]

Guessing again!!!!!
The passing of the Legal Tender Act 1862 which allowed the government to print $150 million of paper money that was not backed by gold or silver.

 

[Wallyfish]

On May 26, 1863 gold was discovered in Alder Gulch, Montana Territory, providing a spectacular mineral harvest which reinforced the financial treasury--already bolstered by the California gold production.


Source

 

[hughes]

pick one,

higher tariffs, growing population, specie act, use of freed slaves as a labor bonus, taxing Amazon, or confiscating cattle from the Ponderosa Ranch

Edit - Ben Cartwright might not have liked that last one too much.

hoosier

 

[redbob]

The California Silver Rush.

 

[WJC]

QUOTE="Trivia Master, post: 2207276, member: 6319"]
What financial bonanza befell the United states during Civil War?

credit: @scone
[/QUOTE]
According to whom? One person's "bonanza" could be another's curse.
One can quickly list at least three financial successes:
selling government bonds (some as low as $50) to the public at large.; acceptance of Federally-issued currency ('Greenbacks'); successful implementation of the income tax.
By war's end:

The USA had financed about two-thirds of its $3.4 billion in direct costs by selling bonds.​

Approximately $450 million worth of this new national currency was circulating throughout the Union.​

Revenue from the income tax increased to $20 million in fiscal 1864 and $32 million in fiscal 1865.​

<Michael A Martorelli, "Financing the Civil War", Essential Civil War Curriculum. https://www.essentialcivilwarcurriculum.com/>
At the same time, some historians point to the financial boom fueled by the clandestine trade between North and South.

Business in New England textile mills "was better than ever," according to textile mogul Amos Lawrence. ​

Sherman claimed the rebels he was fighting were supplied with weapons from Cincinnati. ​

A factor in Lee's successful defense of Richmond was the number of supplies he received through US held Norfolk. ​

<Philip Leigh, Trading with the Enemy: The Covert Economy During the American Civil War. (Yardley, PA: Westholme Publishing, 2014).>

 

[streetwiseprof]

Silver production from the Comstock Lode in Nevada.

 

[JOHN42768]

I'm going with the standardization and interchangeability of manufactured items created an industrial boom although there are many others to choose from.

 

[warbird43]

The gold strike made at Alder Gulch, Montana Territory on May 26, 1863. The Alder Gulch (sometimes called Alder Creek) diggings were the richest gold placer deposits ever discovered. In three years time, $30M were taken from them, $10M in the first year.

 

[sarladaise]

"On May 26,1863 gold was discovered in Alder Gulch, Montana Territory , providing a spectacular mineral harvest which
reinforced the Federal treasury - already bolstered by California gold production."
Source: Google Books: The Civil War Quiz and Fact Book, by Rod Gregg, page 5

 

[Llewellyn]

Gold discovered in Montana

 

[luinrina]

Apparently, gold was discovered in Montana Territory, which consequently bolstered up the treasury.

Source:

 

[Soldier Boy]

On May 26, 1863 gold was discovered in Alder Gulch, Montana Territory, providing a spectacular mineral harvest which reinforced the financial treasury - already bolstered by the California gold production.

Source: https://books.google.com/books?id=T... the civil war&source=gbs_book_other_versions Page 5

 

[Mike Serpa]

William Fairweather and Henry Edgar discovered gold at Alder Gulch, MT in 1863.