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How Did Lincoln Modernize The Economy

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Lincoln also modernized the economy during the war by chartering the first transcontinental railroad. This railroad advanced trade throughout the US, and trade brought more federal income which gave power to the federal government. Another contribution he made was creating the first form of paper currency, which were called “legal tenders”. In 1862, he signed The Legal Tender Act and by doing so he issued an authorized currency to help pay for the war. This system is still used in the US, and although it has been modernized the basis stays the same. He was also the first to issue a required income tax to pay for the war, another idea that infuenced a system that is still

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