Russian local government during the war and the Union of Zemstvos

Report from the Select Committee on Slave Trade (East Coast of Africa); together with the proceedings of the Committee, minutes of evidence, appendix and index

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Monograph

Identifikator:: 1826612467

URN:: urn:nbn:de:zbw-retromon-221187

Document type:: Monograph

Author:: Sombart, Werner http://d-nb.info/gnd/118751433

Title:: Die drei Nationalökonomien

Place of publication:: München [u.a.]

Publisher:: Duncker & Humblot

Year of publication:: 1930

Scope:: XII, 352 S.

Digitisation:: 2022

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. Die drei Nationalökonomien

Collection:: Economics Books

THE FISCAL PROBLEM IN MISSOURI History oF Missouri STATE INDEBTEDNESS “Missouri has had an eventful history in debt-making and debt-paying, but has met its trials, although severe, with credit.” Thus begins an interesting review of the history of state indebtedness in Missouri, published in 1893. Al- though Missouri was admitted as a state in 1820, there 1s no record of the issue of any state bonds prior to 1837, or during the formative period. The beginning of state in- debtedness in 1837 was especially eventful, for the first issue of bonds did not find a responsive market, and only a small portion of the total was actually sold. The proceeds of the issue, $2.5 million, were to be used to provide the state’s half of the capital of a state bank, provision for which was made in the constitution of 1820.2 There was no par- ticular reason to question the credit of the state, for at the time Missouri had no bonded indebtedness, but the state government made the mistake of trying to float an issue of bonds at a time when banks throughout the country were suspending operations at an unprecedented rate, and when, as a consequence, credit facilities of an adequate nature were practically non-existent. The country as a whole, moreover, was oversupplied with state securities, many of which were regarded skeptically by the investing public. As a result of this situation, only about $263,000 of the issue of $2.5 million found a market. Not only did Missouri's first effort to create indebtedness fail, but the second attempt was an even more dismal failure. In 1839 the legislature recalled the bonds of the previous issue and authorized another issue of like amount for the same purpose. The rate of interest, however, was increased from 5259, to 6%. Although offered in Europe as well as in the United States, only $139,000 of these bonds were sold. The act authorizing this issue had stipulated that the bank should accept the bonds in full payment of the state’s stock. Since the bonds were practically unsalable. the bank 1 State and City Supplement to the Commercial and Financial Chronicle, April, 1893, p. 111. 2 This constitution provided for a single state bank with not more than five branches to serve the entire state; $5,000,000 capitalization was fixed as a maxi. mum,

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