and we did, in fact, return to a gold standard in 1873 which later gave rise to william jennings brian's famous cross of gold speech. but that's history for another day. so government borrowing practices during the civil war had a far more substantial effect on public finance. and both of the time, and consequently, the tax policy. the revenue effect was large. jay cook's efforts pioneered the way for direct sale of treasury bonds in notes to the public rather than using commercial banks. deficit financie ining became t norm during wartime. and we got our first real try at fiat money. now, when chase was diterring about whether fiat money was constitutional or not, abraham lincoln said i have that sacred instrument here at the white house. and i am guarding it with great care. so chase enthusiastically embraced the issuance of green backs, with his face on them, of course. he flip-flopped writing for chase decided the griswald that congress lacked the power to make paper money legal tender. despite the fact that he, himself had authorized the issuance of greenbacks as legal tender. despi

and we did return to gold standard in 1873, which later gave rise to william jennings brian's famous cross of gold speech, but that's history for another day. so government borrowing practices during the civil war had a far more substantial effect on public finance both at the time and consequently than did tax policy. the revenue effect was large. jay cook's efforts pioneered the way for direct sale of treasury bonds and notes to the public, rather than using commercial banks as intermediaries. deficit financing became the norm during wartime and we got our first real try at fiat money. as an interesting sidenote, when chase was dithering about whether fiat money was constitutional or not, abraham lincoln reassured him, quote, i have that sacred instrument, the u.s. constitution, here at the white house and i'm guarding it with great care, unquote. so chase enthusiastically embraced the issuance of greenbacks with his face on them, of course, but when chase later ascended to the supreme court, he flip flopped, writing for four of the eight justices, chase decided that congress lacke