This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ... of 1812 argues aught against the sufficiency of the loan policy proposed by him, because Congress refused to grant the new taxes asked for at the beginning of the war. It is true that a proper administration of the loan policy demands clear revenue equal to the debt service and the peace expenditure. It is also true ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ... of 1812 argues aught against the sufficiency of the loan policy proposed by him, because Congress refused to grant the new taxes asked for at the beginning of the war. It is true that a proper administration of the loan policy demands clear revenue equal to the debt service and the peace expenditure. It is also true that the special tax-bills recommended to the Twelfth Congress failed to secure legal sanction; but it would be incorrect to conclude, because these particular taxes were withheld, that the essential requirements of the loan policy were not complied with. A glance at the general balance-sheet covering the three years of the war will show that permanent revenue not only covered permanent expenditure, but furnished a surplus of nearly $6,000,000 for war purposes. Although the new taxes were refused, the receipts from old taxes exceeded expectation; it is impossible, therefore, for the advocates of the loan theory to shift the responsibility of the failure of Mr. Gallatin's policy upon the shoulders of Congress. This balance-sheet is presented in the following table: Table showing the source of moneys expended for war i There is included in this sum an actual deficit in accounts. It thus appears that, for a total war expenditure of some $70,000,000, it was found necessary to create a debt of only $64,300,000, a fact which shows how futile is an apology like that suggested above in favor of the loan policy. So far as clear revenue is concerned, the demands of the theory were met, and it is the theory rather than the remissness of Congress that must be held responsible. Or, again, it may be that some one, quoting that old maxim, salus populi suprema lex, a maxim regarded by dullards as the first principle in finance, will ask: Wherein did this polic...
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