As they approached the task of financially supporting even a short war, both men understood that nations had traditionally used three major sources to finance their wars: borrowing money, printing money, and raising money through taxation.
What was the main way of making money in the North during the Civil War?
By 1860, 90 percent of the nation's manufacturing output came from northern states. The North produced 17 times more cotton and woolen textiles than the South, 30 times more leather goods, 20 times more pig iron, and 32 times more firearms. The North produced 3,200 firearms to every 100 produced in the South.
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