In partnership with Jay Cooke's firm, Drexel & Co. begins the new practice of purchasing Treasury bonds from the federal government and selling the bonds to ordinary citizens. Jay Cooke's salesmanship, which relied on patriotic feeling in the Union as the Army was suffering losses, was bolstered by the stability of Drexel & Co. The partnership continued until 1864, at which point the total from bond sales was near $511 million. The incredible success of bond sales sustained the Union's ability to fund its military during the Civil War.

Title

In partnership with Jay Cooke's firm, Drexel & Co. begins the new practice of purchasing Treasury bonds from the federal government and selling the bonds to ordinary citizens. Jay Cooke's salesmanship, which relied on patriotic feeling in the Union as the Army was suffering losses, was bolstered by the stability of Drexel & Co. The partnership continued until 1864, at which point the total from bond sales was near $511 million. The incredible success of bond sales sustained the Union's ability to fund its military during the Civil War.

Date

1861

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Citation

“In partnership with Jay Cooke's firm, Drexel & Co. begins the new practice of purchasing Treasury bonds from the federal government and selling the bonds to ordinary citizens. Jay Cooke's salesmanship, which relied on patriotic feeling in the Union as the Army was suffering losses, was bolstered by the stability of Drexel & Co. The partnership continued until 1864, at which point the total from bond sales was near $511 million. The incredible success of bond sales sustained the Union's ability to fund its military during the Civil War.,” Drexel Exhibits, accessed March 29, 2024, https://drexelexhibits.omeka.net/items/show/199.

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