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THE FINANCIAL STANDING OF STATES. BY PROF. HENRY C. ADAMS, OF
CORNELL UNIVERSITY. (Read Wednesday, September 9, 1884.) One of the
most curious chapters in the history of American financiering
pertains to the second period of State indebtedness. This period
covers the )'ears from 1830 to 1850, and receives its peculiar
character from the fact that States undertook financial operations
of a business nature. It is not, however, mere curiosity that leads
one to study this chapter of local financial control, for it is
full of pertinent suggestions, and is capable of throwing somewhat
unaccustomed lights upon certain questions of current interest. My
plan of treatment, in the present paper, is not at all ambitious,
since it extends no farther than an orderly statement of the
general facts, together with an explanation of the relations in
which they stand to each other. In this manner, it is believed, the
true meaning of the period will stand forth, for facts orderly
arranged will the best interpret themselves. After the assumption
by the Federal government of those local obligations incurred
during the progress of the Revolutionary war, the States as
political sovereignties, made no extensive use of public credit
previous to 1820; nor was it until some twelve or fifteen years
later that they appealed lavishly to this source of revenue. How
lavishly this appeal came finally to be, appears from the figures
which show the growth of local debts. During the ten years
following 1820, public stocks were authorized in the various States
to the amount of twenty-six millions of dollars, of which nearly
eighteen millions were held against the three States, New York,
Pennsylvania, and Ohio. Between the years 1830 and 1835, forty
millions more were added to the obligations of the Sta...
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|Country of origin:
American Social Science Association
||246 x 189 x 4mm (L x W x T)
||Paperback - Trade
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