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What was the name of the play being performed at Ford's Theater when President Abraham Lincoln was assassinated?
What was the name of the play being performed at Ford's Theater when President Abraham Lincoln was assassinated?
What was the name of the actress who played the role of 'Florence Trenchard' in the play 'Our American Cousin'?
What was the name of the actress who played the role of 'Florence Trenchard' in the play 'Our American Cousin'?
What was the significance of the Homestead Act of 1862?
What was the significance of the Homestead Act of 1862?
What was the requirement for obtaining a quarter section of land under the Homestead Act of 1862?
What was the requirement for obtaining a quarter section of land under the Homestead Act of 1862?
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Who was the commander of the Army of Northern Virginia that surrendered four days before President Abraham Lincoln's assassination?
Who was the commander of the Army of Northern Virginia that surrendered four days before President Abraham Lincoln's assassination?
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What was the-term requirement for a homesteader to obtain title to the land under the Homestead Act of 1862?
What was the-term requirement for a homesteader to obtain title to the land under the Homestead Act of 1862?
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What was Lincoln aware of, apart from the weaknesses in the Homestead Act?
What was Lincoln aware of, apart from the weaknesses in the Homestead Act?
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What was the ultimate cost of giving Chase a free hand in raising money for the war?
What was the ultimate cost of giving Chase a free hand in raising money for the war?
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According to the passage, what kind of system did Lincoln think would prevent people from becoming rich?
According to the passage, what kind of system did Lincoln think would prevent people from becoming rich?
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What might Lincoln have done if he had lived, according to the passage?
What might Lincoln have done if he had lived, according to the passage?
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What did John Wilkes Booth's action prevent from happening?
What did John Wilkes Booth's action prevent from happening?
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What field of teaching is mentioned in the passage as being consistent with Lincoln's principles?
What field of teaching is mentioned in the passage as being consistent with Lincoln's principles?
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What was a common abuse of the Homestead Act?
What was a common abuse of the Homestead Act?
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How many claims were filed while the Homestead Act was in force?
How many claims were filed while the Homestead Act was in force?
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What was one of the main problems with the Homestead Act?
What was one of the main problems with the Homestead Act?
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What was a major cause of the 'Dustbowl' of the 1930s?
What was a major cause of the 'Dustbowl' of the 1930s?
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Why was financing for development of homesteads and small businesses limited?
Why was financing for development of homesteads and small businesses limited?
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What was the purpose of the National Bank Notes introduced under the National Banking Act of 1863?
What was the purpose of the National Bank Notes introduced under the National Banking Act of 1863?
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What was a common type of mortgage loan available to Homesteaders?
What was a common type of mortgage loan available to Homesteaders?
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What was a consequence of missing a single interest payment on a mortgage loan?
What was a consequence of missing a single interest payment on a mortgage loan?
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What was the case with big business financing?
What was the case with big business financing?
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Why did Secretary of the Treasury Salmon Portland Chase want to finance the Civil War with debt instead of increased taxes?
Why did Secretary of the Treasury Salmon Portland Chase want to finance the Civil War with debt instead of increased taxes?
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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.
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Description
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.
