A Critical Examination of Our Financial Policy During the Southern Rebellion. by Simon Newcomb.Scholarly Publishing Office, University of Michigan Library, 1865 - 232 pages |
From inside the book
Results 1-5 of 25
Page 63
... holders exert more political power than the tax- payers . In England this is undoubtedly the case , for three reasons : 1. Political power is there nearly proportional to wealth . The public creditors , belonging , for the most part ...
... holders exert more political power than the tax- payers . In England this is undoubtedly the case , for three reasons : 1. Political power is there nearly proportional to wealth . The public creditors , belonging , for the most part ...
Page 84
... at all ( which God forbid ! ) the burden of the war will fall entirely on the bond- holders . Thus , all is chance where all should be certainty . If , indeed , the debt were distributed in exact 84 OUR DEBT AND OUR TAXES .
... at all ( which God forbid ! ) the burden of the war will fall entirely on the bond- holders . Thus , all is chance where all should be certainty . If , indeed , the debt were distributed in exact 84 OUR DEBT AND OUR TAXES .
Page 88
... holders chose to ask for it . A much larger sbt , in the form of interest - bearing treasury note would be due at various intervals during the nex three years . During the same period the debt would be increased many fold by the vast ...
... holders chose to ask for it . A much larger sbt , in the form of interest - bearing treasury note would be due at various intervals during the nex three years . During the same period the debt would be increased many fold by the vast ...
Page 91
... holder of a demand note thereafter presented it at the Treasury and persisted in demanding payment , he received another note , with the words " on demand " left off , and the debt was for the time being discharged . It was not the ...
... holder of a demand note thereafter presented it at the Treasury and persisted in demanding payment , he received another note , with the words " on demand " left off , and the debt was for the time being discharged . It was not the ...
Page 92
... holder of the 7-30 note pre- sented it at the Treasury for payment , instead of getting his gold dollars back , he should be paid in dollars which were obtained by the Government at the cost of paper and printing unless he preferred a ...
... holder of the 7-30 note pre- sented it at the Treasury for payment , instead of getting his gold dollars back , he should be paid in dollars which were obtained by the Government at the cost of paper and printing unless he preferred a ...
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.