In the ebb and flow of American prices we may observe the cultural effect of the Jacksonian movement, the social impact of the Civil War, the chronology of the industrial revolution and the geography of the westward movement. Historical happenings as evanescent as moods of hope and fear may be measured with high precision by a study of prices. In the history of the American Civil War, a sensitive indicator of northern hopes was the changing price of government bonds from 1861 to 1865. A barometer of southern fears was the price of slaves as it rose and fell through the same period. Price
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