Early Financial History of the United States

Front Cover
Beard Books, 2003 - Business & Economics - 652 pages
Interplay of political/economic environment and monetary affairs in the early history of the United States
 

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Contents

Loan Act of February 1862
307
Temporary Indebtedness
309
Loan Act of March 3 1863
310
ShortTime Notes
312
Administration of Secretary Fessenden
314
Summary of Loans
316
Loan Policy of Chase
317
Arguments in Favor of a National Banking System
320

Bills of Credit
21
Loan Banks
24
English Legislation against Paper Currency
28
Taxation by England
30
Revolution and the Confederacy 17751788
33
Governmental Confusion
34
Issues of Bills of Credit Continental Money
36
Depreciation of the Currency
39
Was Paper Money Necessary?
41
State Taxation and Requisitions
44
Domestic Loans
45
Foreign Loans
47
Financial Provisions in the Articles of Confederation
49
Fiscal Machinery
52
Bank of North America
54
Financial Collapse 17831789
56
Chapter Page III Financial Provisions of the Constitution 26 References
60
Taxation
62
Borrowing Bills of Credit
67
Coinage
70
Appropriations
72
Popular Objections to the Financial Powers
73
Establishment of a National System 33 References
75
Economic Conditions in 1789
76
Tariff Measures
80
Principle of Protection
84
Establishment of the Treasury Department
85
Internal Organization of the Treasury Department
87
Funding of the Debt
89
Assumption of State Debts
92
Character of the New Debt
94
New Financial Needs 17901801
97
First United States Bank
98
Mint and Coinage
101
Excise Tax on Whiskey
105
Other Excise Duties Carriage Tax
106
Direct Taxation
109
Summary of Receipts 17891801
110
Expenditures 17891801
111
The Debt 17891801
112
Sinking Fund Management of the Debt
113
The Administrations of Hamilton and Wolcott
115
Economies and War 18011816
118
Economies and Reduction of Taxation
119
New Demands upon the Treasury
121
Receipts and Expenditures 18011811
123
Reduction of Debt Sinking Fund
124
j8 End of the United States Bank
126
Inadequate Preparation for War
128
Treasury Administration War Period
131
War Loans
132
Issue of Treasury Notes
135
Internal Revenue Taxes Other Taxes
138
Expenditures and Receipts 18121815
141
Problems of Reorganization after War 65 References
143
Currency Disorder
144
Establishment of the Second United States Bank
145
Career of the Bank 18161819
150
Local Banks 18151830
153
United States Bank 18231829
156
Constitutionality of the Bank
157
Issues of Banks Owned by States
160
Tariff of 1816
161
Financial Embarrassments 18161821
165
Receipts and Expenditures 18161833
168
Difficulties in Management of the Funded Debt
170
Tariff Legislation 18181833
172
Struggle for Increased Protection Tariff of 1824
173
Tariff of 1828
176
Intense Opposition to the Tariff
181
Tariff of 1832
183
Nullification Compromise Tariff
185
Problems of Customs Administration
189
Analysis of Tariff Reasoning
191
Attack upon the Bank the Surplus 18291837
197
Criticism of the Bank
198
Unsuccessful Effort to Recharter 2i
201
Removal of the Deposits
203
The Pet Banks
209
Change in Coinage Ratio
210
Internal Improvements
212
Sales of Public Lands
216
Surplus Revenue
217
Distribution of the Surplus
219
Chapter pAGB X Panic of 1837 and Restoration of Credit 95 References
223
Speculative Prosperity
224
The Specie Circular
227
Panic of 1837 Suspension of Specie Payments
229
Distress o the Treasury
231
Issue of Treasury Notes and Loans
234
Independent Treasury
235
Tariff of 1842
237
Struggle for a New Bank
239
State Repudiation
243
Receipts and Expenditures 18341846
246
Tariff Independent Treasury and State Banks 18461860 106 References
248
Tariff of 1846
249
The Independent Treasury Reestablished
252
Finances of the Mexican War
255
Commercial Expansion
256
in Progress toward Lower Duties
257
Local Banking 18371861
259
Tariff of 1857 Panic
262
Morrill Tariff
265
Receipts and Expenditures 18461861
267
Civil War Legal Tenders 116 References
271
The Situation in t86o
273
Appointment of Chase
274
Revenue Measures July 1861
276
Placing the Loan of 150000000
278
Suspension of Specie Payments
281
Issue of LegalTender Notes
284
Convertibility of the Greenback
290
Depreciation of the Greenback
292
Gold Premium
294
Loans Taxation and Banking of the Civil War 126 References
298
Taxation in 18611862
299
Increase of Taxes
302
Chapter Pags XIII Loans Taxation etc of the Civil War continued 129 Income Tax
305
National Banking Act of 1863
326
Receipts and Expenditures 18611865
329
Funding of the Indebtedness 141 References
331
Character of the Public Debt in 1865
332
Funding or Contraction
333
Theories of Resumption
335
Arguments against Contraction
338
Funding Act of April 12 1866
340
Abandonment of Contraction
343
Payment of Bonds in Currency
344
Taxation of Bonds
350
The Refunding Act of 1870
352
Sale of Bonds Abroad
354
Sinking Fund
356
Greenbacks and Resumption 153 References
359
Volume of Treasury Notes
360
Constitutionality of LegalTender Notes
362
Issues in Times of Peace
366
Sale of Gold
368
Panic of 1873
370
Resumption Act of 1875
372
Resumption Accomplished
374
Greenback Party
378
Banking and Taxation 18661879
383
Relations of the Banks to the Government
387
Antagonism to the National Banking System
389
Revision of Internal Revenue System
391
Tariff Changes
396
Receipts and Expenditures 18661879 39
401
Silver and Banking 18731890
402
Demonetization of Silver
403
Struggle for Free Coinage Bland Act
405
Coinage under the Bland Act
407
Unsuccessful Efforts to stop Coinage
409
Continued Opposition to National Banks
410
Decline in Bank Circulation
411
Surplus Revenue and Taxation 18801890
414
Surplus Revenue
415
Deposit of Funds in National Banks
417
Reduction of Internal Revenue Duties
418
Tariff Revision
420
Unsuccessful Democratic Tariff Measures
423
Increased Expenditures
426
Treasury Purchase of Bonds
429
The Public Debt 18801890
431
Silver and the Tariff 18901897
434
Silver Act of 1890
436
McKinley Tariff of 1890
439
The Gold Reserve and its Decline
440
Panic of 1893 Repeal of Silver Purchases
444
Sale of Bonds for Gold
447
igr Legality of the Bond Issues
450
The GormanWilson Tariff
455
Currency Measures
458
Struggle for Free Coinage
460
Tariff War and Currency Act 195 References
463
Spanish War Finance
465
Currency Act of 1900
468
Redemption of Treasury Notes
469
Refunding
471
Receipts and Expenditures 18911901
472
Financiering Under Expansion
475
References
476
Treasury Relief of the Money Market
477
National Banks
479
Panic of 1907
481
VreelandAldrich Act of 1908
482
PayneAldrich Tariff of 1909
483
Corporation Tax
486
Postal Savings Banks
487
Underwood Tariff 1913
488
The Income Tax
489
The Federal Reserve Act of 1913
491
Receipts and Expenditures 19021916
494
The World War 215 References
499
Revenues Affected by European War
500
Revenue Act of September 8 1916
501
Entry into War Liberty Loans
502
War Revenue Act of October 3 1917
504
Third and Fourth Liberty Loans 1918
506
The War Debt
508
Cost of the War
510
Development of Federal Reserve System
511
Receipts and Expenditures 19171920
512
Reduction of War Debt and of Taxes 226 References
514
The Public Debt and Its Reduction
515
Shortterm Financing of Debt
516
Revenue Act of 1921
519
Tariff Act of 1922 Fordney Tariff
522
Ecopomy
524
Surtaxes
525
Revenue Act of 1924
527
Revenue Acts of 1926 and 1928
528
Miscellaneous Internal Revenue Receipts
530
Tariff Act of 1930
531
Receipts and Expenditures 10211930
532
Financing under Depression 238 References
534
The Deficit in 193031
535
Revenue Act of 1932
538
Proposal for a Sales Tax
540
Relief by Increased Credit
543
Struggle to Balance the Budget
544
Banking Disaster
547
Departure from the Gold Standard
548
Expenditures
550
Public Debt
552
Legislation and Administration 249 References
554
Initiative in Tariff Bills
555
Appropriation Bills
560
Collection of Revenue
566
Custody of the Public Funds
569
The Mint
572
Supervision of Banks
573
Accounting System
574
Public Debt Statement
575
Miscellaneous Treasury Bureaus
577
APPENDIX
579
INDEX
597
Copyright

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