The Civil War Debt Crisisby Franklin Noll on 07/29/20
Emerging from four years of Civil War, the United States was faced with the task of reconstructing its political and economic systems. As part of this endeavor, from 1865 to 1870, much of the country’s focus was on the massive public debt created during the conflict. Congress went so far as to pass a constitutional amendment that read in part, “The validity of the public debt of the United States…shall not be questioned.”
As it turns out, the Civil War debt crisis was actually not a financial one, but a political one.
Read more about it in my article published in Financial History.