Most Americans are taught the Civil War as a moral story.

Almost no one is taught it as a monetary turning point.

Before the war, the United States operated with competing state currencies and decentralized banking.

During the war, national banks were chartered, state currencies were taxed out of existence, and legal tender laws were imposed.

Those changes didn’t stop in the 1860s.

They laid the groundwork for centralized banking, the income tax, permanent federal debt, and ultimately the Federal Reserve.

This series examines American history by following the money — not the mythology.

Part 1 begins before the Civil War, before Lincoln, and before the modern state existed.

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