War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

THE PAST 9 revenue legislation of the Spanish-American War. Certain issues of short-term obligations, otherwise designated but in no manner different from cer tificates of indebtedness, are included in the fore going without however permitting this extension to justify the inclusion of other emissions made under these alternate terms, of essentially different character. 5 The detailed circumstances attending these several issues are outlined in the standard histories 6 of our national financing, and it will only be necessary in this connection to refer to the salient features which distinguished purpose and result. (A) With bitter experience in the use of co lonial and continental paper currencies fresh in mind, the Federal Convention of 1789 debated long and acrimoniously the proposal to deny both States and Union authority “ to emit bills of credit.” 7 Eventually the States were specifically prohibited, and Congress was empowered only in the general grant “ to borrow money on the credit of the United States.” An express authorization was stricken from the committee report, and the record of the accompanying debate shows that reluctance “ to tie the hands of the Legislature ” as to full borrowing 5 Thus the “ treasury notes of 1890,” issued under the silver purchase clause of the Sherman Act of 1890 have not been included. 6 Knox, “ United States Notes ” (third edition revised, New York, 1892); Bayley, “History of the National Loans of the United States ” (Tenth Census of the United States, vol. vii, Washington, 1884) ; Bullock, “ Essays on the Monetary His tory of the United States” (New York, 1900); Dewey, “Fi nancial History of the United States” (New York, 1903). 7 Knox, chap. i-v.

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