The Lower South in American History
The Lower South in American History
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In our eReader you can find the full English version of the book. Read The Lower South in American History Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Lower South in American History
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Had the government adhered to the sound policy it began with when it passed an ex- port tax, payable in specie, to guarantee the inter- est on its first loan, it might have avoided — at least so long as by hook or by crook, at whatever cost, specie could be obtained — its unenviable preeminence among all modern governments as Digitized by VjOOQ IC THE RESOURCES OF THE CONFEDERACY 1 75 an exponent of forced loans and redundant note issues. Southern civilization, with sins enough to answer for al...ready, might have escaped the crowning indictment that after centuries of money exchanges it brought Anglo-Saxon Americans back to plain barter in their market-places.
The first loan of 15 millions was negotiated on a specie basis, and it was successful. The South- ern banks, holding perhaps 25 millions of specie, agreed to redeem in specie such of their notes as should be paid for the bonds, and for a year or two the interest, guaranteed by the export tax, was paid in specie. The second issue, in May, of 50 millions, was accompanied with no such guarantee of interest payments.
What to read after The Lower South in American History?
You can find similar books in the "Read Also" column, or choose other free books by Brown William Garrott to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Had the government adhered to the sound policy it began with when it passed an ex- port tax, payable in specie, to guarantee the inter- est on its first loan, it might have avoided — at least so long as by hook or by crook, at whatever cost, specie could be obtained — its unenviable preeminence among all modern governments as Digitized by VjOOQ IC THE RESOURCES OF THE CONFEDERACY 1 75 an exponent of forced loans and redundant note issues. Southern civilization, with sins enough to answer for al...ready, might have escaped the crowning indictment that after centuries of money exchanges it brought Anglo-Saxon Americans back to plain barter in their market-places.
The first loan of 15 millions was negotiated on a specie basis, and it was successful. The South- ern banks, holding perhaps 25 millions of specie, agreed to redeem in specie such of their notes as should be paid for the bonds, and for a year or two the interest, guaranteed by the export tax, was paid in specie. The second issue, in May, of 50 millions, was accompanied with no such guarantee of interest payments.
What to read after The Lower South in American History?
You can find similar books in the "Read Also" column, or choose other free books by Brown William Garrott to read onlineMoreLess
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