A World on Fire by Amanda Foreman

“The South owed more than $200 million to the North, with most of the debt concentrated in New York, a city whose commercial ties with the cotton states were so close that some banks accepted slaves as collateral. The financial community was sent into a panic by the readiness of Southern businesses to use South Carolina’s self-declared independence as an excuse to repudiate their debts. The New York Post denounced the practice as treachery, declaring, ‘The city of New York belongs almost as much to the South as to the North.’ The victims of the financial crisis were not only New Yorkers. In Britain, investors had almost $400 million in U.S. stocks, bonds, and securities; Benjamin Moran lost most of his savings in a matter of weeks. But the impact went deeper and wider in New York, and included victims such as Dr. Elizabeth Blackwell, whose hard-won funds for her women’s medical college simply evaporated. Mayor Fernando Wood was so anxious about the state of the financial markets that he briefly entertained a proposal for New York to secede from the Union and become a ‘free city.’”

-Amanda Foreman, 2012