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:
“During the Civil War the area became a refuge for service- dodging Texans, and gangs of bushwhackers, as they were called, hid in its fastnesses. Conscript details of the Confederate Army hunted the fugitives and occasional skirmishes resulted.”
—Administration in the State of Texa, U.S. public relief program (1935-1943)
“Luxury, or a refinement on the pleasures and conveniences of life, had long been supposed the source of every corruption in government, and the immediate cause of faction, sedition, civil wars, and the total loss of liberty. It was, therefore, universally regarded as a vice, and was an object of declamation to all satyrists, and severe moralists.”
—David Hume (1711–1776)