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BONDS of WAR: the EVOLUTION of WORLD FINANCIAL MARKETS in the CIVIL WAR ERA by DAVID KELLEY THOMSON Under the Direction of Steph

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BONDS of WAR: the EVOLUTION of WORLD FINANCIAL MARKETS in the CIVIL WAR ERA by DAVID KELLEY THOMSON Under the Direction of Steph BONDS OF WAR: THE EVOLUTION OF WORLD FINANCIAL MARKETS IN THE CIVIL WAR ERA by DAVID KELLEY THOMSON Under the Direction of Stephen Berry ABSTRACT “Bonds of War: The Evolution of World Financial Markets in the Civil War Era,” analyzes the distinctive role of Union bonds in global finance and state formation during the mid nineteenth century. Specifically I am interested in the American Civil War “as sold” by a quirky set of Union financiers spearheaded by Jay Cooke and his subcontractors who canvassed far and wide to sell a particular version of “America” to investors at home and abroad. Equally important to my study is the host of characters— crossing gender, racial, and national boundaries— whose confidence in the imperiled American Union paved the way for a global Gilded Age in which increasingly complex, broadly-distributed financial instruments projected both American power and a new ‘gospel’ of wealth. Civil War bonds enabled a new era of speculative finance to emerge that we are still contending with today. U.S. securities during the period were a global commodity. In ways we’ve never appreciated, high volume sales crossed the Atlantic to buyers in England, France, the German states, Switzerland, Belgium, Russia, Ireland, the Italian States, and the Netherlands, ensuring that the citizens of foreign countries had a vested interest in the Union. Despite the successful efforts to sell bonds domestically, international sales were critical to the success of the Union cause. International sales represented a critical recognition abroad of the soundness of the federal government, buoying confidence at home. Bonds even made their way to hundreds of Cuban investors—revealing the interest held by individuals in a slave economy who still knew a good investment when they saw one—hypocrisy be damned. As crucial as the Civil War was to global finance, it was in the immediate aftermath during Reconstruction that a new financial order emerged. INDEX WORDS: American Civil War, Abraham Lincoln, Salmon Chase, Capitalism, Jay Cooke, Union, War Bonds, New York City, England, Germany, Netherlands, France, Belgium, United States. BONDS OF WAR: THE EVOLUTION OF WORLD FINANCIAL MARKETS IN THE CIVIL WAR ERA by DAVID KELLEY THOMSON Bachelor of Arts, Bowdoin College, 2008 A Dissertation Submitted to the Graduate Faculty of The University of Georgia in Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY ATHENS, GEORGIA 2016 © 2016 David Kelley Thomson All Rights Reserved BONDS OF WAR: THE EVOLUTION OF WORLD FINANCIAL MARKETS IN THE CIVIL WAR ERA by DAVID KELLEY THOMSON Major Professor: Stephen Berry Committee: Stephen Mihm Daniel Rood Julia Ott Electronic Version Approved: Suzanne Barbour Dean of the Graduate School The University of Georgia May 2016 iv “When the history of this war comes to be written, no part of it will attract more attention or command more admiration than the chapters which relate to finance.” Harper’s Weekly, May 10, 1863 “If it succeeds the bonds are good, if it fails they are worthless, that is the war.” Thomas Haines Dudley v To Mom, Dad, Pat, and Ellen vi ACKNOWLEDGMENTS While this work stresses the power of debt during the bloodiest conflict in American history, I must also take time to thank those who I owe a great debt towards for their faith in me throughout the duration of this project. The debt that I owe many can never be fully repaid, but it is my hope that I can begin the process here. What follows is a list of the many teachers, friends, and colleagues through the past few years that have helped make this project a reality. This project would not have been possible if not for the financial resources made available to me by various institutions to research this project. First and foremost, the University of Georgia’s history department, and especially the travel funds endowed by Greg and Amanda Gregory were instrumental in facilitating the research for this project— especially that research conducted abroad. I truly believe this story cannot be told without the European narrative incorporated, and to move beyond mere newspaper articles and online source materials, it requires access to the archives in Europe. The Gregorys helped to facilitate travel to London, Paris, Amsterdam, Brussels, and Frankfurt to research the reach of American Civil War bonds. To them, I owe a tremendous debt of gratitude. I also want to thank the history department at UGA for signing off on said travel and for having faith in me to conduct this research. Thanks are also in order to the University of Georgia graduate school that helped facilitate travel to England as part of a doctoral exchange with the University of Liverpool. vii In addition to this travel, I am indebted to numerous institutions for their travel grants and residential fellowships that enabled prolonged stays in locations that were of tremendous importance to my research. These include the Library Company of Philadelphia, The Huntington Library, Harvard Business School, The Rothschild Archive, New York Public Library, Gilder Lehrman Institute of American History, The Harvard Center for History and Economics, and Indiana University. On many occasions, specific archivists were of great assistance to this project. I’d especially like to thank Melanie Aspey, Justin Cavernelis-Frost, Sylvia Goldhammer, Geert Leloup, Steve Smith, and Bart Schuurman. Others overseas that were indispensible to this project include Joost Jonker, Guus Veenendaal, Daniel Frankignoul, and Martin Mueller. There are countless other archivists and individuals at the various archives within the United States and abroad who were of great assistance. To these individuals above and those I have neglected to mention, I offer my sincere thanks for assisting me with this project. While they did not directly influence this project, I must recognize the individuals who in the past helped foster a love of history at a young age. My high school history teacher, Mr. Eugene Beliveau, well and truly made history come alive for me, and I’ll never forget the opportunities he put before me, such as teaching a Civil War lecture to a group of high school students as a fifteen year old sophomore. Mr. Beliveau introduced thousands of students to history during his tenure and those who were able to take a course with him were able to benefit from one of the best lecturers I ever had the privilege to hear. I must also acknowledge the work of Professors Patrick Rael and Jill Pearlman during my undergraduate years at Bowdoin College. Patrick was my adviser during my time at Bowdoin and supervised my work on Otis Howard that resulted in my initial publication. Patrick always pressed me viii to become a better writer and instilled that desire in me from the time I set foot on the campus the fall of my first year at Bowdoin. While I know there is still some ways to go to reach Patrick’s level of proficiency, I hope he will take this offer of gratitude from a former student who he provided so much to in a four-year period. Additionally, I must also thank Jill Pearlman for the work she did in pushing my abilities as a writer and for opening the world of urban history to me. Jill’s courses at Bowdoin are some of my fondest memories and a shining example of the benefits of a liberal arts education. For Patrick and Jill, I must offer my sincerest thanks for their willingness to put up with an over-anxious undergraduate and push him to develop better writing skills, better argumentation skills, and confidence in his own abilities. The world of academia is strange at times, but it does nevertheless foster an atmosphere that I am proud to call “home” and enabled me to forge friendships that move beyond professional responsibilities. That said, I am greatly indebted to many individuals who have provided commentary, encouragement, or push back on this project all in an effort to make it better. Many thanks to Bill Blair, Brian Luskey, Martha Hodes, Jason Phillips, Julie Mujic, Ryan Keating, Megan Kate Nelson, Sven Beckert, Nicolas Barreyre, Scott Nelson, Seth Rockman, Andrew Popp, Steve Soper, Jake Short, John Inscoe, Jim Cobb, Gautham Rao, Chris Kobrak, Marc Flandreau, Dan Sutherland, Mira Wilkins, Michael Caires, Robert Wright, Michael Parrish, Gary Gallagher, Elizabeth Varon, Jonathan Levy, Franklin Noll, Kathryn Boodry, Brian Craig Miller, Pete Carmichael, Don Doyle, Anne Sarah Rubin, Jim Broomall, Shauna Devine, Rachel Shelden, Carrie Janney, Aaron Sheehan- Dean, and Jim Downs. These individuals have helped to make the graduate school journey possible on many levels and for that I am forever grateful for their assistance. I’d also like to extend a warm thanks to my dissertation committee of Stephen ix Mihm, Daniel Rood, Julia Ott, and my adviser Stephen Berry. It has been a privilege to work with a quartet of such knowledgeable historians. All four have helped in various ways to refine the dissertation as it evolved over the past several years by offering strong commentary, feedback, and probing analysis of what I am trying to accomplish. The end result is a stronger final product, although all errors are of my making. It is my hope that they have learned something in this process about the subject matter as a small repayment for all the assistance they have offered to me. I earnestly look forward to calling these individuals colleagues as I move forward with my professional career. Contrary to what many non-historians may believe, the history profession is not a solitary endeavor and relies on the support of friends and colleagues who offer words of wisdom, encouragement, and advice during periods where it is needed the most.
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