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 52
... need of military power the creditor can assign to it his debt , or , in other words , the right to use the factory power without any shock to his own business , and without giving his debtor 52 FINANCIAL ELEMENTS OF MILITARY STRENGTH .
... need of military power the creditor can assign to it his debt , or , in other words , the right to use the factory power without any shock to his own business , and without giving his debtor 52 FINANCIAL ELEMENTS OF MILITARY STRENGTH .
Page 62
... creditors would directly or indirectly pay a large portion of the debt . The debt went on until it reached nearly £ 1,000,000,000 sterling , and the British empire not only still preserved its vigour , but went on growing as rapidly as ...
... creditors would directly or indirectly pay a large portion of the debt . The debt went on until it reached nearly £ 1,000,000,000 sterling , and the British empire not only still preserved its vigour , but went on growing as rapidly as ...
Page 63
... creditors have in its continuance , since as much money is raised by taxes as is paid out in interest . The whole reasoning falls to the ground , unless it is shown that the bond- holders exert more political power than the tax- payers ...
... creditors have in its continuance , since as much money is raised by taxes as is paid out in interest . The whole reasoning falls to the ground , unless it is shown that the bond- holders exert more political power than the tax- payers ...
Page 66
... creditors an interest in the con- tinuance of the Government . The attempt to ap- ply the English argument to this country furnishes one instance out of many of the danger of applying the argument from analogy without due considera ...
... creditors an interest in the con- tinuance of the Government . The attempt to ap- ply the English argument to this country furnishes one instance out of many of the danger of applying the argument from analogy without due considera ...
Page 68
... creditors a lien on particular taxes . Indeed , the rate at which we are borrowing has no precedent in the history of nations . The great- est loans ever attempted even by Great Britain , are insignificant when compared with ours ...
... creditors a lien on particular taxes . Indeed , the rate at which we are borrowing has no precedent in the history of nations . The great- est loans ever attempted even by Great Britain , are insignificant when compared with ours ...
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.