War Expenditure Quotes
Essentially, the case of moral hazard was made against paying the slave owners. Lincoln took a pragmatic approach. However, not only was Northern opposition too strong for this proposal, but the Southern slave holders would never agree to selling their slaves. What Lincoln and most “pragmatic” Northerners did not realize is that even if the slave owners would get a fair market price for the slaves, they would be left with land and no way to work it. Their families would have no servants. They might have to work themselves like Northern farmers did, and their entire standard and style of living would be destroyed. Their sons were not well educated as many Northern young men were and were brought up to be gentlemen, politicians, and occasional soldiers—not work with their hands. They could not compete. And the slaveholders were right as the whole history of Reconstruction and backwardness demonstrated for more than 100 years.
In the American Civil War, civilian weapons production first became a factor in the outcome of a war. In WWI, it became a significant factor. And in WWII it was THE MAJOR factor when America became the “Arsenal of Democracy”. At one point, a single Ford factory was producing an entire B24 (our heaviest) bomber every single hour on a 24/7 schedule—over 600 every month.
