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Bezanson, Prices and Inflation, 345.
9.
Doerflinger, Spirit of Enterprise, 308.
10.
A name similar to the Bank of Pennsylvania's had been affixed to an earlier enterprise organized by a group of local merchants under the leadership of Robert Morris in 1780.
Despite the title, it never functioned as a commercial ba... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
For more details, see footnote no.
1 on the Pennsyl vania Bank.
11.
Hamilton to Gouverneur Morris, 4 April 1784, in J. Hamilton, edM Papers of Alexander Hamilton, 1, 418; Morris to Jefferson, 8 April 1784, in Sparks, ed., Diplomatic Correspondence, 12, 485. Letters cited in Schwartz, "Beginnings of Competitive Bank... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Quoted in Hammond, Banks and Politics, 59.
14.
The Bank of New York operated as an unchartered bank from 1784 to 1791, when the goal of obtaining statute limitations on the liability of stockholders led the directors to apply to the state legislature for a cor Notes to Chapters 6-7 389 porate charter.
For more info... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Chapter 7 1.
The entire national debt was not paid off until the mid-1830s, but it rose sharply as a result of the Louisiana Purchase in 1803 and escalating military expenditures linked to the War of 1812.
I calculated a payoff year of 1817 for all debts linked to the War for Independence by applying every annual fed... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
2.
Soltow, Distribution of Wealth, 142—44.
Loyalist claims totaled about 10 percent of the nation's estimated total wealth in 1774.
3.
Becker made the perceptive argument that the South Carolina legislature's actions prevented rebellion in "Combustibles in Every State," a conference paper presentation several years... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
That assertion seems reasonable since some of the $18 million ab sorbed in 1790 represented accrued interest linked to the debts of laggard states.
Treasury officials had estimated that $21 million in state securities would prove eligible for the swap program.
5.
After the temporary withdrawal of its corporate stat... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The Bank of New Yorkfinally received a state charter in 1791.
6.
The majority of the federal debt held in New York consisted of settlement certificates issued to military personnel for back wages at the end of the war plus a variety of federal debt obligations originally issued to citizens of other states, mostly in ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
7.
New Jersey minted three thousand copper token coins valued at one-fifteenth of a shilling, or about 80 percent of an English penny, for the convenience of citizens in negotiating small transactions.
8.
In the colonial era, when amortization schedules called for uniform principal reductions starting in the second ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In this instance, monies paid to cover the interest due on public loans in the late 1780s and early 1790s were not burned but instead reissued by the state treasury to meet routine public debts as had been the practice before independence.
390 Notes to Chapters 7-8 9. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
390 Notes to Chapters 7-8 9.
In one of those bizarre political moves involving financial affairs for which Rhode Island was notorious, the individuals who had earlier agreed to participate in the debt settlement program in 1787, and who had re ceived only about twenty cents on the dollar, later tried to convince the ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In June 1791 the state legislature resurrected all war debts and repealed every law re lating to their previous liquidation through the issuance of fiat currency.
After boasting that all its debts were completely retired in 1788, Rhode Island was now arguing the exact opposite, namely that all its old debts re maine... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Historian Irwin Polishook's brief account of the controversy over the retirement of Rhode Island's wartime debts in the period from 1790 to 1830 is unclear about the exact outcome.
He suggests, however, that the state may have made additional payments to individuals who had reluctantly but voluntarily participated in ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Polishook, Rhode Island, 240.
10.
I estimated the mean depreciation ratio of 200:1 as follows: the $15 million of old currency retired prior to 1790 was divided by the $70,000 worth of new emission monies specifically allocated for the currency swap program in 1783.
11.
The plan for sending funds to the federal gov... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The state paid newly printed currency to local farmers to purchase tobacco; it expected to sell the crop to an overseas buyer for specie and re mit the proceeds to Philadelphia.
The market price for tobacco apparently fell during the interim, however, and the operation realized losses rather than the anticipated prof... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
12.
Bronson, "Connecticut Currency," 123.
13.
The announced exchange rate was 40:1, but the states had the privilege of reissuing so-called new tenor bills at an effective exchange rate of 20:1.
Chapter 8 1.
Analyzing the origins of Shays' Rebellion has been a historical pe rennial since its occurrence in 1787.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In "Shays'," Pole argued for a political rather than an economic interpretation, pitting the western coun ties, which were underrepresented in the legislature—in part because of the high cost of travel and lodgings—against rivals along the eastern sea board over a whole host of political issues, including the balance... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Szatmary's monograph Shays', published in 1980, suggested that the roots of the insurrection can be traced to the clash between traditional, agrarian values versus the encroachments of a Notes to Chapter 8 391 more commercial, market-oriented society.
In Politics without Parties, Hall carefully described the legislati... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Taylor's earlier study, Western Massachusetts, emphasized commer cial indebtedness more than taxation, whereas the McDonalds, Requiem, focus on high tax rates more than private debts.
In "Political Economy of Shays'," an unpublished manuscript loaned to the author, Ernst reviews the monetary and fiscal history of Mas... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The only study that attempts to analyze tax policies in a comparative framework is Becker's "Combustibles in Every State," a paper delivered at a national conference in 1982 that remains unpublished to date.
2.
Feer, "Shays' Rebellion," disputes the contention that the rebellion weighed heavily on the minds of the de... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Bates, "State Finances," appendix 3, p. 159.
5.
Ferguson, Power of Purse, 254.
Massachusetts appraised its fiat cur rency and treasury notes at their value when issued rather than the full extent of their depreciation.
For example, treasury notes issued in 1778 were rated at 4:1 vis-a-vis specie, the prevailing ma... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
6.
Hall, Politics without Parties, 203, n. 28, from Governor Bowdoin's speech to the legislature in June 1786.
7.
Jensen, New Nation, and Bjork, "Weaning of American Economy."
8.
The only modern parallel to Massachusetts' fiscal policy was the disastrous policy (by Keynesian standards) implemented by Romanian dic... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The goal was accomplished but at an extremely heavy cost to the economy and the people.
Living standards re portedly declined on the order of 50 percent in Romania during the 1980s because the nation ran huge surpluses in its foreign trade account. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
After the final payment was made in 1989, Ceausescu's government was able to boast that the nation was free from the dictates of foreign creditors and that avaricious capitalists would no longer be earning interest income from the labor of struggling Romanian citizens.
He found little political or eco nomic support a... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
However, if Ceausescu had been able to travel back two hundred years to the United States, he might have been able to elicit en dorsements from members of the urgency faction in confederation Massa- chusetts—and possibly from Jeffersonians southward who likewise wanted to rid their governments of all debt obligations ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
9.
Bates, "State Finances."
10.
McDonalds, Requiem, 32.
392 Notes to Chapters 8-10 11.
Bullock, Historical Sketch, 1—22, endorsed the fifteen-year redemp tion period as practical and reasonable, arguing that retirement over that time frame would have caused taxpayers little economic hardship.
Chapter 9 1.
Much ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Par ticularly active were several mercantile firms in Philadelphia and New York City that diversified into the financial services sector.
Federal debt certifi cates traded at low prices from 1782 to 1788 because Congress had sus pended payment of interest.
Certificates acquired on the secondary market from out-of-... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Chapter 10 1.
The best Hamilton biographies are by Forrest McDonald and John Miller cited in the bibliography.
An excellent introductory sampler of the reactions of contemporary political rivals plus the interpretations of later historians remains the Cantor edition, Hamilton, in the Great Lives Ob served series.
A... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
For an outstanding explanation of Hamilton's financial program, see Swanson, Origins of Fis cal Policies.
The author grants the treasury secretary too much credit for originality and stresses too strongly the influence of European financial theorists for my tastes—still it remains an indispensable book.
2.
Schubert... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
3.
Dickson, Financial Revolution, 487.
4.
See Neal, "First Rational Bubble"; Brewer, Sinews of Power; Patter son and Reiffen, "Effect of Bubble Act."
5.
Jones, Wealth of Nation, tables 5.2, 5.5, 5.7, 5.10.
6.
Congress also received a subsidy of $1.6 million from the French government, plus a subsidy of $180,000... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
11, p. 48.
8.
The Jeffersonians tended to identify strongly with France, and the immature character of the Paris capital market relative to London and Amsterdam may have elicited more votes of approval in some quarters.
Yet, it is difficult to conceive of Americans, whatever their political leanings, Notes to Chapte... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
9.
Economic historians long ago disavowed the assertion that the two nationally chartered banks in 1792 and 1816 were genuine central banks, in large part because the banks failed to act as lenders of last resort in financial crises. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Yet, in my view, continued use of that term along with the qualifier "quasi" or "embryonic" is justified since the national banks did seek to con trol the activities of the smaller state banks through the regular redemption of their outstanding bank notes and, under Biddle in the 1820s, the Sec ond BUS occasionally t... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Biddle, for example, occasionally intervened in the foreign exchange market to dampen seasonal fluctuations.
Contrary to the later assertions of President Andrew Jackson, both national banks also gave the nation an exceedingly safe paper currency—similar to what the Bank of England had accomplished overseas.
10.
Jef... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
10.
Jefferson to Washington, 9 September 1792.
I found the quotation in Swanson and Trout, "Alexander Hamilton's Hidden Sinking Fund," and they reported the source as Paul L. Ford's The Writings of Thomas Jefferson (10 vols.
New York, 1892-99), vol.
6, 105.
11.
Brewer, Sinews of Power. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
6, 105.
11.
Brewer, Sinews of Power.
The author explains: "Perhaps the single most frequently made complaint about the expansion of the eighteenth- century fiscal-military state was that it had created a 'financial interest,' a consortium of bankers, 'monied men,' investors, speculators and stockjob bers who lived ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
They were commonly viewed as part of a whig plot to tie the pub lic to the new regime of 1688 and as the true power behind ministry and monarch" (p. 206).
12.
McDonald, Hamilton, 168.
See Hamilton Papers, 6:81-84, 111.
13.
Hamilton's fear of a crash redemption program was justified be cause during Jefferson's ei... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Because of legal limitations on the recall and retirement of U.S. securities, Secretary of the Treasury Albert Gallatin was unable to use all the financial resources at his disposal to retire even larger chunks of the federal debt.
Some of the surplus monies went to pay for the Louisiana Purchase in 1803.
Even so, wh... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
14.
The government could also borrow up to $2 million annually at interest rates not exceeding 5 percent to purchase securities with coupon rates of 6 percent.
Such refunding did not reduce the overall indebtedness but did allow the Treasury the opportunity to refund a portion of the debt at slightly lower interest r... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
16.
In his 1790 report, Hamilton proposed that creditors be given the option of swapping their old debts for other types of financial devices as an alternative to new federal securities. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Among the ideas advanced was one proposal, which Congress failed to approve, that would have allowed holders to accept so-called tontines—interest-bearing insurance policies of sorts in which persons were grouped into various age categories and sur vivors received shares of the interest previously allotted to the dece... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The plan was innovated by Lorenzo Tonti in France in the 1650s and used thereafter at times by both the French and English governments.
A key advantage, in this context, was that the government was never obligated to pay back the principal outstanding to any of the participants.
When the last survivor of a given grou... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Three joint authors—Jennings, Swanson, Trout—in "Hamilton's Tontine Proposal" argued that Hamilton's advocacy of a tontine scheme for the United States proves that the treasury secretary was serious about the elimi nation of the national debt.
But I remain doubtful.
Certainly, he did not press the issue with Congres... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
17.
Smith, "Of Public Debts," quote in vol.
5, chap.
3.
18.
Risjord and DenBoer, "Evolution of Parties," 204.
Ferguson, Power of Purse, 298, called Madison's statements in 1790 a sharp reversal of posi tion.
Madison had publicly opposed the concept of discrimination in 1783, and he never raised the issue in Nov... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Madison explained his actions by claim ing that he was suddenly overcome with sympathy for the original holders because of reports of rampant speculation, but Ferguson labeled that justi fication "dubious" since speculation had been continuous for the last seven years.
Banning, "Hamiltonian Madison," adds that Madis... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
19.
Hamilton was initially keen on retaining New York as the capital city in 1789, but he failed to generate much support from his own con gressional delegation, which favored Philadelphia or another location in Pennsylvania.
With New York City out of the running, Hamilton was more open to compromise on the site of ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
20.
Treasury documents do list the names of persons who registered for the receipt of indents linked to securities initially issued in states differ ent from the owner's residence.
Of the domestic principal of $27 million, 10 percent was registered by December 1787, 17 percent by March 1789, 395 Notes to Chapters 10... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Those numbers suggest that the volume of interstate trading in federal securities rose dramatically after the new gov ernment was successfully organized and congressional debates about the debt had begun.
Ferguson, Power of Purse, 255-57.
21.
In one verified transaction in 1793, the 3 percent bonds sold for $65, wh... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Assuming they rose steadily to par in 1800 when interest payments were scheduled to begin, their rate of appreciation would have produced a return of about 6 per cent.
How high bond prices actually rose (or possibly fell) was dependent on prevailing yields seven years hence, thus there was an element of un certainty... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The interest- deferred securities had some of the properties of today's so-called stripped treasury bonds.
Collins, "Continental Bonds."
22.
Ferguson, Power of Purse, 252.
23.
Yields of 8 to 12 percent on government obligations were com mon in France during the eighteenth century, and the same was true for securi... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
2.
Some members of the Adams administration favored the issuance of discounted securities at a 6 percent coupon rate; priced at 75 or there abouts, the bonds would have produced an 8 percent current yield to in vestors.
But Wolcott was against the idea of discounted bonds on principle.
Bolles, Financial History, 1... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
4.
Bruchey, "Hamilton and State Banks," discusses the possible ab sorption of state banks into the BUS network.
5.
The main office also issued so-called post notes, payable in specie at some future date, typically thirty days, which were transferable by en dorsement.
(Post notes are similar in concept to post-dat... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The demand bank notes issued by the main office were in stantaneously convertible at all branches; those issued by one branch office were normally convertible at the other six branches, but not typically at the Philadelphia office.
Wettereau, "First Bank," 282.
6.
The Second BUS under the administration of Presiden... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
7.
The official records and accounts of the First BUS have not sur 396 Notes to Chapter 11 vived; the supposition is that all the official records perished in the great Treasury fire of March 1833.
Scattered and incomplete information for the 1790s was discovered at the Cincinnati Historical Society in the papers of... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
8.
Redlich, "Origins of Created Deposits," claims little deposit cre ation through bank lending occurred much before the 1820s and 1830s, but other evidence suggests that the practice was fairly common in the 1790s.
9.
The data on stock prices comes from Holdsworth, First Bank, 136.
After 1810, market prices dropp... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
10.
Johnson, Foundations of Economic Freedom, emphasized in 1973 that despite differences over congressional charter powers and the discrimina tion between original and final holders of public securities, Hamiltonians and Jeffersonians shared similar views on a whole host of economic topics, including the duty of gov... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
11.
Curiously, in my view, the opponents of the charter did not con centrate on the exclusiveness issue in the debates of 1791.
The proposed "monopoly" status of the First BUS would, on the face of it, seem to have been vulnerable to attacks from persons drawn to the liberal, antimonopoly ideology espoused by Adam S... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The monopoly issue did not play a prominent role in the defeat of the recharter bill in 1811, but acted as a lightning rod in the 1832 confrontation over the Sec ond BUS, and unnecessarily because exclusivity was not a prerequisite for the success of either bank.
I addressed that topic in an article published in 1989... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
12.
In 1832 President Andrew Jackson cited the high percentage of foreign ownership as among the many reasons for denying recharter to the Second BUS, and he gave the issue a new twist. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Since so many shares had fallen into nonvoting status, Jackson alleged that Americans owning only a minority of the aggregate shares but a majority of the voting shares were in a position to exert excessive control over the elections of members of the board of directors, which was grossly unfair because it placed too m... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Privately, he complained that most U.S. stockholders were his political opponents—probably true—who purposely voted against candidates for the board who Jackson hoped to see elected— almost certainly a grossly exaggerated accusation.
Whatever the real truth about the partisan activities of American stockholders, the f... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
13.
The government received 8 percent dividends on its investment in bank stock so the net expense was only $320,000, or only 4 percent—the same interest due on the aggregate funded debt through 1800.
Once the Treasury started borrowing from the bank to cover budget deficits in the 1790s, it paid the standard 6 perce... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
After Hamilton departed, the Treasury Department began selling its shares in the bank, and the revenue from dividends that had offset some of the interest expenses was correspondingly reduced.
14.
A second means of estimating the additional loan volume is to cal culate the interest revenues necessary to pay dividend... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Minus expenses, which were probably low since directors received no compensation, and minus the small number of salaried officers, often only the branch's cashier plus a few clerks, the bank needed on the order of $ 1 million in gross reve nues.
Subtracting the fixed inflow of $480,000 from the U.S. government, the a... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
If true, the portfolio of earning assets would have exceeded capital by only two-thirds in the first year of operations.
15.
Wettereau, "Branches of First Bank," 93.
16.
Both speeches are reprinted in Krooss, ed., Documentary History, 386-400.
Chapter 12 1.
Gallatin, "Report on the Bank of the United States," 3 M... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
2.
The story of Andrew Dexter's elaborate scheme to print volumes of bank notes without adequate specie reserves and to keep several banks afloat in Massachusetts and Rhode Island for months by shipping currency to distant points is colorfully told in Hammond, Banks and Politics, 172— 76.
The record suggests that Dex... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
According to Hammond, Dexter was able to buy the Glocester Bank in 1808 "with the bank's own assets" in a creative transaction that simultaneously made him the "bank's chief debtor."
3.
Goldin and Lewis, "Role of Exports."
The authors estimated that per capita income fell at an annual rate of 0.34 percent from 1774 ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
During the entire three decades, incomes climbed overall only 7 percent, an average of only 398 Notes to Chapter 12 0.25 percent annually.
Estimates of comparable growth rates in the colo nial period range from 0.3 percent to 0.5 percent.
Those numbers suggest that the revolutionary generation experienced one of the... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
5.
Naomi Lamoreaux in "Banks, Kinship" characterized early New England banks as institutions created primarily to serve the aspirations of their creators and owners rather than the financial requirements of the wider community.
Banks in the region provided a safe currency for the general public but offered little els... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
My guess is that her generalization would be less valid in other parts of the nation in the early national period, where banks typically had larger capitalizations and broader ownership patterns.
In the larger cities many merchants who agreed to serve on boards of directors, a task often viewed as public service to th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
6.
The data on New England banks come from Fenstermaker, Filer, and Herren, "Money Statistics"; the authors' long-term goal is to chase down comparable information on early banks in other states as well.
7.
For a discussion of financial services in the four major port cities, see Krooss, "Financial Institutions," 11... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
10.
Hunter, "Manhattan Company," 137-42.
11.
Sylla, Legler, and Wallis, "Banks and State Finance," 401.
12.
Hammond, Banks and Politics, 187-88.
13.
According to Sylla, "Forgotten Men of Money," a substantial num ber of private bankers performed a variety of financial services from in dependence through the Ci... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Only four states had passed laws restricting currency issues by unchartered firms as late as 1809, and enforcement was lax in many areas.
Sylla suggests that many private bankers decided to apply for charter status when restraining orders went into effect in their states.
The proposition seems plausible since the num... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Nonetheless, private banks were generally on the periphery; few had a major impact on the size of the money supply, with the exception of the Girard Bank in Philadelphia.
14.
The Girard Bank's founding comes near the end of the period under review, and therefore it receives less attention than might have other wise ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In his Finance and Enterprise, Donald Adams noted that Girard required loan customers to maintain compensating deposit balances Notes to Chapters 12-14 399 with the bank even though he paid no interest.
Girard may have been an innovator in that respect.
The effect of compensating balances was to increase the real int... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
For example, with the requirement of compensating balances of 20 percent, the real interest ex pense on a loan with the nominal rate of 6 percent jumps to 7.5 percent.
Through the 1960s many American commercial banks demanded compen sating demand deposits, on which no interest could be legally paid, from business cu... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Since that date, deregulation has dramatically altered the relationship between borrowers and lenders.
Chapter 13 1.
One of the oldest surviving English policies, dated 1547, covered the Santa Maria on a voyage from Cadiz, Spain, to London.
As a result of a lawsuit, details ended up in the records of the Admiralty C... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
4.
Stock quotations for shares of London Assurance and Royal Ex change Assurance appeared in Boston newspapers as early as 1721.
Royal Exchange Assurance stock was quoted at 30 and London Assurance at 22 to 25 in the News-Letter of 17 April 1721; the quotations were based on a London news source dated 8 October 1720... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
7.
White, Beekman Papers, 17, 32, 38, 73.
8.
Gillingham, Marine Insurance, 31—33.
From April to December 1762, Kidd & Bradford covered risks totaling £670,000.
The firm collected pre miums of £71,000 (an average rate of 10.5 percent) and paid out losses of £21,000—yielding a profit of £50,000.
9.
Shepherd and W... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
11.
Ruwell, "Transformation of Marine Insurance Companies," 45.
12.
Zelizer, Morals and Markets, 2.
Chapter 14 1.
Ezell, Fortunes Merry Wheel, 49.
2.
The federal government had no need for investment banking ser vices in the early 1790s since its massive issue of bonds arose from the conversion of debt certific... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Commercial banks and 400 Notes to Chapter 14 insurance companies sought investors primarily in local markets and relied on newspaper announcements, handbills, and word of mouth to market their shares to investors.
The evidence suggests that they were remarkably successful, with millions of dollars placed in private ha... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
4.
A similar debate arose in New York financial circles after the 1987 stock market crash with reference to the role of computer-driven program trading by leading U.S. brokerage firms.
A government investigation subse quently concluded that program trading was not a significant destabilizing force in securities mark... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
5.
Ferguson, Power of the Purse, 251, 258.
6.
Earlier historical accounts had suggested that brokers and auction eers were at odds over the scheduling of daily auctions, but Werner and Smith, Wall Street, 12—19, show that cooperation rather than conflict was the rule.
7.
The Pennsylvania legislature considered a ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
8.
Werner and Smith, Wall Street, 25.
9.
Werner and Smith, Wall Street, 51.
10.
Werner and Smith, Wall Street, 175.
The volume of dealer trading was 2,894 shares, with Prime accounting for 2,465, or 85 percent.
11.
McCusker, Money and Exchange.
Bills on second- and third-class ac ceptors, often new firms with... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Organized credit rating systems such as those later formulated by credit and mercantile agencies did not exist in this era; estimates of credit worthi ness were often imprecise and subject to the whims of rumor.
Longevity in meeting debts at certain levels was probably the most reliable indica tor of credit worthine... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
12.
Cole, "Evolution of Foreign-Exchange Market," 398, cites a letter of credit issued in 1800 by a merchant in Beverly, Massachusetts, as an early example of the performance of that financial service.
I know of no earlier instance of issuance by an American guarantor.
Notes to Chapter 15 401 Chapter 15 1.
See Drew... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
3.
Most of the $5 million went to refinance loans on the books of the First BUS, as discussed in chapter 11.
If Wolcott had decided to hold out for a nominal interest rate of 6 percent, investors would have advanced no more than 75 percent of par value—the price adjustment necessary to convert 6 percent interest into... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
4.
The contemporary statistician Samuel Blodget, Economica, 198, esti mated that in 1803 foreigners owned $43 million of the U.S. federal debt, or slightly more than half of the bonds outstanding.
English investors held $25 million and Dutch investors $15 million.
English and Dutch inves tors combined held another... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In either event, monies were returned to individuals for investment in other assets.
6.
An outstanding account of the activities of the underwriting syn dicate is found in an article in Pennsylvania History, a somewhat unusual source for business and economic history; see the bibliographic citation under Adams, "Beg... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The family enterprise was actively engaged in the performance offinancial services for European governments and wealthy investors in northern Europe.
David Parish was born in 1778 and sometime in his twenties opened a branch office of Parish & Co. in Antwerp.
In "Parish and War of 1812," Hits- man recounts the voyage... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
Parish was also involved in negotiations with his friend Treasury Secretary Dallas about chartering the Second BUS in 1814 and 1815.
In Rise of Merchant Banking, Chapman identified him as a resident of Hamburg in 1818.
According to Walters in "American Career," Parish left the United States never to return in July 18... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
7.
Adams, Finance and Enterprise, 29—44, and "Beginnings of Invest ment Banking," 110.
All subscribers to the $16 million loan received the same terms, including those who had subscribed before the April deal was struck between Gallatin and the syndicate.
8.
Adams, "Beginnings of Investment Banking," table 2. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
The junior 402 Notes to Chapter 15 members of the syndicate in Philadelphia specifically identified in gov ernment documents as earning sales commissions were Biddle & Whar ton, William Overman, William J.
Bell, Joseph Taggart, George Simpson, and Louis Clapier.
Government records are less complete for New York.
H... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
How many bonds junior members of the syndicate in New York sold to their respective clients is im possible to state with precision because government documents show Astor receiving a lump sum payment of $3,750 for all commissions earned on transactions in the New York market.
The bond purchases by Baltimore investors... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
9.
For a detailed analysis of bond sales in the Philadelphia market by subscription sizes, see the statistical tables in Adams, "Beginning of Invest ment Banking."
10.
Except for Girard and Parish, all the underwriters, including Astor and his associates in New York, earned the authorized commission of 0.0025 on th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
In subsequent eras, the principal underwriters and syndicate organizers typically earned higher fees than their subcontractors for the services performed, not less.
So why the reduced fees in this instance?
One hypothesis is that the lower rate arose because of a negotiated tie-in with Girard's commercial banking act... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
11.
Barker's memoirs, Incidents in Life, written forty years after the fact, are the main source for the events surrounding the loan of March 1814 and thus may not be absolutely reliable.
His account is imprecise about how much of the $5 million represented funds already in his possession versus how much he anticipat... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
He mentioned arrangements to borrow funds from commercial banks located in six cities: Boston, Salem, New York, Philadelphia, Baltimore, and Charleston.
During the next sev eral months, Barker and other subscribers encountered obstacles in meet ing the schedule of deferred payments because the Treasury refused to re... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
That requirement made it difficult for purchasers to collateralize their escalating bank loans.
Later, rumors circulated that Barker was dumping securities on the market in order to raise money in violation of his agreement with the Treasury—allegations that he took great pains to deny in his memoirs.
Barker also tri... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
But Campbell Notes to Chapter 15 403 balked, explaining that if he granted Barker's requests, he would, in effect, be penalizing those banks that had assisted the government in floating the loan of 1813.
Campbell presumably had foremost in mind the Girard Bank in Philadelphia and Wolcott's Bank of America in New York.... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
12.
Subscribers to the May and August offerings of $16 million com bined later claimed that they too were entitled to adjustments in their pur chase prices to bring their net cost down to $65 as well.
Secretary Dallas resisted their demands, but four decades later, in 1855, Congress agreed to settle the claim.
BoU... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725551160149.pdf | https://kb.osu.edu/server/api/core/bitstreams/794236c8-efd0-5416-873a-491fbead3725/content | San Marino |
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