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 5
... Power - Frugality the real element of Power - Political Economy not Conserved with our Highest Good- Should we Save our Gold ? -Our War Expenditure , what does it Mean ? 34 CHAPTER III . OUR DEBT AND OUR TAXES , Relation.
... Power - Frugality the real element of Power - Political Economy not Conserved with our Highest Good- Should we Save our Gold ? -Our War Expenditure , what does it Mean ? 34 CHAPTER III . OUR DEBT AND OUR TAXES , Relation.
Page 6
... Debt - Perils in which our Debt will Involve us - How to Carry on War without Borrowing -When Advisable to Borrow - Ought our Debt to be Taxable ? PAGE 60 CHAPTER IV . THE LEGAL TENDER NOTES - THEIR EFFECT ON PUB- LIC CREDIT , What the ...
... Debt - Perils in which our Debt will Involve us - How to Carry on War without Borrowing -When Advisable to Borrow - Ought our Debt to be Taxable ? PAGE 60 CHAPTER IV . THE LEGAL TENDER NOTES - THEIR EFFECT ON PUB- LIC CREDIT , What the ...
Page 7
... Debt ? -Was it neces- sary that they should be a Legal Tender for Private Debts ? -Examination of Arguments for the Legal Ten- der Clause - Causes of our Financial Mistakes . CHAPTER VIII . THE NATIONAL BANKING SYSTEM , Functions of ...
... Debt ? -Was it neces- sary that they should be a Legal Tender for Private Debts ? -Examination of Arguments for the Legal Ten- der Clause - Causes of our Financial Mistakes . CHAPTER VIII . THE NATIONAL BANKING SYSTEM , Functions of ...
Page 20
... debt , and publications trying to show that such payment is impossible ; but the price of government bonds refused to respond to either argument . During the winter of 1862 - ' 3 the value of 20 year six per cent . bonds gradually fell ...
... debt , and publications trying to show that such payment is impossible ; but the price of government bonds refused to respond to either argument . During the winter of 1862 - ' 3 the value of 20 year six per cent . bonds gradually fell ...
Page 21
... debt which bore no in- terest , and which depreciated twenty or thirty per cent . below coin , to a debt which bore interest in coin , but the lecturers might as well have talked to the winds . The bonds continued to fall until , with ...
... debt which bore no in- terest , and which depreciated twenty or thirty per cent . below coin , to a debt which bore interest in coin , but the lecturers might as well have talked to the winds . The bonds continued to fall until , with ...
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.