Lincoln's War
By Richard Kelly Hoskins
In early 1861, a whole flock of northern municipalities defaulted on their bonds. Schuler, Illinois; Genoa, New York; Sterling, New York; Waterloo, Wisconsin; Rochester, Wisconsin; Marshall County, Iowa; Pittsburg, Pennslvania; Milwaukee, Wisconsin. Before the year ended 6,993 businesses had failed.
William Henry Seward, Secretary of State, suggested a diversionary foreign war to reunite the country (Lincoln, Works, IV, pp. 316-318.) It was a good idea, but Lincoln, a former big-time railroad lawyer — president, had other plans.
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