Financing the War North & South

• In an effort to reassure Northern states worried about the cost of the war to their state treasuries and to help them adjust to the idea of the United States' first standing army (to invade other states, no less), Lincoln’s Cabinet declares that the US Government will take responsibility for all war expenses once states have mobilized their volunteers for service. Lincoln ignores the fact that the Congress, not the President, can declare and fund war./1861
• The Confederate government announces an upcoming campaign tour with speeches by Confederate Vice-President Alexander Stephens, promoting Produce Loans - by which planters would pledge their produce in exchange for Confederate bonds./1861
• A company of Confederate cavalry captured by Union forces at Alexandria, Virginia, takes Lincoln’s oath of allegiance to the United States./1861