Financial History of the United States

Portada
Longmans, Green, and Company, 1902 - 550 páginas
 

Contenido

Appropriations
72
Popular Objections to the Financial Powers
73
ESTABLISHMENT OF A NATIONAL SYSTEM 33 References
75
Economic Conditions in 1789
76
Tariff Measures
80
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
93
Character of the New Debt
94
NEW FINANCIAL NEEDS 17901801
97
First United States Bank
98
Mint and Coinage ΙΟΙ
103
Excise Tax on Whiskey
105
Other Excise Duties Carriage Tax
106
Direct Taxation
109
Summary of Receipts 17891801
110
Expenditures 17891801 III
110
The Debt 17891801
112
Sinking Fund Management of the Debt
113
The Administrations of Hamilton and Wolcott
115
ECONOMIES AND WAR 18011816
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
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
153
United States Bank 18231829
156
Constitutionality of the Bank
157
Issues of Banks Owned by States
160
Tariff of 1816
161
Financial Embarrassments 18161821
165
Receipts and Expenditures 18161833
168
Difficulties in Management of the Funded Debt
170
TARIFF LEGISLATION 18181833
172
Struggle for Increased Protection Tariff of 1824
173
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
225
The Specie Circular
228
Panic of 1837 Suspension of Specie Payments
229
Distress of the Treasury
233
Issue of Treasury Notes and Loans
234
IOI Independent Treasury
235
Tariff of 1842
238
Struggle for a New Bank
241
State Repudiation
245
Receipts and Expenditures 18341846
246
TARIFF INDEPENDENT TREASURY AND STATE BANKS 18461860 106 References
248
Tariff of 1846
251
Tariff of 1857 Panic
263
Issue of LegalTender Notes
284
Convertibility of the Greenback
290
Depreciation of the Greenback
292
Gold Premium
297
LOANS TAXATION AND BANKING OF THE CIVIL WAR 278 281 284 290 292 294 126 References
298
Taxation in 18611862
301
Increase of Taxes
303
Income Tax
305
Loan Act of February 1862
306
Temporary Indebtedness
309
Loan Act of March 3 1863
310
ShortTime Notes
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
Receipts and Expenditures 18611865
329
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
343
Payment of Bonds in Currency
344
Taxation of Bonds
350
The Refunding Act of 1870
352
Sale of Bonds Abroad
354
Sinking Fund
356
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
XVI BANKING AND TAXATION 18661879
383
298
387
299
399
302
401
SILVER AND BANKING 18731890
402
387
409
SILVER AND THE TARIFF 18901897
434
TARIFF WAR AND CURRENCY
463
Spanish War Finance
467
Currency Act of 1900
468
Redemption of Treasury Notes
469
Refunding
471
Receipts and Expenditures 18911901
473
FINANCIERING UNDER EXPANSION 202 References
474
Treasury Relief of the Money Market
477
National Banks
480
Panic of 1907
481
VreelandAldrich Act of 1908
485
Corporation Tax 209 Financing the Panama Canal
486
Postal Savings Banks
487
Underwood Tariff 1913
488
The Income
489
482
497
LEGISLATION AND ADMINISTRATION 215 References
498
Initiative in Tariff Bills
501
Appropriation Bills
505
Collection of Revenue
511
Custody of the Public Funds
515
The Mint
516
Supervision of Banks
517
Accounting System
518
Public Debt Statement
519
Miscellaneous Treasury Bureaus
521
498
539
504
540
516
543
APPENDIX INDEX
548
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Página 39 - ... 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 40 - 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 74 - 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 21 - ... 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 149 - 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 218 - 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 190 - ... no means to operate on the hopes, fears, or interests, of large masses of the community, it would be shorn of the influence which makes that bank formidable.
Página 148 - But it may, with great reason, be contended, that a government, intrusted with such ample powers, on the due execution of which the happiness and prosperity of the nation so vitally depends, must also be intrusted with ample means for their execution.
Página 241 - In adjusting the details of a revenue tariff, I have heretofore sanctioned such moderate discriminating duties as would produce the amount of revenue needed, and at the same time afford reasonable incidental protection to our home industry. I am opposed to a tariff for protection merely, and not for revenue.
Página 354 - 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.

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