By Max M. Edling
ISBN-10: 022618157X
ISBN-13: 9780226181578
ISBN-10: 022618160X
ISBN-13: 9780226181608
In A Hercules within the Cradle, Max M. Edling argues that the federal government’s skills to tax and to borrow funds, constructed within the early years of the republic, have been serious to the younger nation’s skill to salary warfare and extend its territory. He strains the expansion of this capability from the time of the founding to the aftermath of the Civil battle, together with the investment of the conflict of 1812 and the Mexican warfare. Edling continues that the Founding Fathers sincerely understood the relationship among public finance and gear: a well-managed public debt was once a key a part of each sleek country. making a debt could constantly be a fragile and contentious topic within the American context, besides the fact that, and statesmen of all persuasions attempted to pay down the nationwide debt in occasions of peace. A Hercules within the Cradle explores the beginning and evolution of yank public finance and indicates how the nation’s upward thrust to great-power prestige within the 19th century rested on its skill to enter debt.
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Additional resources for A Hercules in the cradle : war, money, and the American state, 1783-1867
Example text
In large part a familiar story, the inflections and stress will nevertheless vary from the traditional rendition of the business of the Philadelphia convention. Organizational reform may sound dull and almost pedestrian. We are used to employing grander words to describe the achievements of the American founders. But what they did was of the constitu tion a nd the or igins of a mer ica n public fina nce 21 the utmost importance to the ability of the United States to shape its own destiny in a largely hostile world.
In his accompanying speech, Randolph expanded on this recommendation. He spoke of the “defects of the confederation” pointing to the familiar financial and commercial difficulties that had plagued the Union over the last decade. The most pressing matters confronting the Confederation were the “inefficiency” of requisitions, “commercial discord” between the states, the urgency of the foreign debt, the violation of international treaties, and the recent tax revolt in Massachusetts associated with Daniel Shays.
More and more money was emitted, while hardly any was brought in in taxes. The prewar money stock in the colonies has been estimated at between $11 million and $30 million. When Congress emitted $200 million in paper currency, popularly called “Continentals,” depreciation was inevitable. 11 Because the states were unwilling to levy taxes, the Union’s Treasury remained empty. Without income in specie, Congress could not pay interest on the bonds it had already issued and could find no takers for new emissions.
A Hercules in the cradle : war, money, and the American state, 1783-1867 by Max M. Edling
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