22 Questions
What was the name of the play being performed at Ford's Theater when President Abraham Lincoln was assassinated?
Our American Cousin
What was the name of the actress who played the role of 'Florence Trenchard' in the play 'Our American Cousin'?
Laura Keene
What was the significance of the Homestead Act of 1862?
It provided land grants to settlers who were willing to move west
What was the requirement for obtaining a quarter section of land under the Homestead Act of 1862?
Payment of a $6.00 filing fee and fulfilling certain conditions
Who was the commander of the Army of Northern Virginia that surrendered four days before President Abraham Lincoln's assassination?
Robert E. Lee
What was the-term requirement for a homesteader to obtain title to the land under the Homestead Act of 1862?
Five years
What was Lincoln aware of, apart from the weaknesses in the Homestead Act?
The dangers of relying on a reserve currency backed by government debt
What was the ultimate cost of giving Chase a free hand in raising money for the war?
The cost of the country's economic development
According to the passage, what kind of system did Lincoln think would prevent people from becoming rich?
A system that limited people to past savings as the source of financing for economic development
What might Lincoln have done if he had lived, according to the passage?
Extended the provisions of the land-based Homestead Act to the rapidly expanding industrial and commercial frontier
What did John Wilkes Booth's action prevent from happening?
The dreams of future generations for a life consistent with the founding principles of the United States
What field of teaching is mentioned in the passage as being consistent with Lincoln's principles?
Catholic social teaching
What was a common abuse of the Homestead Act?
Operators of large ranches having their hands file on water sources
How many claims were filed while the Homestead Act was in force?
Over 600,000 claims
What was one of the main problems with the Homestead Act?
The Act only covered a single type of capital, land
What was a major cause of the 'Dustbowl' of the 1930s?
The failure to employ capital properly
Why was financing for development of homesteads and small businesses limited?
Because of the lack of savings
What was the purpose of the National Bank Notes introduced under the National Banking Act of 1863?
To back government debt
What was a common type of mortgage loan available to Homesteaders?
Interest-only mortgage with a balloon payment
What was a consequence of missing a single interest payment on a mortgage loan?
The loan would be called, with all interest and principal coming due immediately
What was the case with big business financing?
They used bills of exchange with low rates of discount
Why did Secretary of the Treasury Salmon Portland Chase want to finance the Civil War with debt instead of increased taxes?
Because he wanted to be president and raising taxes would be unpopular
Study Notes
Assassination of President Abraham Lincoln
- John Wilkes Booth, a pro-slavery Confederate sympathizer, shot and mortally wounded President Abraham Lincoln on April 14, 1865, at Ford's Theater in Washington, DC.
- Lincoln's assassination occurred four days after the surrender of the Army of Northern Virginia under Robert Edward Lee.
The Homestead Act of 1862
- The Homestead Act allowed anyone over 21 and a US citizen or intending to become a citizen to obtain 160 acres of land on payment of a $6.00 filing fee.
- Homesteaders were required to construct a 9 x 12 shelter, prove the land, and hold it for five years to be granted title.
- The Act made no distinction regarding sex or race.
Abuses and Limitations of the Homestead Act
- Abuses of the Act included operators of large ranches having their hands file on water sources and then sign over title at the end of the five-year period.
- Some homesteaders constructed shelters measuring 9 x 12 inches, exploiting the lack of specifications in the law.
- Underage candidates would write "21" on a piece of paper and put it in their shoes to swear they were over 21.
Limitations of the Homestead Act
- The Act only covered land, a single type of capital, and was limited in supply.
- Prior claims to the land, such as those of Native Americans and holders of Spanish land grants, were often ignored.
- Land itself was sometimes unsuitable for agriculture, being better suited for grazing.
Financing and the Civil War
- Financing for development of homesteads and smaller businesses was limited to the supply of existing savings.
- Savings were depleted to finance development and repay debts incurred during the Civil War.
- The Civil War was initially financed with debt instead of increased taxes, leading to inflation.
Post-Civil War Economy
- By the time raising taxes was inevitable, $2.64 in United States Notes ("Greenbacks") was needed to purchase $1.00 in gold.
- The National Bank Notes introduced under the National Banking Act of 1863 were also backed by government debt and thus inflationary.
- There was an official, then unofficial policy of deflating the paper currencies to restore parity with gold.
Financing for Homesteaders and Small Businesses
- The only financing available for most homesteaders and small businesses was a mortgage loan, almost exclusively with interest-only during the term, and a balloon payment of principal at the end.
- Missing even a single interest payment could result in the loan being called, and the owner losing the land.
Lincoln's Understanding of the Flaws in the System
- Lincoln was aware of the weaknesses in the Homestead Act and the financial system.
- He understood that land is not the only form of capital and was not ignorant about money and credit.
- Lincoln had given indications that he would have corrected the flaws in the banking and financial system if he had lived.
This quiz is about the events surrounding President Abraham Lincoln's assassination by John Wilkes Booth on April 14, 1865, at Ford's Theater in Washington, D.C. Learn about the circumstances leading up to the tragic event and its significance in American history.
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