British and Foreign State Papers Volume 3 by U S Government
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Author: U S Government
Page Count: 522 pages
Published Date: 16 Jan 2013
Publisher: Rarebooksclub.com
Publication Country: Miami Fl, United States
Language: English
ISBN: 9781234271497
File size: 48 Mb
File Name: British.and.Foreign.State.Papers.Volume.3.pdf
Download Link: British and Foreign State Papers Volume 3
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1838 edition. Excerpt: ...of the Nation, in credit, in capital, and in industry. The confidence was justly reposed; yet it may, perhaps, be considered as a subject for regret, and it certainly furnishes a lesson of practical policy, that there existed no system by which the internal resources of the Country could be brought, at once, into action, when the resources of its external commerce became incompetent to answer the exigencies of the times. The existence of such a system, would probably have invigorated the early movements of the War; might have preserved the Public Credit unimpaired; and would have rendered the pecuniary contributions of the People more equal as well as more effective. But owing to the want of such a system, a sudden, and almost an exclusive resort to the Public Credit was necessarily adopted, as the chief instrument of Finance. The nature of the instrument employed was soon developed; and it was found that Public Credit could only be durably maintained upon the broad foundations of Public Revenue. On the Opening of the Session of Congress in November, 1811, the Legislative attention was devoted to the organization of the Military and Naval Departments upon the enlarged scale of a War Establishment; so that the appropriations for this purpose far exceeded, in a short time, the estimates and resources of the Treasury, as they have already been described. Ways and means were, therefore, provided to meet the extraordinary demands thus created; but they were derived, exclusively, from the operations of Foreign Commerce, and of Public Credit. 1. The Mediterranean Fund was, at first, continued until the 4th of March, 1813, and afterwards until March, 1815, (when it became extinct, ) affording an additional duty of 11 per cent, ad valorem, on all..
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