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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

12 WAR BORROWING charter of the Bank of the United States had ex pired in 1836 and in 1837 there was general sus pension. To meet the monetary demand as well as to satisfy the financial deficit the issue of one-year treasury notes, bearing not more than six per cent, interest and in denominations not exceeding $50, was authorized in 1837 to an amount not exceeding $10,000,000. The notes were to be issued in optional payment of public creditors and were re ceivable for all taxes and dues. As issued a large part of the notes bore a merely nominal rate of in terest and were speedily presented in payment of taxes, to that extent accomplishing the fiscal and failing the monetary purpose in view. The precedent established, recourse was had from 1837 to 1844 under authority of eight successive acts to no less than thirteen emissions — issues and reissues — to an aggregate amount of $47,002,900. Used primarily to meet financial exigencies in a period when neither bond issues nor bank loans were regarded as feasible, the expedient continued to serve in presence of a disordered and inelastic currency system a monetary need as distinct from a fiscal requirement. So employed, the treasury note was the center of much of the political con troversy and constitutional debate which raged in these troubled years over the specie circular, the in dependent treasury system, the organization of a national bank, and the emission of paper money. The outcome was to vindicate the fiscal usefulness and to discredit anew the monetary effectiveness of the treasury note. By the close of the period the distinction had been clearly made that: “ the

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