Financial History of the United States

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Longmans, Green, and Company, 1902 - 550 páginas
 

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Contenido

Bills of Credit
21
Loan Banks
24
English Legislation against Paper Currency
28
Taxation by England
32
REVOLUTION AND THE CONFEDERACY 17751788
33
Governmental Confusion
35
Issues of Bills of Credit Continental Money
36
Depreciation of the Currency
39
Was Paper Money Necessary
43
State Taxation and Requisitions
44
Domestic Loans
45
Foreign Loans
48
22 Effort to Secure a National Tax
49
Fiscal Machinery Fiscal Machinery
52
Bank of North America
54
Financial Collapse 17831789
56
FINANCIAL PROVISIONS OF THE CONSTITUTION 26 References 27 Financial Sections of the Constitution
60
Taxation
64
Borrowing Bills of Credit
67
Coinage
71
Appropriations
72
Popular Objections to the Financial Powers
73
ESTABLISHMENT OF A NATIONAL SYSTEM 33 References
75
Economic Conditions in 1789
76
Tariff Measures
83
Principle of Protection
84
Establishment of the Treasury Department
85
Internal Organization of the Treasury Department
87
Funding of the Debt
89
Assumption of State Debts
92
Character of the New Debt
94
New FINANCIAL NEEDS 17901801
97
First United States Bank
98
Mint and Coinage
101
Excise Tax on Whiskey
105
Other Excise Duties Carriage Tax
106
Direct Taxation
109
Summary of Receipts 17891801
110
Expenditures 1789180i
111
The Debt 17891801
112
Sinking Fund Management of the Debt 113
113
The Administrations of Hamilton and Wolcott
115
References
118
Economies and Reduction of Taxation
119
New Demands upon the Treasury
121
Receipts and Expenditures 18011811
123
Reduction of Debt Sinking Fund
124
End of the United States Bank
126
Inadequate Preparation for War
128
Treasury Administration War Period
131
War Loans
132
Issue of Treasury Notes
135
Internal Revenue Taxes Other Taxes
138
Expenditures and Receipts 18121815
141
PRORIPY PROBLEMS OF REORGANIZATION AFTER WAR 65 References
143
Currency Disorder
144
Establishment of the Second United States Bank
145
Career of the Bank 18161819
150
Local Banks 18151830
151
United States Bank 18231829
156
Constitutionality of the Bank
157
Issues of Banks Owned by States
160
Tariff of 1816
162
Financial Embarrassments 18161821
165
Receipts and Expenditures 18161833
168
314
169
Difficulties in Management of the Funded Debt
170
TARIFF LEGISLATION 18181833
172
Tariff of 1828
176
Intense Opposition to the Tariff
181
Tariff of 1832
183
Nullification Compromise Tariff
185
Problems of Customs Administration
189
Analysis of Tariff Reasoning
191
ATTACK UPON THE BANK THE SURPLUS 18291837
197
Criticism of the Bank
198
Unsuccessful Effort to Recharter
201
Removal of the Deposits
203
The Pet Banks
209
Change in Coinage Ratio
210
Internal Improvements
212
Sales of Public Lands
216
Surplus Revenue
217
Distribution of the Surplus
219
PANIC OF 1837 AND RESTORATION OF CREDIT 95 References
223
Speculative Prosperity
224
The Specie Circular
227
Panic of 1837 Suspension of Specie Payments
229
Distress of the Treasury
231
Tariff of 1846
249
The Independent Treasury Reestablished
252
Finances of the Mexican
255
Commercial Expansion
256
Progress toward Lower Duties
257
Local Banking 1837186
259
Tariff of 1857 Panic
262
Morrill Tariff
265
Receipts and Expenditures 18461861
269
CIVIL WAR LEGAL TENDERS 116 References
271
The Situation in 1860
272
Appointment of Chase
274
Revenue Measures July 1861
276
Placing the Loan of 150000000
278
Suspension of Specie Payments
282
Issue of LegalTender Notes
287
Convertibility of the Greenback
290
Depreciation of the Greenback
292
Gold Premium 278 281 290 292
294
LOANS TAXATION AND BANKING OF THE CIVIL WAR 126 References
298
PAGE
299
Taxation in 18611862
301
Loans TAXATION ETC OF THE Civil War continued 129 Income Tax
305
Loan Act of February 1862
306
Temporary Indebtedness
309
Loan Act of March 3 1863
310
ShortTime Notes 134 Financial Situation in 1864
312
Administration of Secretary Fessenden
314
Summary of Loans
316
Loan Policy of Chase
317
Arguments in Favor of a National Banking System
320
National Banking Act of 1863
326
FUNDING OF THE INDEBTEDNESS 141 References
331
Character of the Public Debt in 1865
332
Funding or Contraction
333
Theories of Resumption
335
Arguments against Contraction
338
Funding Act of April 12 1866
340
Abandonment of Contraction 148 Payment of Bonds in Currency
343
Taxation of Bonds
350
The Refunding Act of 1870
352
Sale of Bonds Abroad
354
Sinking Fund
356
+XV GREENBACKS AND RESUMPTION 153 References
359
Volume of Treasury Notes
360
Constitutionality of LegalTender Notes
362
Issues in Times of Peace
366
Sale of Gold
368
Panic of 1873
370
Resumption Act of 1875
372
Resumption Accomplished
374
Greenback Party
378
BANKING AND TAXATION 18661879
383
Relations of the Banks to the Government
387
Antagonism to the National Banking System
389
Revision of Internal Revenue System
391
Tariff Changes
396
Receipts and Expenditures 18661879
398
Silver AND BANKING 18731890
402
Demonetization of Silver
403
Struggle for Free Coinage Bland
405
Coinage under the Bland
407
Unsuccessful Efforts to stop Coinage
409
Continued Opposition to National Banks
410
Decline in Bank Circulation
411
SURPLUS REVENUE AND TAXATION 18801890
414
Surplus Revenue
415
Deposit of Funds in National Banks
417
Reduction of Internal Revenue Duties
418
Tariff Revision
420
Unsuccessful Democratic Tariff Measures
423
Increased Expenditures
426
Treasury Purchase of Bonds
429
The Public Debt 18801890
431
Silver AND THE TARIFF 18901897
434
Silver Act of 1890
436
McKinley Tariff of 1890
439
The Gold Reserve and its Decline
440
Panic of 1893 Repeal of Silver Purchases
442
Sale of Bonds for Gold
448
Legality of the Bond Issues
450
The GormanWilson Tariff
455
Currency Measures
458
Struggle for Free Coinage
460
Tariff WAR AND CURRENCY ACT 195 References
463
FINANCIERING UNDER EXPANSION
474
LEGISLATION AND ADMINISTRATION
498
APPENDIX
525
of Bond
535

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Página 49 - ... person be .allowed to serve in the office of president more than one year in any term of three years; to ascertain the necessary sums of money to be raised for the service of the United States...
Página 84 - Whereas it is necessary for the support of government, for the discharge of the debts of the United States, and the encouragement and protection of manufactures, that duties be laid on goods, wares, and merchandises imported: Be it enacted, etc.
Página 31 - ... we cheerfully consent to the operation of such acts of the British parliament, as are bona fide, restrained to the regulation of our external commerce, for the purpose of securing the commercial advantages of the whole empire to the mother country, and the commercial benefits of its respective members ; excluding every idea of taxation internal or external, for raising a revenue on the subjects in America, without their consent.
Página 50 - Congress assembled, shall have the sole and exclusive right and power of determining on peace and war, except in the cases mentioned in the sixth article — of sending and receiving ambassadors — entering into treaties and alliances: Provided, That no treaty of commerce shall be made, whereby the legislative power of the respective States shall be restrained from imposing such imposts and duties on foreigners as their own people are subjected to, or from prohibiting the exportation or importation...
Página 159 - If the States may tax one instrument employed by the government in the execution of its powers, they may tax any and every other instrument. They may tax the mail ; they may tax the mint; they may tax patent rights; they may tax the papers of the custom-house; they may tax judicial process; they may tax all the means employed by the government, to an excess which would defeat all the ends of government. This was not intended by the American people. They did not design to make their government dependent...
Página 228 - States as aforesaid, ought to be collected or received otherwise than in the legal currency of the United States, or Treasury notes, or notes of the Bank of the United States, or in notes- of banks which are payable and paid on demand in the said legal currency of the United States.
Página 364 - Congress must possess the choice of means and must be empowered to use any means which are in fact conducive to the exercise of a power granted by the Constitution.
Página 452 - And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts.
Página 228 - ... and which shall not be equivalent to specie at the place where offered, and convertible into gold or silver upon the spot, at the will of the holder, and without delay or loss to him...
Página 301 - Wherever you see a head, hit it : ' wherever you find an article, a product, a trade, a profession, or a source of income, tax it!

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