The prosecution of the War of 1812 had left the U.S. in debt and, invited by committee chairman John W. Eppes to opine, the Secretary of the Treasury A.J. Dallas here offers an extended analysis of how the national debt was incurred, notes that “it becomes the object first and last in every practical scheme of finance, to re-animate the confidence of the citizens,” and observes it as a state of things that must not continue that specie is being hoarded, banks are not lending, and a regularized national currency is lacking, so that “the monied transactions of private life are at a stand; and the fiscal operations of the government labour with extreme inconvenience.” Fortunately, he says, there are solutions, and he outlines these in a series of proposals including “taxes, duties, imposts, and excises,” reaching even unto “addition[s] of 100 per cent. on the present auction duties . . . [and] on the existing duties upon carriages.”
Occupying pp. 21–22 is record of the “schedule of new taxes referred to in the letter of the secretary of the Treasury . . . in which the taxes proposed . . . are principally adopted.”
But Secretary Dallas realized that the solution was not as simple as raising taxes or even doing that and instituting new ones. It would be necessary to issue bonds, and to do that the U.S. needed to establish a national bank: These propositions are canvassed here.
The act incorporating a national bank passed Congress in 1816.
Shaw & Shoemaker 33249. Disbound and now laid into marbled paper wrappers, pamphlet age-toned and foremargins with noticeable foxing and staining; paper good and the whole readable in several senses. (29861)
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