Understanding and teaching the roots of the civil war part 3 eds 112 summer institute 2009
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Understanding and Teaching the Roots of the Civil War, part 3 EDS 112 Summer Institute 2009. Jenny Wahl Economics Department Carleton College.

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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


[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 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 . . .


Population distribution 1840 1860
Population Distribution, 1840-1860 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 . . .


Canal and rail mileage north and south 1830 1860
Canal and Rail Mileage, 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 . . . 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 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 . . .


Estimated annual growth rate iowa population 1847 60
Estimated Annual Growth Rate, Iowa Population, 1847-60 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 . . .


Commodity price index 1850 60
Commodity Price Index, 1850-60 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 . . .


Railroad investment and added mileage 1850 56

3500 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 . . .

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% 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 . . .

% 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 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 . . .


State banks of indiana 1837 and louisiana 1821
State Banks of Indiana (1837) 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 . . . and Louisiana (1821)


Iowa land prices 1857
Iowa Land Prices, 1857 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 . . .


Railroad stock indices 1 3 57 10 10 57
Railroad Stock Indices, 1/3/57-10/10/57 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 . . .


Change in railroad earnings and passenger receipts
% Change in Railroad Earnings and % Passenger Receipts 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 . . .

% change earnings %passenger receipts %passenger

1855/56 to 1859 1855/56 receipts 1859

New England

(ME, NH, VT, MA, CN, RI) 18 52 46

North Atlantic

(NY, NJ, PA) -4 41 37

North Central

(OH, IN, IL, MI) -16 50 45

South Atlantic

(DE, MD, VA, SC, NC, GA, FL) 26 32 35

South Central

(KY, TN, AL, MI, LA) 209 47 46

Tennessee 43 58

South West

(TX, MO) 1500 40 51


Railroad stock indices 1857 59
Railroad Stock Indices 1857-59 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 . . .


Stock prices major railroads 1850 59
Stock Prices, Major Railroads, 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 . . . 1850-59


Municipal bond prices by region and time period
Municipal Bond Prices by Region and Time Period 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 . . .


Salient regional differences
Salient Regional Differences 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 . . .

NORTH SOUTH

Banking Call loans Specie reserves

Most suspended Few suspended

Commerce Depressed prices Stable prices

Failure rate 3.24% Failure rate 1.21%

$142 million loss $15 million loss

RR Stocks Speculators Local investors

High volatility Low volatility

Depressed prices Quick recovery


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 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. 

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 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. (Millions of 1860 Dollars)

DIRECT COSTS

Govt Physical Lost Total Per

exp. destructn human cap. capita

South 1032 1487 767 3286 376

North 2302 1064 3366 148

Total 3334 1487 1831 6652 212

INDIRECT COSTS

Lost L mkt Cotton Total Per

cons. adj. mkt. adj. capita

South 6190 -1960 -1670 2560 293

North 1149 1149 51

Total 7339 3709 118

TOTAL

Overall per 1860

cost capita population

South 5846 670 8.73

North 4515 199 27.71

Total 10361 330 31.43

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


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