War borrowing

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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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Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

THE PAST ii proved on June 30, 1812. It empowered the Pres ident to issue at par one-year, five and two-fifths per cent, treasury notes to an amount not exceeding $5,000,000 in payment for supplies, in settlement of debts and to provide needed funds. Such notes were to be receivable in discharge of duties and taxes and in payment for public lands. The full amount authorized was issued. Six months later, February 25, 1813, a further issue of $5,000,000 was authorized for the purpose of covering the part of the current war deficit not met by the $16,- 000,000 loan of 1813. In March, 1814, there was a further issue of $10,000,000; in December, 1814, an authorization of $10,500,000 of which $8,314,- 400 was issued, and in February, 1815, an author ization of $25,000,000 of which $4,969,400 was issued in $100 denominations and $3,392,994 in smaller denominations. 9 There were thus in all five series of treasury notes authorized in 1812-15, aggregating $60,500,000, of which $36,680,794 was actually issued. (B) The second large occasion for the issue of treasury notes was the succession of annual deficits which followed the panic of 1837. 10 The expend itures of the government had doubled in three years and there had been actual shrinkage in revenue. Between 1837 and 1843 there was only one year in which the Treasury was not face to face with a considerable deficit. The financial requirement was aggravated by monetary stringency. The 9 Knox, pp. 38-9; Bayley. 349-50. 10 Knox, chap, vi; Dewey, chap. x.

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