Sinking funds

Paperback | January 10, 2012

byEdward Alsworth Ross

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This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1892. Not illustrated. Excerpt: ... II. American Amortization. Bedemption of Paper Money. The problems of debt payment first met our government early in the Revolution. At the outset of the war the Second Continental Congress, afraid to tax and unable to borrow, resorted to a favorite colonial expedient and paid the expenses of the war by issuing bills of credit resting on the faith of the confederate colonies. These promises to pay were to be redeemed by the several colonies, the whole being apportioned among them in proportion to population. Each colony was to secure its quota of bills as it saw fit, and pay them into the general treasury in four equal annual instalments, beginning in 1779. If any colony could not secure its quota of continental bills by taking them for taxes, or by exchanging its own notes for them, it might make up the amount in specie. Such specie as should thus be paid in was to be retained by the continental treasurer to redeem such outstanding bills as should be presented directly to him. With these provisions for redemption Congress, in July, 1775, ventured to issue three millions of paper money. Before the end of the year four more millions were issued, and each colony was directed1 to provide ways and means of sinking its proportion of bills in the 1 December 26, 1775. most effective manner. The redeemed bills were to be cancelled and paid in, in four instalments, beginning in 1783, when the former instalments ceased. The large emissions of 1776 so depreciated the paper money, that in 17771 we find Congress again anxiously urging the colonies to do something to redeem their quotas. Later on it was seen that a great war debt like the continental currency could not be paid by ordinary taxes, and there was talk of recurring to the nearly obsolete English practice of chargi...

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This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1892. Not illustrated. Excerpt: ... II. American Amortization. Bedemption of Paper Money. The problems of debt payment first met our government early in the Revolution. ...

Format:PaperbackDimensions:28 pages, 9.69 × 7.44 × 0.06 inPublished:January 10, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217990177

ISBN - 13:9780217990172

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