The postCivil War period saw significant changes in the US. monetary system from "summary" of A Monetary History of the United States, 1867-1960 by Milton Friedman,Anna Jacobson Schwartz
Following the Civil War, the United States experienced notable transformations in its monetary system. The war had left the country burdened with a large amount of debt, prompting the government to reevaluate its financial policies. One key development was the establishment of the National Banking System in 1863, which aimed to create a more uniform and stable currency. Under this system, national banks were required to hold government securities in order to issue banknotes. This helped to standardize the currency and reduce the risk of bank failures. In addition, the government also began to issue greenbacks – paper money not backed by gold – to help finance the war effort. This marked a departure from the gold standard that had previou...
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