Bonds of War - (Civil War America) by David K Thomson (Paperback)

About the Book

"This fascinating work of financial and political history during the Civil War era shows how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success. Indeed, David K. Thomson demonstrates how Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War"--

Book Synopsis

How does one package and sell confidence in the stability of a nation riven by civil strife? This was the question that loomed before the Philadelphia financial house of Jay Cooke & Company, entrusted by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War. How the government and its agents marketed these bonds revealed a version of the war the public was willing to buy and buy into, based not just in the full faith and credit of the United States but also in the success of its armies and its long-term vision for open markets. From Maine to California, and in foreign halls of power and economic influence, thousands of agents were deployed to sell a clear message: Union victory was unleashing the American economy itself.

This fascinating work of financial and political history during the Civil War era shows how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success. Indeed, David K. Thomson demonstrates how Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War.

Review Quotes

"An important read for scholars and students interested in the war, helping to explain how it was financed, and how the domestic and international financial markets developed significantly because of men like Jay Cooke."--NYMAS Review

"Bonds of War remind[s] us that the Civil War energized the nation's transformation from a modest and decentralized economic actor into the global juggernaut of the twentieth and twenty-first centuries. . . . Impressive research . . . Thomson also offers a fascinating snapshot of the European trade in American bonds."--New York Review of Books

"A carefully researched, well written, and deeply persuasive book. . . . By centering securities, Thomson reveals how Civil War debt played a crucial role in shaping the modern financial landscape."--H-CivWar

"A fascinating foray into the world of Civil War finance and the beginnings of modern America's financial markets."--HistoryNet

"By providing a comprehensive and detailed look at how the United States raised enough money to finance a lengthy four-year military struggle, Thomson offers a much-needed perspective on the origins of modern finance as well as a case study of how military and political fortunes have intimate ties to financial riches."--Journal of American History

"Thomson weaves a compelling thread of the bonds representing a democratization of a war effort, in contrast to past wars being funded by financial elites."--Emerging Civil War