The Credit of Nations
The Credit of Nations
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Simon Newcomb estimated the loss up to the end of 1 864 at $1 80, 000, 000 and the loss still to be incurred as $300, 000, 000, a total of $480, 000, 000. Professor Adams's (Public Debts) estimate is $850, 000, 000, reckoning the difference between the debt created and the gold value of the currency which the Government received in return. Mr. Wesley Mitchell (Journal of Political Economy, March, 1897) put the loss at $528, 400, 000, on the supposition that the government receipts were increase...d $228, 700, 000 by the use of the greenbacks. He assumed that the receipts from internal revenue were increased to the full extent of the greenbacks, but admitted this to be doubtful.
The main features of Chase's loan policy were: (i) His endeavor to obtain moderate rates of interest. Early issues were at 7. 30 per cent, later at 7, 6, and 5 per cent. He steadily refused to borrow except on his own terms, and evinced a great aversion to the terms of the money market. This eagerness for low interest led to the blunder of substituting 5 per cent for 6 per cent bonds in 1863.
What to read after The Credit of Nations?
You can find similar books in the "Read Also" column, or choose other free books by Hirst Francis Wrigley to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Simon Newcomb estimated the loss up to the end of 1 864 at $1 80, 000, 000 and the loss still to be incurred as $300, 000, 000, a total of $480, 000, 000. Professor Adams's (Public Debts) estimate is $850, 000, 000, reckoning the difference between the debt created and the gold value of the currency which the Government received in return. Mr. Wesley Mitchell (Journal of Political Economy, March, 1897) put the loss at $528, 400, 000, on the supposition that the government receipts were increase...d $228, 700, 000 by the use of the greenbacks. He assumed that the receipts from internal revenue were increased to the full extent of the greenbacks, but admitted this to be doubtful.
The main features of Chase's loan policy were: (i) His endeavor to obtain moderate rates of interest. Early issues were at 7. 30 per cent, later at 7, 6, and 5 per cent. He steadily refused to borrow except on his own terms, and evinced a great aversion to the terms of the money market. This eagerness for low interest led to the blunder of substituting 5 per cent for 6 per cent bonds in 1863.
What to read after The Credit of Nations?
You can find similar books in the "Read Also" column, or choose other free books by Hirst Francis Wrigley to read onlineMoreLess
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