A Critical Examination of Our Financial Policy During the Southern Rebellion. by Simon Newcomb.Scholarly Publishing Office, University of Michigan Library, 1865 - 232 pages |
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Page 6
... Contracted . CHAPTER V. INFLUENCE OF THE LEGAL TENDER NOTES ON PRI- VATE FAITH AND THE BUSINESS OF THE COUN- TRY , Laws of Value of the Currency - Effects of Depreciation on Banks , etc . , - Effects of Depreciation on Ownership of ...
... Contracted . CHAPTER V. INFLUENCE OF THE LEGAL TENDER NOTES ON PRI- VATE FAITH AND THE BUSINESS OF THE COUN- TRY , Laws of Value of the Currency - Effects of Depreciation on Banks , etc . , - Effects of Depreciation on Ownership of ...
Page 69
... contracted , so that her entire war expenses during her struggle with Napoleon were sustained by taxa- tion . We are now borrowing at the rate of $ 600 , - 000,000 per annum . Moreover , as the real burden of the debt is to be measured ...
... contracted , so that her entire war expenses during her struggle with Napoleon were sustained by taxa- tion . We are now borrowing at the rate of $ 600 , - 000,000 per annum . Moreover , as the real burden of the debt is to be measured ...
Page 70
... contracted was fre- quently in excess of the sums received , is founded on a misapprehen- sion . Five per cent . stock was nearly always worth par ; and it was when the rate of interest was only three per cent . on the nominal par value ...
... contracted was fre- quently in excess of the sums received , is founded on a misapprehen- sion . Five per cent . stock was nearly always worth par ; and it was when the rate of interest was only three per cent . on the nominal par value ...
Page 79
... contracted , can easily be increased to . 400,000,000 Making a total revenue , ordinary and extraordinary , of ..... 920,000,000 We have suggested a large income tax on special classes ; but it must be confessed that although in theory ...
... contracted , can easily be increased to . 400,000,000 Making a total revenue , ordinary and extraordinary , of ..... 920,000,000 We have suggested a large income tax on special classes ; but it must be confessed that although in theory ...
Page 90
... contracted , and to pay certain of the fu- ture expenses of the war . First let us see how the former object was attained . There were notes in circulation , issued by authority of Congress , to the amount of some $ 35,000,000 each ...
... contracted , and to pay certain of the fu- ture expenses of the war . First let us see how the former object was attained . There were notes in circulation , issued by authority of Congress , to the amount of some $ 35,000,000 each ...
Common terms and phrases
actually amount argument army assignats barrels of flour bill bonds borrow capital cause circulation cloth Congress considered Continental Congress creditor currency debtor demand notes depreciating currency depreciation direct tax effects enacted entire equivalent ernment evil exchange export fact faith farmer give gold coin gold dollar gold value Government government bonds holder Honorable Secretary illustrated increase individual interest labor laws of value legal tender clause legal tender notes less levy loans of coin manufacturer measure ment millions National Bank national debt necessary obliged opinion paid in coin paper money payable pound sterling present price of gold principles productive profits promise public credit public debt question raise reason receive redeemable redemption rise savings bank sell six per cent specie payments speculators supply supposed thing tion Treasury United States notes wealth worth
Popular passages
Page 99 - ... lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest as aforesaid.
Page 188 - ... periods; property of any sort, however worthless, either real or personal, might be tendered by the debtor in payment of his debts; and the creditor was compelled to take the property of the debtor, which he might seize on execution, at an appraisement wholly disproportionate to its known value. Such grievances and oppressions, and others of a like nature, were the ordinary results of legislation during the revolutionary war and the intermediate period down to the formation of the constitution....
Page 179 - ... notes, but to establish discriminations in business against those who. in this matter, give a cordial support to the Government, and in favor of those who do not. Such discriminations should, if possible, be prevented ; and the provision making the notes a legal tender, in a great measure at least, prevents it, by putting all citizens, in this respect, on the same level, both of rights and duties.