However, during the war, the existence of the federal government itself was a problem.

At this time, the big capitalists have the most cash.

They will not spend all their money to buy government bonds issued by the federal government.

Because, for them, once the federal government fails, these national debts will be lost.

In addition, although some civilians with simple patriotism want to buy national debts.

But what is the point they buy?

At this moment, the solution given by Doug is the most realistic solution.

However, when Lincoln saw this suggestion, he knew that Doug's plan was about to be completed.

Although, he did not win the title of the central bank.

However, once the federal government starts borrowing from Bank of America, Bank of America becomes the actual central bank.

Lincoln knew that there would definitely be big problems in the future.

However, when the most important issue is now, if you can’t even survive now, how can you have any future?

Therefore, the first batch of annual tax amounts for 1860, based on taxes in 1859, appeared.

The federal government uses this tax amount to make mortgage loans to Bank of America.

Bank of America, which received the mortgage, began to print a large number of green bank vouchers.

However, unlike in the past, this time the green bank voucher was printed with the avatar of President Abraham Lincoln.

And, at the same time, the money began to flow into the market from various channels.

Because of the strong promotion of the government, its scope of use is far wider than that of the previous banks of the United States.

Even in the hearts of ordinary northern people, this green-backed dollar has become a real currency.

Of course, some people have questions about the issuance basis of the Greenback US dollar.

Because the generation of green-backed dollars requires the US federal government to first generate debts before the corresponding currency will be born.

Once this loan act expires, the green-backed USD on the market will face pressure to recover.

Once the recycling cycle enters, it means that the liquidity in the market becomes smaller and it falls into a deflation state like the scarcity of metal currency.

Therefore, in order not to fall into the deflation crisis, we can only continue to borrow and borrow continuously.

In other words, if the borrowing government wants to maintain the normal development of society, don’t expect to pay back the money by itself.

However, there is another problem.

That is, Bank of America is not a charity bank.

Even if it is a loan from the US federal government, there is interest.

This means that the US federal government has costs to use the greenback dollar.

Although, this cost can be paid in green back USD.

However, this means that even if you do nothing, the borrowing will remain in the status quo in the next year and you will need to borrow more money to maintain the status quo.

Some people even thought of a very sad future, that one day, the federal government will not even pay the interest.

However, at this time, some people objected.

Including the UK, France, Germany, and other state-of-the-art countries, their currency issuance is the same.

The credit currency they issue.

All we have to have a loan before we have money.

They are so advanced that they have no problem using such a system. Why do problems arise when we get to us?

Moreover, if you say this is not good, you can propose a better solution to solve the current crisis!

Obviously, there is no other solution with better results and smaller disadvantages except this solution.

Therefore, Bank of America obtained the issuance rights of Greenback USD.

Based on the tax revenue of the United States this year, the green back dollar is issued.

In this way, the biggest hidden danger of Bank of America will be temporarily solved.

In the past, US banknotes were directly linked to gold, which means that each banknote represented a certain amount of gold.

Obviously, the bank vouchers issued are far more than gold.

Therefore, once a run occurs, it will go bankrupt.

Now, the basis of issuance has been converted from fixed-weight gold into a collateral guaranteed by government taxes, that is, government credit.

At this time, if a run occurs.

Bank of America can completely throw the pot on the US government.

The federal government will also begin to explain its policies.

Just the first week after Bank of America obtained the greenback dollar issuance rights, Bank of America made a news release.

Announced that their U.S. banknotes will be decoupled from gold and begin binding to government credit.

A large number of people began to exchange bank notes for gold before the final deadline.

However, Bank of America releases only a small limit per day.

And it is said that this is the instructions of the US federal government. If it makes sense, please go to the federal government.

The federal government now has requests from Bank of America, so it is naturally a refusal.

They were still very happy with this kind of pot.

After all, this means they will have money right away.

This means that the poor days of the US federal government are about to end.

Many people believe that the US federal government is an honest government.

In fact, this is not the case, if a government is really so honest.

Why do people still come here to become officials when their wages are very meager?

All the personnel of the Lincoln government represent all the big capitalists. They not only make for the organizations behind them, but also make crazy profits for themselves.

And the green back dollar is obviously an opportunity.

They saw this opportunity and would never give up anyway.

Credit currency?
Chapter completed!