Banking in The United States - Rise of Investment Banks - Civil War

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.

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Famous quotes related to civil war:

    To the cry of ‘follow Mormons and prairie dogs and find good land,’ Civil War veterans flocked into Nebraska, joining a vast stampede of unemployed workers, tenant farmers, and European immigrants.
    —For the State of Nebraska, U.S. public relief program (1935-1943)

    We have heard all of our lives how, after the Civil War was over, the South went back to straighten itself out and make a living again. It was for many years a voiceless part of the government. The balance of power moved away from it—to the north and the east. The problems of the north and the east became the big problem of the country and nobody paid much attention to the economic unbalance the South had left as its only choice.
    Lyndon Baines Johnson (1908–1973)