By the early 1860s, "The Ledger" was a money-losing operation, squeezed by rising paper and printing costs. It had lost circulation by supporting the Copperhead Policy of opposing the American Civil War and advocating an immediate peace settlement with the Confederate States of America. Most readers in Philadelphia at the time supported the Union, although there was a strong contingent of Southern sympathizers and families with ties to the South, as Southerners had long had second homes in Philadelphia and sent their daughters to finishing schools there. In the face of declining circulation, publishers were reluctant to increase the one-cent subscription cost, although it was needed to cover the costs of production. In December 1864, the paper was sold to George William Childs and Anthony J. Drexel for a reported $20,000 (equal to $ today).