Bonds of War: How Civil War Financial Agents Sold the World on the Union

The Philadelphia financial house of Jay Cooke & Company was entrusted by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War. The government and its agents marketed these bonds based on the full faith and credit of the United States, the success of its armies, and its long-term vision for open markets. Thousands of agents were deployed to sell a clear message: Union victory was unleashing the American economy itself. This work of financial and political history demonstrates how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success.

Format: Hardback
Length: 288 pages
Publication date: 12 April 2022
Publisher: The University of North Carolina Press

The Philadelphia financial house of Jay Cooke & Company faced a daunting challenge in the early days of the American Civil War: how to package and sell confidence in the stability of a nation torn apart by civil strife. The US government had entrusted the firm with an unprecedented sale of bonds to finance the Union war effort, and it was crucial to convey the message that the Union's victory would unleash the American economy itself.

To achieve this, the government and its agents deployed thousands of agents across the United States, from Maine to California, and even in foreign halls of power and economic influence. The agents were tasked with selling a clear message: Union victory was unleashing the American economy, and investors around the world were eager to buy into this vision.

The marketing strategy was multifaceted, leveraging the full faith and credit of the United States as well as the success of its armies. The government published regular reports on the progress of the war, highlighting victories and setbacks, and emphasizing the importance of the Union's victory for the future of the world economy.

Furthermore, the government used propaganda and public relations efforts to sway public opinion in favor of the Union cause. Newspapers and magazines were filled with stories of Union soldiers bravely fighting for their country, and the government even organized exhibitions and displays to showcase the latest military technology.

The sale of bonds was not limited to the United States, however. Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War. The Union's victory was seen as a victory for democracy and freedom, and investors from across the world were eager to support this cause.

The marketing and sale of bonds during the Civil War era showcased the power of finance and propaganda to shape public opinion and drive economic growth. It also demonstrated the deep interconnectedness of the global economy, with the United States playing a pivotal role in shaping the world's financial landscape.

Dimension: 235 x 155 (mm)
ISBN-13: 9781469666600