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Questions and Answers
What was the role of Laura Keene in the play Our American Cousin at Ford's Theater on the night of April 14, 1865?
What was the role of Laura Keene in the play Our American Cousin at Ford's Theater on the night of April 14, 1865?
What was the name of the general who surrendered the Army of Northern Virginia four days before President Lincoln's assassination?
What was the name of the general who surrendered the Army of Northern Virginia four days before President Lincoln's assassination?
What was the purpose of the Homestead Act of 1862?
What was the purpose of the Homestead Act of 1862?
What was the requirement for obtaining a quarter section of land under the Homestead Act?
What was the requirement for obtaining a quarter section of land under the Homestead Act?
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What was the significance of the Homestead Act in the context of Catholic social teaching?
What was the significance of the Homestead Act in the context of Catholic social teaching?
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What was the outcome for the homesteader after fulfilling the requirements of the Homestead Act?
What was the outcome for the homesteader after fulfilling the requirements of the Homestead Act?
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What was Lincoln aware of besides the weaknesses in the Homestead Act?
What was Lincoln aware of besides the weaknesses in the Homestead Act?
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What did Lincoln give Chase a free hand in doing?
What did Lincoln give Chase a free hand in doing?
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What did Lincoln's financial system prevent most people from doing?
What did Lincoln's financial system prevent most people from doing?
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What was Lincoln planning to do had he lived?
What was Lincoln planning to do had he lived?
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What was the consequence of John Wilkes Booth's actions?
What was the consequence of John Wilkes Booth's actions?
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What field of teaching is mentioned in the passage?
What field of teaching is mentioned in the passage?
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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 the consequence of the Civil War being financed with debt instead of increased taxes?
What was the consequence of the Civil War being financed with debt instead of increased taxes?
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What was the result of the unofficial policy of deflating the paper currencies?
What was the result of the unofficial policy of deflating the paper currencies?
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What was the typical loan arrangement for Homesteaders?
What was the typical loan arrangement for Homesteaders?
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What was the consequence of missing a single interest payment for Homesteaders?
What was the consequence of missing a single interest payment for Homesteaders?
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What was the advantage of larger concerns, such as railroads and big business, when it came to financing development?
What was the advantage of larger concerns, such as railroads and big business, when it came to financing development?
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What was the result of the Homestead Act, despite its limitations?
What was the result of the Homestead Act, despite its limitations?
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What was the problem with the land itself, in some cases?
What was the problem with the land itself, in some cases?
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What was the reason for the 'Dustbowl' of the 1930s?
What was the reason for the 'Dustbowl' of the 1930s?
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What was the role of the National Banks and most state banks?
What was the role of the National Banks and most state banks?
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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
Learn about the events surrounding President Abraham Lincoln's assassination by John Wilkes Booth at Ford's Theater in 1865. Discover the motives and consequences of this pivotal event in American history.
