The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

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:: Chapter I. The evolution of securities

Collection:: Economics Books

THE EVOLUTION OF SECURITIES for government use by the sale of interest-bearing government certificates of indebtedness to private investors began, the ex- penditures of governments have continually grown. The in- creased economic complexity of civilization has necessitated a vast extension of the functions of government even in times of peace. Today the U. S. Government, besides protecting Americans against external invasion or domestic violence, dis- tributes the mail, builds roads, inspects food products, con- serves natural resources, carries on scientific research in behalf of American agriculture, commerce, and industry, and per- forms for its citizens thousands of other distinct and costly services which were often undreamt of a century ago. In this expansion of its functions our government has been typical of other modern and progressive governments throughout the world. But a still more significant need for governmental borrow- ing has arisen from the vastly increased cost of warfare. In the terrible conflicts’ of modern times, not merely specialized fighting men but entire populations have had to be mobilized at an appalling expense. Although only about a quarter as long in duration as the Napoleonic Wars, the Great War proved in the case of England, roughly, ten times as expensive.? It is chiefly owing to the tremendous cost of modern scientific meth- ods of warfare that every great government in the world today carries an unprecedented burden of debt, and that so many important stock exchanges in the world experience large daily volumes of purchases and sales of government securities. Not only national governments but also their various sub- divisions have likewise become accustomed to finance their needs through the issuance of securities. In this country, for example, our investors hold, in addition to the bonds of our national government, the interest-bearing obligations of our states, counties, and municipalities. In most respects these Ta See Appendix Ib.

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