James Ford Rhodes (18481927). History of the Civil War, 18611865 1917.
of money-making had opened, manifesting itself in wild speculation on the stock exchanges, in the multiplication of legitimate transactions and in the savings of the people finding an investment in government bonds. A belief is also noticeable that the war had helped trade and manufactures. The Government was a large purchaser of material; one activity was breeding another; men honestly, and in some cases dishonestly, were gaining profits, although the State was in distress. When the news of the defeat at Chancellorsville reached New York, gold rose in price temporarily, but railroad stocks, at first unsettled, soon resumed their active advance, while government bonds remained steady and the subscription of the public to the five-twenties still went on. That men had ceased to enlist was an indication not alone of the peoples weariness of the war, but also of the many opportunities of lucrative employment offered by the improvement in business. The war, so far as getting privates into the army was concerned, had become a trade. Men were induced to shoulder the musket by bounties from the national government, States, towns and city wards.