Understanding and teaching the roots of the civil war part 3 eds 112 summer institute 2009
This presentation is the property of its rightful owner.
Sponsored Links
1 / 22

Understanding and Teaching the Roots of the Civil War, part 3 EDS 112 Summer Institute 2009 PowerPoint PPT Presentation


  • 59 Views
  • Uploaded on
  • Presentation posted in: General

Understanding and Teaching the Roots of the Civil War, part 3 EDS 112 Summer Institute 2009. Jenny Wahl Economics Department Carleton College.

Download Presentation

Understanding and Teaching the Roots of the Civil War, part 3 EDS 112 Summer Institute 2009

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Understanding and teaching the roots of the civil war part 3 eds 112 summer institute 2009

Understanding and Teaching the Roots of the Civil War, part 3EDS 112 Summer Institute 2009

Jenny Wahl

Economics Department

Carleton College


Understanding and teaching the roots of the civil war part 3 eds 112 summer institute 2009

[I]t is the opinion of the court that the Act of Congress which prohibited a citizen from holding and owning property of this kind in the territory of the United States north of the line therein mentioned, is not warranted by the Constitution, and is therefore void . . .

-- Dred Scott v. Sandford (1857), 19 How. 393,452 (1857)


Distribution of slave population by region 1840 1860

Distribution of Slave Population by Region, 1840-1860


Population distribution 1840 1860

Population Distribution, 1840-1860


Canal and rail mileage north and south 1830 1860

Canal and Rail Mileage, North and South, 1830-1860


Number and price of acres public land offices 1850 60

Number and Price of Acres, Public Land Offices, 1850-60


Estimated annual growth rate iowa population 1847 60

Estimated Annual Growth Rate, Iowa Population, 1847-60


Commodity price index 1850 60

Commodity Price Index, 1850-60


Railroad investment and added mileage 1850 56

3500

3000

2500

2000

1500

miles of rails added

investment index

1000

1856

1850

1851

1852

1853

1854

1855

Railroad Investment and Added Mileage, 1850-56


Total and added rail mileage in oh in il mi wi ia

75.0%

% total

% additional

65.0%

55.0%

45.0%

35.0%

25.0%

15.0%

5.0%

1848

1849

1850

1851

1852

1853

1854

1855

1856

% Total and Added Rail Mileage in OH, IN, IL, MI, WI, IA


Railroad stock indices 1850 1856

Railroad Stock Indices 1850-1856


State banks of indiana 1837 and louisiana 1821

State Banks of Indiana (1837) and Louisiana (1821)


Iowa land prices 1857

Iowa Land Prices, 1857


Railroad stock indices 1 3 57 10 10 57

Railroad Stock Indices, 1/3/57-10/10/57


Change in railroad earnings and passenger receipts

% Change in Railroad Earnings and % Passenger Receipts

% change earnings %passenger receipts %passenger

1855/56 to 1859 1855/56 receipts 1859

New England

(ME, NH, VT, MA, CN, RI) 1852 46

North Atlantic

(NY, NJ, PA) -441 37

North Central

(OH, IN, IL, MI)-1650 45

South Atlantic

(DE, MD, VA, SC, NC, GA, FL)2632 35

South Central

(KY, TN, AL, MI, LA)20947 46

Tennessee43 58

South West

(TX, MO)150040 51


Railroad stock indices 1857 59

Railroad Stock Indices 1857-59


Stock prices major railroads 1850 59

Stock Prices, Major Railroads, 1850-59


Municipal bond prices by region and time period

Municipal Bond Prices by Region and Time Period


Salient regional differences

Salient Regional Differences

NORTHSOUTH

BankingCall loansSpecie reserves

Most suspendedFew suspended

CommerceDepressed pricesStable prices

Failure rate 3.24%Failure rate 1.21%

$142 million loss$15 million loss

RR StocksSpeculatorsLocal investors

High volatilityLow volatility

Depressed pricesQuick recovery


Understanding and teaching the roots of the civil war part 3 eds 112 summer institute 2009

When the abuse of credit had destroyed credit and annihilated confidence;  when thousands of the strongest commercial houses in the world were coming down, and hundreds of millions of dollars of supposed property evaporating in thin air;  . . . what brought you up?   Fortunately for you it was the commencement of the cotton season, and we have poured in upon you one million six hundred thousand bales of cotton just at the crisis to save you from destruction.   That cotton, but for the bursting of your speculative bubbles in the North, which produced the whole of this convulsion, would have brought us $100,000,000.   We have sold it for $65,000,000 and saved you.   Thirty-five million dollars we, the slaveholders of the South, have put into the charity box for your magnificent financiers, your "cotton lords," your "merchant princes." . . . The South have sustained you in great measure.   You are our factors.   You fetch and carry for us. . . . Suppose we were to discharge you;  suppose we were to take our business out of your hands; -- we should consign you to anarchy and poverty. 

Source: “King Cotton” Speech by S.C. Senator James Hammond, 4 March 1858, quoted at http://www.sewanee.edu/faculty/Willis/Civil_War/documents/HammondCotton.html.


Brief schema panic of 1857

Brief Schema, Panic of 1857

Escalating prices for Western real estate

Pyramid of debt, new investment vehicles

Shocks: Dred Scott, Bad info about RR

Long-reaching effects on multiple interlocking markets

Sound enterprises recover quickly,

shady operations experience stock price declines,

South is emboldened


The costs of the civil war millions of 1860 dollars

The Costs of the Civil War (Millions of 1860 Dollars)

DIRECT COSTS

GovtPhysicalLost Total Per

exp.destructnhuman cap.capita

South103214877673286376

North230210643366148

Total3334148718316652212

INDIRECT COSTS

LostL mkt CottonTotalPer

cons.adj.mkt. adj.capita

South6190-1960-16702560293

North11491149 51

Total73393709118

TOTAL

Overallper1860

costcapitapopulation

South58466708.73

North451519927.71

Total1036133031.43

Source: Ransom, (1998: 51, Table 3-1); Goldin and Lewis. (1975; 1978)


  • Login