Civil War
During the Civil War, banking houses were syndicated to meet the federal government's need for money to fund its war efforts. Jay Cooke launched the first mass securities selling operation in U.S. history employing thousands of salesmen to float what ultimately amounted to $830 million worth of government bonds to a wide group of investors. Cooke then reached out to the general public, acting as an agent of the Treasury Department, personally led a war bond drive that netted approximately $1.5 billion for Treasury.
Read more about this topic: Banking In The United States, Rise of Investment Banks
Famous quotes related to civil war:
“One of the greatest difficulties in civil war is, that more art is required to know what should be concealed from our friends, than what ought to be done against our enemies.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)