Maud Newton spent decades researching genealogic records, genetic science, and the cultural history of "ancestor hunger"; her book is also a coming-to-terms with how to face and honor family history.
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Scottish author Douglas Stuart won the Booker Prize for his debut novel, Shuggie Bain, in 2020. His latest work is a suspense story wrapped around a novel of acute psychological observation.
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UnCovered review by Frank Tomasello, ACLS Mays Landing Branch
In Ways And Means: Lincoln And His Cabinet And The Financing Of The Civil War, Roger Lowenstein examines an inexplicably overlooked facet of Civil War history, finances. In the “lame duck” period from Abraham Lincoln’s election in November of 1860, until his inauguration in March of 1861, the then sitting Secretary of the Treasury, Georgia Confederate, Howell Cobb, sought to sabotage the Lincoln administration by racking up the enormous sum of $65,000,000.00 in short-term debt (over $202,000,000.00 adjusted for inflation). This added to immeasurably to the myriad of challenges this relatively inexperienced politician, Abraham Lincoln, faced from the first day of his Administration. He realized that he would need the right person for his Treasury Secretary. His own party had sought to place the incompetent, but politically connected, Simon Cameron in that office. Lincoln held firm for his choice: his rival to the 1860 Presidential nomination; more fervent anti-slavery “radical” and hard money leaning; Salmon P. Chase.
The problems Lincoln and Chase confronted seemed insurmountable. The Union began the Civil War mired in debt, which needed to be serviced, along with the need to build and provision an army from the 16,000-man army that existed at the time on top of running the country’s normal functions. Tying the administration’s hands was the Constitution which limited the Federal power to “coining” money, which had been held to mean that paper money was unconstitutional. Since there was only so much gold and silver to go around, this created a problem. Paper money did circulate at the time but was controlled by the states consistent with the prevailing view that the states were paramount to a central Federal government. The only option seemed to be borrowing by selling bonds. That meant that they would then have to find willing investors for these bonds. The problem was that the interest of potential investors seemed to ebb and flow with the successes and failures of the Union Army, which too often were failures for most of the war. Eventually, a new and unexpected pool of investors was cultivated, the taboo over paper money was overcome, a new national banking system was instituted, taxes and tariffs were fine-tuned and the salesmanship of the future scoundrel Jay Cooke, all contributed to the Union’s financial victory in the Civil War. As noted in the book, the Union’s most successful Generals, Ulysses S. Grant and William T. Sherman, had said that Chase had done more to win the war than any General.
The contrast between the Union and Confederate approach to financing could not be more pronounced. As the Union came out of the war in better economic health than it entered it, the Confederacy experienced 9,000 per cent hyperinflation, the likes of which would not be seen again until the German Weimar Republic of the 1920s, and was utterly devastated. The end result was a remaking of America as a united whole, no longer a mere confederation of states, and thus on the path to becoming a modern Nation, thanks in no small part to Abraham Lincoln and his political rival Salmon P. Chase.