Foreign Bondholders and American State Debts Foreign Bondholders and American State Debts
By Reginald C. McGrane
2000/03 - Beard Books - Business Classic
1893122948 - Paperback - Reprint - 422 pp.

An engrossing account of repudiated early debts of certain American states and the repercussions to the unpaid foreign investors.

Publisher Comments

Category:  Banking & Finance

Of Interest:

The Work of the Bond House

The Principles of Bond Investment

Railroads: Finance & Organizations

Foreign Bonds: An Autopsy

State Insolvency and Foreign Bondholders: General Principles

State Insolvency and Foreign Bondholders: Selected Case Histories of Governmental Foreign Bond Defaults and Debt Readjustments

This engrossing recital of unpaid early debts of certain American states sheds light on the problems confronting foreign investors in the collection of debts due them when repudiated by whole communities. Attention is given to the political and economic background of those debts, to the inducements held out to investors to purchase the state securities, to the part played by the press of debtor and creditor countries in aiding or obstructing the final debt settlements, and to the economic and international repercussions of these debts. Revealed are the evils of weak banking systems, the dangers inherent in the too rapid development of public works, the methods employed in the marketing of these states’ securities, the political and economic atmosphere in which repudiation doctrines were generated, and the part played by the press and by the courts in mobilizing public opinion, either for or against the payment of debts. A fascinating insight for the specialist as well as any scholar of finance or history.

No book review available

Reginald C. McGrane complete the necessary study for writing Foreign Bondholders and American State Debts in Canada, England and Holland. This study was made possible by the award of a fellowship grant by the Guggenheim Foundation. A grant from the Trustees of the Charles Phelps Taft Memorial Fund enabled him to complete the writing of the manuscript. 

Preface v
Chapter I. Borrowers and Lenders 1
Chapter II. Wanted: Federal Aid 21
Chapter III. Charge and Countercharge of Debtor and Creditor 41
Chapter IV. The Keystone State Defaults and Resumes 62
Chapter V. The Financial Troubles of Maryland 82
Chapter VI. The Settlement of the Illinois State Debt 102
Chapter VII. The Indiana State Debt 126
Chapter VIII. The Five Million Dollar Loan of Michigan 143
Chapter IX. The Public Debt of Louisiana Before the Civil War 168
Chapter X. Bonds of the State of Mississippi 193
Chapter XI. The Territorial Bonds of Florida 223
Chapter XII. Arkansas and Foreign Investors 245
Chapter XIII. The Aftermath of Defalcation and Repudiation before the Civil War 265
Chapter XIV. The Problem of American State Debts After the Civil War 282
Chapter XV. Reflections on American State Debts 382
Bibliography 391
Index 407

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