1. Financing the War: Confederacy
THE SITUATION
Confederacy had few gold reserves
Union blockade was making it hard to sell cotton and raise money from tariffs
Taxes of income/profit/property were unpopular
Most state governments were reluctant to send money to Richmond
The Union was struggling to feed the Confederate troops
WHAT THE CONFEDERACY DID
IMPACT

2. Financing the War: Union
THE SITUATION
The Union had an established Treasury, gold reserve and source of revenue from tariffs
However, the northern financial structure was not ready for war
Over the winter of , the northern banking system was near to collapse
WHAT THE UNION DID
IMPACT