Millions for Bounties, But Not Compensated Emancipation
The system of raising Northern armies with generous enlistment bounties is one that needs far more light shed upon it, as well as the Homestead Acts that lured Europeans here with a promise of cheap land. Met by recruiting agents at the dock, most ended up in blue uniforms.  A conclusion drawn from R.L. Dabney’s writing below is this; if the Northern States were so willing to lavish money on mercenaries to subdue the American South, why didn’t they advance a peaceful, compensated emancipation plan to free the slaves — assuming that emancipation was the desired result?
Bernhard Thuersam, Chairman
North Carolina War Between the States Sesquicentennial Commission
"The Official Website of the North Carolina WBTS Sesquicentennial"

Millions for Bounties, But Not Compensated Emancipation:
"It is very well known that the Northern people were so averse to military service that enlistments were, in most cases, procured by high bounties. When the Central Government began to draw imperative requisitions of men on the States, the local authorities, instead of simply drafting the required numbers from among their own militia, almost universally made arrangements for purchasing mercenaries to supply their "quotas;" thus relieving their own citizens from the dreaded service.
The price usually paid, towards the end for the human cattle for Confederate shambles, was not less than fifteen hundred dollars each. A sorry commentary by the way, upon the courage and patriotism of that people, that so large a bribe was needed to persuade them to "save the nation." But thus it came to pass that not only the States, but cities, counties, country towns, and even the rural subdivisions called, among the people, townships, raised loans. Laws were passed to authorize them to make such loans, and to levy taxes necessary to provide for their interest.
The aggregate of these bounty-debts cannot be estimated by us from any evidences in our reach; but some data will be given to enable the reader to approximate it. The city of Philadelphia alone, it is believed, owes a debt of forty-four millions ($44,000,000) chiefly for bounties. It was a very "loyal" city. It claims about six hundred thousand (600,000) souls. The State of New York admits a bounty-debt of its own of $26 millions. But cities, counties and townships, within the State have also their own little debts for this and similar objects in addition.
A few other items may aid in our approximation. The federal Secretary of War informs us that in the latter part of the war there were 136,000 re-enlistments of the veterans honorably discharged. It is well known that these usually received the highest bounties. If we place them at fifteen hundred dollars ($1500) each, these cost the Northern people two hundred four millions ($204,000,000).
The system of bounties was general from May 1863 until the end of the war. The government itself fixed the minimum price of a man at $300 by appointing that sum as the cost of an exemption from the draft. But it is well known that few substitutes were purchased at so cheap a rate. The Secretary of War informs us that after May 1, 1863, there were one million six hundred thirty four thousand (1,634,000) enlistments. Placing the cost of each of these enlistments at three hundred dollars ($300), which is far below the average bounty, somebody had to pay for them four hundred ninety millions ($490,000,000).  The "bounty jumpers" as it is well known perpetrated immense frauds; and the number of bounties paid to them was far larger than that of the enlistments.
The interest and principal of it (the debt) must be paid by the same people who have the federal debt to pay. If the policy pursued by the Government as to the local obligations incurred in the war of the Revolution is again to prevail, all these bounty-debts should be assumed and funded by the United States. Already this claim is heard in many quarters.
The recognized State and federal debts as we have seen, amount to three billion, four hundred forty three million dollars ($3,443,195,000).  It is most manifest, that the total mass of public debt now resting on the American people (nearly the whole incurred in the late war) for the payment of which provision must be made by taxation, must be at least four billions of dollars ($4,000,000,000).  Mr. Andrew Johnson, late president of the United States and an ardent advocate for the war, always affirmed constantly that the total cost of the war to the taxpayers would prove to be five billions ($5,000,000,000). He, of course, is good authority. And the interest on this debt is from 5 to 7 and one-fifth per centum!"
(Robert L. Dabney, Discussions, Volume IV, Secular, C.R. Vaughn, editor, Sprinkle Publications, 1897/1994, pp. 143-145)