Congressional Edition Volume 6085

Congressional Edition Volume 6085

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ...of borrowing twelve or fifteen millions, and I recollect that one gentleman contended very zealously that we should be obliged to give $100 of scrip for $90 in cash. Well, we passed the law authorizing the loan, and not a dollar could we get at any rate till this revenue bill was passed. Then, sir, money enough could be obtained and at a lower rate of interest than that authorized to be paid. The public credit advanced at once, and continued to advance until the stocks of the United States reached, I think, a maximum of about 115 or 116, and at that sold rapidly after the enactment of this law, because everybody saw that we had a system which would enable us to carry on the Government, to pay the interest punctually, and the principal when it became due. Look, then, at the working of the act of 1842. It did not go fairly into operation for several months after it was enacted. It can hardly be said that it was fairly in operation till the succeeding spring--the spring of 1843. About that time we changed the commencement of the fiscal year, so that our fiscal years now end on the 30th of June. Take, then, the first whole fiscal year under the act of 1842, and you will find that it yielded us (after paying all the expenses of collection, drawbacks, and everything else, of which I will speak by-and-by) twenty-five and three-quarter millions. That was the result of the first year. In the second year (1845) the amount was twenty-six and three-quarters (almost), showing an increase of about a million. In the third year (just ended, June, 1846) the net amount was $26,311,864, according to the best computation I could make, for the statements are quite contradictory. By the papers received this morning from the Secretary of the Treasury the amount is set...show more

Product details

  • Paperback | 152 pages
  • 189 x 246 x 8mm | 286g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236522052
  • 9781236522054