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Early Financial History of the United States
By Davis Rich Dewey
2003/03 - Beard Books
1587981785 - Paperback - Reprint -  638 pp.
US$34.95

Readers with an interest in or curiosity about history and economics will find this book illuminating.

Publisher Comments

Categories: Banking & Finance | History

Of Interest:

A History of American Currency

A Legal History of Money in the United States

American Economic History

Colonial Merchants and the American Revolution

Financial History of the United States

Panic on Wall Street: A History of America's Financial Disasters

The Financial Giants in United States History

This book is an engrossing narrative of the interplay between the political/economic environment and monetary affairs during the early history of the United States. Some of the periods and multifaceted subjects covered are: colonial finance; the period of the Revolution and the Confederacy; financial provisions of the Constitution; establishment of a national monetary system; tariff legislation; the Civil War; banking and taxation; World War I; and financing under depressed economic circumstances.

 

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Davis Rich Dewey, 1858-1942, had a long and distinguished teaching career at M.I.T. that spanned fifty years. He started as an Instructor in 1886 and rose to Professor of Economics and Department Chairman from 1893 to 1933. He has been proclaimed as one of several people that helped shape the field of economics as we know it today. He was also influential in the internal affairs of the American Economic Association and the American Statistical Association. The Dewey Library at M.I.T. was named in his memory.

I. Colonial Finance
1. References 1
2. Scope of the Work 2
3. Economic Factors  5
4. Expenditures 8
5. Taxation 9
6. Tariffs: Import and Export duties 14
7. Control of approriations 17
8. Money and Coinage 18
9. Bills of Credit 21
10. Loan Banks 24
11. English Legislation against Paper Currency 28
12. Taxation by England 30
II. Revolution and the Confederacy, 1775-1788
13. References 33
14. Governmental confusion 34
15. Issues of Bills of Credit; Continental Money 36
16. Depreciation of the Currency 39
17. Was Paper Money Necessary? 41
18. State Taxation and Requisitions 44
19. Domestic Loans 45
20. Foreign Loans 47
21. Financial Provisions in the Articles of Confederation 49
22. Effort to Secure a National Tax 49
23. Fiscal Machinery 52
24. Bank of North America 54
25. Financial Collapse 56
III. Financial Provisions of the Constitution
26. References 60
27. Financial Sections of the Constitution 60
28. Taxation 62
29. Borrowing; Bills of Credit 67
30. Coinage 70
31. Appropriations 72
32. Popular Objections to the Financial Powers 73
IV. Establishment of a National System
33. References 75
34. Economic Conditions in 1789 76
35. Tariff Measures 80
36. Principle of Protection 84
37. Establishment of the Treasury Department 85
38. Internal Organization of the Treasury Department 87
39. Funding of the Debt 89
40. Assumption of State Debts 92
41. Character of the New Debt 94
V. New Financial Needs, 1790-1801
42. References 97
43. First United States Bank 98
44. Mint and Coinage 101
45. Excise Tax on Whiskey 105
46. Other Excise Duties; Carriage Tax 106
47. Direct Taxation 109
48. Summary of Receipts, 1789-1801 110
49. Expenditures, 1789-1801 111
50. The Debt, 1789-1801 112
51. Sinking Fund; Management of the Debt 113
52. The Administrations of Hamilton and Wolcott 115
VI. Economies and War, 1801-1816
53. References 118
54. Economies and Reduction of Taxation 119
55. New Demands upon the Treasury 121
56. Receipts and Expenditures, 1801-1811 123
57. Reduction of Debt: Sinking Fund 124
58. End of the United States Bank 126
59. Inadequate Preparation for War 128
60. Treasury Administration, War Period 131
61. War Loans 132
62. Issue of Treasury Notes 135
63. Internal Revenue Taxes; Other Taxes 138
64. Expenditures and Receipts, 1812-1815 141
VII. Problems of Reorganization after War
65. References 143
66. Currency Disorder 144
67. Establishment of the Second United States Bank 145
68. Career of the Bank, 1816-1819 150
69. Local Banks, 1815-1830 153
70. United States Bank, 1823-1829 156
71. Constitutionality of the Bank 157
72. Issues of Banks Owned by States 160
73. Tariff of 1816 161
74. Financial Embarrassments, 1816-1821 165
75. Receipts and Expenditures, 1816-1833 168
76. Difficulties in Management of the Funded Debts 170
VIII. Tariff Legislation, 1818-1833
77. References 172
78. Struggle for Increased Protection; Tariff of 1824 173
79. Tariff of 1828 176
80. Intense Opposition to the Tariff 181
81. Tariff of 1832 183
82. Nullification, Compromise Tariff 185
83. Problems of Customs Administration 189
84. Analysis of Tariff Reasoning 191
IX. Attack upon the Bank; The Surplus, 1829-1837
85. References 197
86. Criticism of the Bank 198
87. Unsuccessful Effort to Recharter 201
88. Removal of the Deposits 203
89. The Pet Banks 209
90. Change in Coinage Ratio 210
91. Internal Improvements 212
92. Sales of Public Lands 216
93. Surplus Revenue 217
94. Distribution of the Surplus 219
X. Panic of 1837 and Restoration of Credit
95. References 223
96. Speculative Prosperity 224
97. The Specie Circular 227
98. Panic of 1837; Suspension of Specie Payments 229
99. Distress of the Treasury 231
100. Issue of Treasury Notes and Loans 234
101. Independent Treasury 235
102. Tariff of 1842 237
103. Struggle for a New Bank 239
104. State Repudiation 243
105. Receipts and Expenditures, 1834-1846 246
XI. Tariff, Independent Treasury and State Banks, 1846-1860
106. References 248
107. Tariff of 1846 249
108. The Independent Treasury Re-established 252
109. Finances of the Mexican War 255
110. Commercial Expansion 256
111. Progress toward Lower Duties 257
112. Local Banking, 1837-1861 259
113. Tariff of 1857: Panic 262
114. Morrill Tariff 265
115. Receipts and Expenditures, 1846-1861 267
XII. Civil War; Legal Tenders.
116. References 271
117. The Situation in 1860 272
118. Appointment of Chase 274
119. Revenue Measures, July 1861 276
120. Placing the Loan of $150,000,000 278
121. Suspension of Specie Payments 281
122. Issue of Legal Tender notes 284
123. Convertibility of the Greenback 290
124. Depression of the Greenback 292
125. Gold Premium 294
XIII. Loans, Taxation, and Banking of the Civil War
126. References 298
127. Taxation in 1861-1862 299
128. Increase of Taxes 302
129. Income Tax 305
130. Loan Act of February, 1862 306
131. Temporary Indebtedness 309
132. Loan Act of March 3, 1863 310
133. Short Time Notes 312
134. Financial Situation in 1864 312
135. Administration of Secretary Fessenden 314
136. Summary of Loans 316
137. Loan Policy of Chase 317
138. Arguments in Favor of a National Banking System 320
139. National Banking Act of 1863 326
140. Receipts and Expenditures, 1861-1865 329
XIV. Funding of the Indebtedness
141. References 331
142. Character of the Public Debt in 1865 332
143. Funding or Contraction 333
144. Theories of Resumption 335
145. Arguments against Contraction 338
146. Funding Act of April 12, 1866 340
147. Abandonment of Contraction 343
148. Payment of Bonds in Currency 344
149. Taxation of Bonds 350
150. The Refunding Act of 1870 352
151. Sale of Bonds Abroad 354
152. Sinking Fund 356
XV. Greenbacks and Resumption
153. References 359
154. Volume of Treasury Notes 360
155. Constitutionality of Legal Tender Notes 362
156. Issues in Times of Peace 366
157. Sale of Gold 368
158. Panic of 1873 370
159. Resumption Act of 1875 372
160. Resumption Accomplished 374
161. Greenback Party 378
XVI. Banking and Taxation, 1866-1879
162. References 383
163. Bank Note Circulation 383
164. Relations of the Banks to the Government 387
165. Antagonism to the National Banking System 389
166. Revision of the Internal Revenue System 391
167. Tariff Changes 396
168. Receipts and Expenditures, 1866-1879 398
XVII. Silver and Banking, 1873-1890
169. References 402
170. Demonetization of Silver 403
171. Struggle for Free Coinage; Bland Act 405
172. Coinage under the Bland Act 407
173. Unsuccessful Efforts to stop Coinage 409
174. Continued Opposition to National Banks 410
175. Decline in Bank Circulation 411
XVIII. Surplus Revenue and Taxation
176. References 414
177. Surplus Revenue 415
178. Deposit of Funds in National Banks 417
179. Reduction of Internal Revenue Duties 418
180. Tariff Revision 420
181. Unsuccessful Democratic Tariff Measures 423
182. Increased Expenditures 426
183. Treasury Purchase of Bonds 429
184. The Public Debt, 1880-1890 431
XIX. Silver and the Tariff, 1890-1897
185. References 434
186. Silver Act of 1890 436
187. McKinley Tariff of 1890 4368
188. The Gold Reserve and its Decline 440
189. Panic of 1893: Repeal of Silver Purchases 444
190. Sale of Bonds for Gold 447
191. Legality of the Bond Issues 450
192. The Gorman-Wilson Tariff 455
193. Currency Measures 458
194. Struggle for Free Coinage 460
XX. Tariff, War and Currency Act
195. References 463
196. Dingley Tariff, 1897 463
197. Spanish War Finance 465
198. Currency Act of 1900 468
199. Redemption of Treasury notes 469
200. Refunding 471
201. Receipts and Expenditures, 1891-1901 472
XXI. Financiering under Expansion
202. References 476
203. Treasury Relief of the Money Market 477
204. National Banks 479
205. Panic of 1907 481
206.Vreeland-Aldrich Act of 1908 482
207. Payne-Aldrich Tariff of 1909 483
208. Corporation Tax 486
209. Financing the Panama Canal 486
210. Postal Savings Banks 487
211. Underwood Tariff, 1913 488
212. The Income Tax 489
213. The Federal Reserve Act of 1913 491
214. Receipts and Expenditures, 1902-1916 494
XXII. The World War
215. References 499
216. Revenues Affected by European War 500
217. Revenue Act of September 8, 1916 501
218. Entry into War; Liberty Loans 502
219. War Revenue Act of October 3, 1917 504
220. Third and Fourth Liberty Loans, 1918 506
221. Need of Additional Tax Revenues 506
222. The War Debt 508
223. Cost of the War 510
224. Development of Federal Reserve System 511
225. Receipts and Expenditures, 1917-1920 512
XXIII. Reduction of War Debt and of Taxes
226. References 514
227. The Public Debt and Its Reduction 515
228. Short-term Financing of Debt 516
229. Revenue Act of 1921 519
230. Tariff Act of 1922; Fordney Tariff 523
231. Economy 524
232. Surtaxes 525
233. Revenue Act of 1924 527
234. Revenue Acts of 1926 and 1928 528
235. Miscellaneous Internal Revenue Receipts 530
236. Tariff Act of 1930 531
237. Receipts and Expenditures, 1921-1930 532
XXIV. Financing under Depression
238. References 534
239. The Deficit in 1930-31 535
240. Revenue Act of 1932 538
241. Proposal for a Sales Tax 540
242. Relief by Increased Credit 542
243. Struggle to Balance the Budget 544
244. Banking Disaster 547
245. Departure from the Gold Standard 548
246. Expenditures 550
247. Public Debt 552
248. Establishment of a New Monetary Standard 552
XXV. Legislation and Administration
249. References 554
250. Initiative in Tariff Bills 555
251. Appropriation Bills 560
252. Collection of Revenue 566
253. Custody of the Public Funds 569
254. The Mint 572
255. Supervision of Banks 572
256. Accounting System 574
257. Public Debt Statement 575
258. Miscellaneous Treasury Bureaus 577
Appendix 579
Index 582

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