onds have often played a pivotal part in history. They financed the Duke of Wellington’s troops in the Napoleonic Wars. Cottonbacked bonds paid for the Confederacy’s army during the American Civil War. Once the South lost New Orleans, it could no longer export the crop, which undermined the market for cotton bonds. To make up for the lost revenue,
From the editor...
Oct 21, 2022
2 minutes
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