The Power of the Purse a History of American Public Finance 1776 1790
The Power of the Purse a History of American Public Finance 1776 1790
E James Elmer James Ferguson
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The meeting proposed a state convention to take some kind of unified action, and a committee was appointed to correspond with creditors in other parts of the country with a view to holding a na- tional convention.^* Besieged by creditors and goaded by its grimly determined Super- intendent of Finance, Congress settled down to an almost continuous discussion of methods of funding the enlarged debts it would hold after the war. A grand committee agreed in principle on the necessity for federal ta...xes on land, polls, and whiskey; but each of these pro- posals was voted down on the floor. Divergence of interest among the states prevented agreement on any specific tax beyond the impost, and Congress was disposed to wait for its adoption before proceed- ing further. Since, by the late summer of 1782, all the states had given their consent except Rhode Island, the impost seemed on the verge of success. Scarcely conceiving that a negative reply was possi- ble, Congress peremptorily asked the state legislature for an imme- diate decision.
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