Presentation on theme: "Chapter 18. Bond: Certificate issued by a government promising to pay back the money they borrowed with interest People’s savings were tied up in Confederate."— Presentation transcript:
Bond: Certificate issued by a government promising to pay back the money they borrowed with interest People’s savings were tied up in Confederate bonds, which became worthless.
Credit: An agreement where a buyer is allowed to pay over a period of time with interest During the Civil War, businesses had sold goods to the Confederate government on credit & now their debts would never be paid.
As more businesses failed, many people lost their jobs. For many, the only way to survive was to grow their own food. As a result, the small farm became common in Texas again.
After the Civil War, most Texas farmers turned to Subsistence Farming, where only enough food was grown to meet the family’s needs.
Since many people lost their land after the Civil War, many turned to Tenant Farming, where they could rent the land on which they lived & farmed. Problem: Rental payments never end; no ownership.
Sharecropping: Tenant farming where the farmer receives a share of the value of the crop, minus rent & expenses. Sharecroppers owed their crop to the landlord & had to buy food & clothing on credit.