Speech of Hon. W. S. Oldham, of Texas, on the Subject of the Finances

Speech of Hon. W. S. Oldham, of Texas, on the Subject of the Finances : Senate, December 23, 1863 (Classic Reprint)

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Excerpt from Speech of Hon. W. S. Oldham, of Texas, on the Subject of the Finances: Senate, December 23, 1863 The plans offered by the Senator from Tennessee and myself, are founded upon the principle of taxation - all others upon that Of funding. In my Opinion, the evil existing is an impaired public credit, occasioned by a redundant issue of Treasury notes, as evidenced in the cost Of supplies to the government, when purchased with that form of credit, and by the value placed upon those notes by the people as a circulating medium. I do not believe that a want of confidence in our success in the war in which we are engaged, or in the ability of the government eventually to redeem its obligations, has contributed, but in a very slight degree, to impair the pub lic credit, but that it has resulted from other 'causes. If we had no war: and the same amount of Treasury notes had been issued, the same causes existing to affect their value, the depreciation would, in my Opinion, have been very nearly as much as it is at present. But under existing circum stances the evil afi'ects the credit of the government, and a remedy should be applied which will not contribute to impair, but to strengthen and sus tain it. I shall endeavor to show, that the public credit has not been impaired by a want of confidence of success, or Of ability to redeem its obligations, but by a redundant issue of Treasury notes, as already stated. The value Of a currency, like every other marketable commodity, is regulated and governed by the law of supply and demand. The depreciation Of our Treasury notes has resulted, mainly, from a'vio lation of that law: a redundant supply, and a reduced demand, other causes concurring to make the depreciation still greater. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.show more

Product details

  • Paperback | 24 pages
  • 152 x 229 x 1mm | 45g
  • Forgotten Books
  • English
  • 3 Illustrations; Illustrations, black and white
  • 0243304307
  • 9780243304301