Financial History Of The United States

Paperback | May 16, 2012

byDavis Rich Dewey

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ...pay their debts except in the depreciated currency of banks or by calling upon banks for specie through the redemption of notes,--a strain which simply added to the distress. The real trial of the independent treasury system and its permanent effect on business and commercial crises could not be seen until after the Civil War; but in 1853 the accumulation of surplus funds in the treasury caused apprehension in commercial and financial circles. Relief was at the time afforded by the purchase of silver for new coinage authorized under the act of 1853 and also by the purchase of government stock. Even Secretary Guthrie, a most ardent defender of the independent treasury, or, as he termed it, "the constitutional treasury," admitted that the system might exercise a fatal control over the currency, banks, and trade by causing a stringency in the money market whenever receipts exceeded expenditures. The problem was simply an added argument for a more careful adjustment of revenue to expenditures. The good effects of the independent treasury system in the earlier part of its history do not necessarily prove its advantage under conditions widely different from those of a half century ago. If local banking had been wisely carried on during the first half of the nineteenth century it is not likely that the government would have undertaken or would have been intrusted with the varied and heavy responsibilities which it now bears. To escape the abuses and the disasters of ill-regulated banking the country adopted a system which is inelastic and ill adapted to present conditions, and which does not sufficiently take into account the growth of experience and skill in banking. 109. Finances of the Mexican War. The Mexican War broke out in May, 1846, and was close...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ...pay their debts except in the depreciated currency of banks or by calling upon banks for specie through the redemption of notes,...

Format:PaperbackDimensions:186 pages, 9.69 × 7.44 × 0.4 inPublished:May 16, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217475930

ISBN - 13:9780217475938

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