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: Paperback / softback
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 entrusted the firm with an unprecedented sale of bonds to finance the Union war effort, a task that required a strategic approach to convince investors of the nation's potential for recovery and growth.

The government and its agents approached the sale of these bonds with a clear message: Union victory was unleashing the American economy itself. They marketed the bonds not just on the basis of the full faith and credit of the United States but also on the success of its armies and its long-term vision for open markets. Thousands of agents were deployed across the country, from Maine to California, and in foreign halls of power and economic influence, to sell this message to potential investors.

The strategy was successful, as the bonds were sold in record numbers. The government's ability to raise funds for the war effort was crucial in ensuring Union victory, and the sale of these bonds played a significant role in that success. However, the marketing and sale of bonds also revealed a version of the war that the public was willing to buy and buy into. The Union's victory was seen as a means of unleashing the American economy, which was seen as a powerful force for global growth and prosperity.

This interdependence between the American economy and the rest of the world was a new phenomenon, and it would have far-reaching consequences for the future of finance and international relations. The Civil War marked a turning point in the history of finance, as it demonstrated the power of government intervention in the economy and the potential for financial markets to influence political outcomes.

In conclusion, the sale of bonds during the American Civil War was a complex and multifaceted endeavor that required a strategic approach to convince investors of the nation's potential for recovery and growth. The government and its agents marketed the bonds not just on the basis of the full faith and credit of the United States but also on the success of its armies and its long-term vision for open markets. The strategy was successful, and the bonds were sold in record numbers. However, the sale of bonds also revealed a version of the war that the public was willing to buy and buy into, highlighting the interdependence between the American economy and the rest of the world. The Civil War marked a turning point in the history of finance, as it demonstrated the power of government intervention in the economy and the potential for financial markets to influence political outcomes.

Weight: 191g
Dimension: 235 x 155 (mm)
ISBN-13: 9781469666617