The North American Review Volume 132 (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: NORTH AMERICAN REVIEW. JUNE, 1881. At. Paqe. I. Our Future Fiscal Policy. By Hugh McCuL- Loch 513 n. The Patrician Element In American Society. By George B. Loring, M. C 533 HI. A New Phase Of The Reform Movement. By Dorman B. Eaton 546- IV. Shall Americans Own Ships T By Prof. W. G. Sumner 559 V. The Color Line. By Frederick Douglass. . . 567 VI. The Rums Of Central America. Part Vlil. By Desire Charnay. . . . . . . . . 578 VII. Vaccination. By Austin Flint, M. D. . . . 585 vm. The Right To Regulate Railway Charges. By J. M. Mason 592 IX. Prehistoric Man In America. By Prof. Edward S. Morse. 602 The Editor disclaims responsibility for the opinions of contributors, whether their articles are signed or anonymous. NORTH AMERICAN REVIEW. No. CCXCV. JUNE, 1881. OUR FUTURE FISCAL POLICY. In December, 1860, when the National Debt was less than $65,- 000,000, proposals were invited, by the Secretary of the Treasury, for $5,000,000 of Treasury notes (the amount required to meet debts falling due and payable on the 1st of January following), to bear such rates of interest as might be proposed by bidders and agreed to by the Secretary. For these notes, bids to the amount of $1,831,000, at twelve per cent. interest, were accepted, and bids for $465,000, at from fifteen to thirty-six per cent. interest, were rejected. Soon after, the balance of this loan ($3,169,000) was taken by the Bank of Commerce, New York, and its associates, at twelve per cent. interest. Such was the credit of the Government when the country, although disturbed by the threatened secession of some of the Southern States, was in an unusually prosperous condition. In February, 1861, proposals were invited for $8,000,000 of srx- per-cent. twenty-year bo...