The Political Economy of War
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In our eReader you can find the full English version of the book. Read The Political Economy of War 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 Political Economy of War
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White : ** It had always been the policy of the Government to pay its interest-bearing debts as soon as possible in order to avoid un- necessary burdens upon the taxpayers. Thus the 5-20 bonds issued during the war were made redeemable at any time after five years, but payable at the end of twenty years. Under this system the Treasury could use its surplus revenues to pay bonds at par instead of buying them in the market at a premium. . . . Now nearly $550, 000, 000 of the public debt was put b...eyond the chance of extinction for nearly a quarter of a century, except by purchase in the open market. The Government paid a bonus of nearly $50, 000, 000 on the old bonds, of which it recovered less than $2, 000, 000 as premium on the new ones. " ' Mr. White adds that the loss was enormous. For example, a surplus of $240, 000, 000 in 1907 might (but for the refunding) have been applied to the extinction of debt, and thus annulled the interest on that amount. ** The excuse for this kind of financiering was that if the Government's interest-bearing debt were paid, there would be a shortage of bonds to be held as security for national-bank notes.
What to read after The Political Economy of War?
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:
White : ** It had always been the policy of the Government to pay its interest-bearing debts as soon as possible in order to avoid un- necessary burdens upon the taxpayers. Thus the 5-20 bonds issued during the war were made redeemable at any time after five years, but payable at the end of twenty years. Under this system the Treasury could use its surplus revenues to pay bonds at par instead of buying them in the market at a premium. . . . Now nearly $550, 000, 000 of the public debt was put b...eyond the chance of extinction for nearly a quarter of a century, except by purchase in the open market. The Government paid a bonus of nearly $50, 000, 000 on the old bonds, of which it recovered less than $2, 000, 000 as premium on the new ones. " ' Mr. White adds that the loss was enormous. For example, a surplus of $240, 000, 000 in 1907 might (but for the refunding) have been applied to the extinction of debt, and thus annulled the interest on that amount. ** The excuse for this kind of financiering was that if the Government's interest-bearing debt were paid, there would be a shortage of bonds to be held as security for national-bank notes.
What to read after The Political Economy of War?
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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