A Changing Economy

The Civil War had changed the economy materially. This was vividly portrayed in a quotation from the (New York) Independent, which appeared in the Review of July 7, 1863:2BIO 64.2

Never, since the Pilgrims landed on these shores, was there such universal prosperity—in the loyal States—as at the present moment. Merchants have made more money during the past two years than ever before in twice that space of time.2BIO 64.3

Mechanics are, and have been, crowded with work, at high wages. Farmers and laboring men are investing large sums of money in government and other stocks, or are piling it up in savings banks. Manufacturers, as a whole, are making semi-annual fortunes. Speculators are more numerous than our soldiers on the battlefield.2BIO 64.4

Almost every other businessman is dabbling more or less in stocks, or is in some way connected with a government contract; and as for Wall Street, never was there such a financial millennium, as since the present rebellion. Millionaires can be counted there by dozens. Princes are on every block, and bankers are “as thick as blackberries.”2BIO 64.5

Who, at the North, would ever think of war, if he had not a friend in the Army, or did not read the newspapers?—Ibid., July 7, 18632BIO 64.6

The same issue of the Review that carried James White's report on the charts presented the financial statement of the Seventh-day Adventist Publishing Association rendered at its third annual meeting, October 2, 1863. It showed receipts for operations to be $20,104.84 as against expense of $18,956.36. Association assets of $19,649.41 were offset by liabilities of only $4,377.53, leaving a net worth of $15,271.88. How different from a few years before. The agonizing war with its sacrifices and sorrow had strangely resulted in financial gain for many.2BIO 64.7