HIS 330 SNHU Financial Legislation During the Civil War Research Paper Narrative Research Paper Topic: Financial Legislation During the Civil War 7-10 pa

HIS 330 SNHU Financial Legislation During the Civil War Research Paper Narrative Research Paper

Topic: Financial Legislation During the Civil War

7-10 pages Double Spaced, size 12 times new roman

Cited in Chicago/Turabian format

The attachments provide all necessary information and sources (even two are analyzed and will provide essential information for the paper). (Milestone 2 attachment has the thesis, introduction, and a thorough outline)

The attached guidelines and rubric will show the rest. HIS 330 Narrative Research Paper Guidelines and Rubric
(A final project element)
Overview
The first element of the course project is to identify a relevant historical topic and explain the significance of the topic (refer to Milestone One Guidelines and
Rubric document for additional details and specific instructions of this course element). Specifically, the following critical elements must be addressed:
I.
II.
Provide a clear, thorough introduction to a relevant topic, and identify the significance of the topic.
Identify at least one relevant primary source and at least one scholarly secondary source.
When selecting a topic, consider the following:
●
●
●
●
What particular events or people related to the Civil War or Reconstruction eras interest you?
What question would you like to answer about the Civil War or Reconstruction eras?
Why is the topic significant or important?
Is the topic practical? Are sources readily available to you in online or physical collections?
Your topic should be narrow enough to cover in a 7- to 10-page paper. For example, the topic of “Reconstruction” is too broad, but the legislative debate over
ratification of the Fourteenth Amendment would be more reasonable. The final paper should not be a superficial account of events but an analysis of the topic
within the broader context of the era.
The next element of the course project is to write an introduction that identifies the topic of the final paper, provides a preliminary thesis statement, and
explains the significance of the topic. Next, you will include a 1-2 page outline of the project that identifies the main ideas that you plan to discuss and identifies
the sources you plan to use to support those main ideas. Creating an outline for your final paper is a critical step that helps you collect and clarify ideas, stay on
task, and will help demonstrate your thinking process. This is also an opportunity to identify any weak points in your approach. Be sure to incorporate any
feedback from your instructor into your final paper submission.
Finally, you will include a bibliography that correctly cites primary and secondary sources that you plan to use in the paper (refer to Milestone Two Guidelines
and Rubric document for additional details and specific instructions of this course element).
The following critical elements must be addressed:
●
Introduction
o Identify your topic with a clear, thorough introduction.
o
o
●
●
Write a thesis statement with clear details to establish your central argument.
Defend your topic choice by providing a clear explanation of the topic’s significance and importance.
Outline
o Provide an accurate description of how main points and key elements will be analyzed in your paper.
o Identify which sources will be used to support each main point.
Bibliography
o Identify at least six primary and scholarly secondary sources in the bibliography.
o Cite your sources using the correct Chicago Style/Turabian format.
The final element of the course project is your presentation (refer to the Visual Presentation Guidelines and Rubric document for additional details and specific
instructions on this course project element). The class presentations will collectively present a diverse portrait of “impacts” so that we can
Consider a broader narrative of the war’s impact on society as a whole. The final draft of your narrative is due in Module Seven.
Milestones
Milestone One: Topic Selection
In Module Two, you will submit a research topic proposal as well as identify at least one primary and one secondary source using the proper citation method.
This milestone will be graded with the Milestone One Rubric.
Milestone Two: Introduction, Outline, and Bibliography
In Module Five, you will submit an introduction that identifies the topic of the final paper, provides a preliminary thesis statement, and explains the significance
of the topic. Next, you will include an outline of the project that identifies the main ideas that you plan to discuss and identifies the sources you plan to use to
support those main ideas. Finally, you will include a bibliography that correctly cites at least six primary and secondary sources that you plan to use in the paper.
This milestone will be graded with the Milestone Two Guidelines and Rubric document.
Final Submission: Narrative Research Paper
In Module Seven, you will submit your narrative research paper. This submission will be graded with the Narrative Research Paper Rubric.
Final Submission: Visual Presentation
In Module Eight, you will submit your visual presentation of your narrative paper. This submission will be graded with the Visual Presentation Rubric.
Narrative Research Paper Rubric
In this project element, your narrative, you will be developing a paper based upon your topic choice that is a minimum of 7–10 pages and properly footnoted in
the Chicago or Turabian style. Follow these formatting guidelines: double spacing, 12-point Times New Roman font, one-inch margins, and citations in Chicago or
Turabian format.
Critical Elements
Interpretation and
Analysis
Exemplary (100%)
Proficient (85%)
Comprehensive argument/thesis Clear argument/thesis with
with highly effective examples
examples and facts to support
and facts that support claims
claims
Needs Improvement (55%)
Not Evident (0%)
Attempts to offer an
Unclear argument/thesis, and/or
argument/thesis, but examples
examples and facts do not
and facts do not completely
support claims
support claims
Application of Course Accurately applies all major
Accurately applies most major
Accurately applies some major
Does not accurately apply any
Concepts
course concepts related to
course concepts related to topic course concepts related to
major course concepts related
topic
topic
to topic
Organization
Organization is sound with clear Organization is easy to follow
Organization is difficult to follow Organization is confused, and
beginning, middle, and end, and and ideas are clearly organized, at times, and there may be
structure of ideas lacks clarity
ideas flow logically
though there may occasionally
lapse in the logical flow of ideas
be some lapse in logical flow
Integration and
Paraphrases and/or integrates
Mostly paraphrases and/or
Does not quote effectively
No citations and/or citations are
Application of
quotes effectively, with all
integrates quotes effectively,
and/or most citations lack
not cited accurately
Citation/Sources
citations in accurate format
with all citations in accurate
accurate format
format
Writing Mechanics No errors related to grammar
Errors of grammar and style are Errors of grammar and style are Errors of grammar and style
and style
marginal and rarely interrupt
limited enough that the paper
make the paper difficult to
the flow
is still able to be understood
understand
Total
Value
25
25
20
15
15
100%
The Introduction of the Federal Income Tax
HIS 330
SNHU
Milestone 1
3/14/2020
The American Civil War is the deadliest and bloodiest war in American History with
more than 600,000 dead. The shocking and tragic number of deaths during the years of the Civil
War can be mirrored by the financial toll the Civil War had on the US economy. Funding such
an extensive war was no easy task. Between 1860 and 1865 the Federal budget increased from
$78 million to $1.31 billion. The amount of the Federal budget spent also increased from 37% to
90% during the Civil War. This increase in Federal spending did significant damage to the
National Debt. The National debt had been paid off in its entirety in 1835 by President Andrew
Jackson, the only time in US history this was ever accomplished. By 1860 our national debt
stood at $65 million, this would increase to $2.7 billion by the end of the Civil War. In order to
combat the massive increase in Federal Spending, specifically defense spending, several
important legislations were passed during the Civil War. The Legal Tender Act of 1862 as well
as the National Bank of 1863 were passed to assist the financing of the Civil War. Perhaps the
most important and notable legislation however was the Revenue Act of 1861, which introduced
the first ever Federal Income Tax. The introduction of the Federal Income tax would forever
change the economy of the United States.
References
https://online.norwich.edu/academic-programs/masters/military-history/resources/infographics/howthe-civil-war-created-the-modern-economy (secondary source)
https://www.loc.gov/law/help/statutes-at-large/37th-congress/session-2/c37s2ch119.pdf (primary
source)
Name 1
Financial Legislation’s of the Civil War
HIS 330
SNHU
4/4/2020
Introduction
Name 2
The American Civil War is the deadliest and bloodiest war in American History with
more than 600,000 dead. The shocking and tragic number of deaths during the years of the
Civil War can be mirrored by the financial toll the Civil War had on the US economy. Funding
such an extensive war was no easy task. The Civil War period in the United States can be
viewed as a turning point in the history of the country. In particular, the war came with financial
legislation that would later define and dictate the Revenue, Legal Tender, and National Bank
Acts. These three aspects of finance needed a clear definition to meet the bulging financial
terms that the civil war imposed. For instance, between the years 1860 and 1865, the Federal
budget recorded an increase from $78 million to $1.31 billion.1 Such a vast increment would
significantly affect the National Debt by raising it from $ 65 million to $2.7 billion.2 The
Federal Spending allocated much of the money to the military and defence. In response,
Congress passed the Revenue Act in 1861. This Act introduced the very first Federal Income
Tax, and it would later be revised in 18623. Later, it passed the Legal Tender Act on February
25th, 1862, to ensure adequate financing of the Civil War. It gave the government the liberty
to print greenbacks, paper money that was not backed by equivalent gold or silver reserves.
Also, the passing of the National Bank Act followed in 1863 to facilitate the creation of a
national banking system. The system would then float federal war loans and establish a national
currency. The economic impact of the Civil War forced the use of these three new Financial
Legislations in the U.S.
Outline
1
2
“How the Civil War Created the Modern Economy.” Norwich University Online, 2020,
online.norwich.edu/academic-programs/masters/military-history/resources/infographics/how-the-civilwar-created-the-modern-economy.
Ibid.
U.S Congress, House, An Act to provide Internal Revenue to support the Government and to pay interest on
the Public Debt. (Revenue Act) Act of 1862, 37th Congress, second sess., introduced July 1, 1862.
https://www.loc.gov/law/help/statutes-at-large/37th-congress/session-2/c37s2ch119.pdf
3
Name 3
I.
The Revenue Act resulted from the efforts that Congress made in funding the Civil
War. Before the start of the war, tariffs returned enough revenue for small federal budgets.4
However, Congress responded to the civil war by drafting legislation that would facilitate the
generation of more revenue. Mr William Pitt Fessenden attempted to fund the war but did not
meet the goals.5 The bill would tax imports, land and 3% of income above $800.6 It was not
sufficient. However, the second one that was passed in 1862 became more productive and
generated the desired revenues. It would continue to create more income after the war.7
II.
The Legal Tender Act of 1862 authorized the minting of paper money that would be
irredeemable by gold or silver reserves.8 This Act released approximately $430 million into
circulation.9 The amount would settle all taxes, debts, and other significant obligations of the
legal tender. The court would later change the authority of issuance of the legal tender. It struck
down the Act and ensured that Congress no longer had the power to issue the legal tender in
the form of paper currency. The legal tender would continue to be of benefit to the economy
of the United States even after the Civil War.10
III.
On the other hand, the National Bank Act of 19863 and 1864 redefined the federal
banking system. The Acts led to the creation of a national currency that was backed by bank
holdings.11 Also, the Treasury securities were created. Additionally, the Office of the
Controller of the Currency alongside the system of nationally chartered banks came into
4
Schwab, John Christopher. The Confederate States of America, 1861-1865: a financial and industrial history of
the South during the Civil War. New York: Scribner, 1901.
5
Ibid. 1901
6
Ibid. 1901
Ibid 1901
8
Mitchell, Wesley Clair. A History of the Greenbacks: With Special Reference to the Economic Consequences of
Their Issue: 1862-65. University of Chicago Press, 1903.
7
9
Ibid. 1903
Ibid. 1903
11
Schwab, John Christopher. The Confederate States of America, 1861-1865: a financial and industrial history
of the South during the Civil War. New York: Scribner, 1901.
10
Name 4
existence.12 The Act would later shape the national banking system. More importantly, it would
support a uniform U.S. banking policy.
Bibliography
12
Schwab, John Christopher. The Confederate States of America, 1861-1865: a financial and industrial history
of the South during the Civil War. New York: Scribner, 1901.
Name 5
“How the Civil War Created the Modern Economy.” Norwich University Online, 2020,
online.norwich.edu/academic-programs/masters/militaryhistory/resources/infographics/how-the-civil-war-created-the-modern-economy.
Mitchell, Wesley Clair. A History of the Greenbacks: With Special Reference to the
Economic Consequences of Their Issue: 1862-65. University of Chicago Press, 1903.
Richards, Samuel P. Sam Richards’s Civil War Diary: A Chronicle of the Atlanta Home
Front. University of Georgia Press, 2009.
Schwab, John Christopher. The Confederate States of America, 1861-1865: a financial and
industrial history of the South during the Civil War. New York: Scribner, 1901.
U.S Congress, House, An Act to provide Internal Revenue to support the Government and to
pay interest on the Public Debt. (Revenue Act) Act of 1862, 37th Congress, second
sess., introduced July 1, 1862. https://www.loc.gov/law/help/statutes-at-large/37thcongress/session-2/c37s2ch119.pdf
NAME 1
HIS 330
Primary Source Analysis
The civil war period in America was a transformational period that introduced various
changes, including the beginning of federal income tax. Taxation was a strategy to meet part of
the government’s deficits and generate revenue to support its military activities during the war
period. The federal government was spending more money than ever before, specifically the
military defense budget and needed a way to support these costs. This essay expounds on a
primary source from Congress on July 1, 1862, The Revenue Act of 1862 which was “An act to
provide Internal Revenue to support the Government and pay interest on the Public Debt.” 1
This Bill was written by Pitt Fessenden, the chairman of the Senate Finance Committee
during the Civil War. This Bill from 1862 was actually a revision of the Revenue Act of 1861
which Senator Fessenden also wrote. This bill created a new office in the Treasury Department,
the Commissioner of Internal Revenue. The bill also goes on to showcase the new powers given
to the President in terms of appointing the new office position, as well as how he can divide up
collection districts2. The revenue bill has more than 100 sections and spans over 55 pages.
Pitt Fessenden was a Senator from Maine. He was also the Chairman of the Senate
Finance Committee during the Civil War. He was the author and architect of many of the
nation’s wartime revenue policies.
1
U.S Congress, House, An Act to provide Internal Revenue to support the Government and to pay interest on the Public
Debt. (Revenue Act) Act of 1862, 37th Congress, second sess., introduced July 1, 1862.
https://www.loc.gov/law/help/statutes-at-large/37th-congress/session-2/c37s2ch119.pdf
2
Ibid.
NAME 2
Congress passed the Internal Revenue Act on July 1, 1862, and the first taxes were levied
September 1, 1862. With the massive increases in military defense spending during the Civil
War, the Federal Government was scrambling to offset some of these expenses. The Revenue
Act of 1861 was not very effective; however, its revision a year later was a much bigger success.
Although the Federal Income tax instituted in 1862 would only last until Congress let the bill
expire in 1873. It was the basis for the eventual ratification of Sixteenth Amendment to the
Constitution in 1909.
NAME 3
Bibliography
U.S Congress, House, An Act to provide Internal Revenue to support the Government and to pay interest
on the Public Debt. (Revenue Act) Act of 1862, 37th Congress, second sess., introduced July 1, 1862.
https://www.loc.gov/law/help/statutes-at-large/37th-congress/session-2/c37s2ch119.pdf
Name 1
HIS 330
SNHU
4/10/2020
Secondary Source Analysis
Name 2
The American Civil War was fought between 1861 and 1865. America underwent
remarkable changes during this time. The Federal Government was spending an exorbitant
amount of money on military spending and attempted to recuperate some of this money by
introducing the first federal income tax. The first attempt at the federal income tax was proposed
in 1861, however a more successful version was submitted in 1862. This Revenue Act of 1862
would form the base for the eventual 16th Amendment to the US Constitution. This essay
expounds on a primary research article that describes records on income tax at the time of the
Civil War.
Cynthia Fox wrote the Prologue Magazine article titled Income Tax Records of the Civil
War Years in 1986 as a vital source of information for genealogical, local history and
biographical research. Additionally, this resource is essential for individuals who wish to
understand the tax demographics of the 1860s. The article records significant changes that
happened to income tax during The Civil War period. 1
Cynthia Fox is the head of the Unit of Civil and Military Records of the Administration
of National Records and Archives. As such, she records a historical account of information she
received from the national archives’ documents. This author is a neutral party since the
department she heads is the center of the majority of historical records about the United States.
This piece is for public consumption by any individual who wishes to understand the origin of
paying income taxes and why the 16th Amendment was ratified in 1913.
1
Fox, Cynthia G. “Income-Tax Records of The Civil-War Years.” Prologue-Quarterly of The National
Archives 18, no. 4 (1986): 250-259.
Name 3
This material has some crucial information. First, it states the Congress was given the full
mandate to tax incomes of citizens from all sources on February 25, 1913. Many believe this
move marked the beginning of paying taxes. However, the first federal income tax was enacted
51 years earlier in 1862. Congress passed the Internal Revenue Act on July 1, 1862, and the first
taxes were levied September 1, 18622. This resource reveals the nature of this first income tax as
a progressive tax that concentrated on 3% of the annual incomes that exceeded $600 but never
surpassed $10,000 mark. Additionally, the tax cut 5% of the income that exceeded 10,000.
Lastly, this material says that paying taxes was regarded as an element of the patriotic war effort.
For instance, the entire country was proud, following merchant prince A.T move to pay $400,000
tax from an income of $4 million. The writing of this material happened several years after the
civil war, but it remains applicable in the contemporary U.S environment.
To sum up, the taxation of American citizens that began during the civil war years
continued beyond such years and has been maintained to date. The tax system has unde…
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