SUMMARY — Section 38

1. When the war opened, and the army and navy were called into the field, Congress proceeded to raise money by three methods: A. Increasing taxation. B. Issuing bonds. C. Issuing paper money.

2. Taxation was in three forms: A. Direct tax. B. Tariff duties. C. Internal revenue, which included a vast number of taxes.

3. Paper money consisted of treasury notes, United States notes (greenbacks), fractional currency.

4. Besides the cost to the nation, there was the cost to the states, counties, cities, and towns for bounties, and in aid of the war in general; and the cost to individuals.

6. There is again the cost produced by the war and still being paid as pensions, care of national cemeteries, etc., and interest on the public debt.

6. The cost in human life was great to both North and South; there was also a destruction of property and business, the money value of which cannot be estimated.