Early Financial History of the United States

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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