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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

THE PAST 13 issue of notes payable on demand, out of funds then on hand, and in the treasury, is totally different in principle from the issue of notes promising to pay one year after date, intended to supply a present deficit in the treasury, and to be reimbursed there after out of accruing revenue,” and that “ To issue notes for circulation, payable on demand, under cover of the authority to borrow money in the form of treasury notes, is deemed an abuse of authority which ought to be corrected.” 11 (C) The declaration of war against Mexico on May 13, 1846, followed close upon the tariff reduc tion of that year. 12 To provide for the anticipated deficit, Congress authorized an issue of treasury notes and, alternately as to any part, an issue of six per cent, stock — the amount of both issues not to exceed $10,000,000. The notes were identical with the 1837-42 issues, the same plates even being used in printing them. They were emitted in denomi nations of not less than $50, reissuable within the term of maturity. The notes might be tendered in direct payment of such public creditors as would re ceive them, or might be used by the Treasury in borrowing money to be so applied. The Treasury’s needs continuing, the amount of notes originally authorized was increased six months later by $5,000,000, and a second issue of $23,000,000 of one or two year notes was au thorized, subject to reissue and receivable in pay ment of all public dues. The notes might be called upon sixty days notice and were fundable into six 11 Knox, pp. 54-61. 12 Knox, chap. vii.

Access restriction

Copyright

fullscreen: War borrowing

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation