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Texas (Texas, United States) (search for this): chapter 4.50
o on trades, sales, liquor dealers, hotel keepers, distillers, and a tax in kind on agriculturists. On June 10, 1864, an act was passed which levied a tax equal to one-fifth of the amount of the existing tax upon all subjects of taxation for the year. Within six months after the passage of the war tax of August 19, 1861, the popular aversion to internal taxation by the general government had so influenced the legislation of the several states that only in South Carolina, Mississippi, and Texas were the taxes actually collected from the people. The quotas of the remaining states had been raised by the issue of bonds and state treasury notes. The public debt of the country was thus actually increased instead of being diminished by the taxation imposed by Congress. At the first and second sessions of Congress in 1862 no means were provided by taxation for maintaining the government. The legislation was confined to authorizing further sales of bonds and issues of treasury notes.
Maryland (Maryland, United States) (search for this): chapter 4.50
naugural address in 1862 I said: The first year of our history has been the most eventful in the annals of this continent. A new Government has been established, and its machinery put in operation over an area exceeding seven hundred thousand square miles. The great principles upon which we have been willing to hazard everything that is dear to man, have made conquests for us which could never have been achieved by the sword. Our Confederacy has grown from six to thirteen States; and Maryland, already united to us by hallowed memories and material interests, will, I believe, when enabled to speak with unstifled voice, connect her destiny with the South. Our people have rallied with unexampled unanimity to the support of the great principles of constitutional government, with firm resolve to perpetuate by arms the rights which they could not peacefully secure. A million of men, it is estimated, are now standing in hostile array and waging war along a frontier of thousands of mi
Savannah (Georgia, United States) (search for this): chapter 4.50
rs. Each bond, at the option of the holder, was convertible at its nominal amount into cotton at the rate of sixpence sterling for each pound of cotton—say four thousand pounds of cotton for each bond of a hundred pounds, or twenty-five hundred francs; this could be done at any time not later than six months after the ratification of a treaty of peace between the belligerents. Sixty days after the notice, the cotton was to be delivered, if in a state of peace, at the ports of Charleston, Savannah, Mobile, or New Orleans; if at war, at points in the interior of the country, within ten miles of a railroad, or a stream navigable to the ocean. The delivery was to be made free of all charges, except the export duty of one-eighth of one cent per pound. The quality of the cotton was to be the standard of New Orleans middling. An annual sinking fund of five per cent was provided for, whereby two and a half per cent of the bonds unredeemed by cotton should be drawn by lot half-yearly, so
England (United Kingdom) (search for this): chapter 4.50
y been made by agents of the United States government to reflect upon the credit of the Confederate States, by resuscitating an almost forgotten accusation of repudiation against the state of Mississippi, and especially by an emissary sent to Great Britain, than whom no one knew better how false were the attempts to implicate my name in that charge. The slanderous tongues of Northern hatred even went so far as to style me the father of repudiation. How unjust all such assertions were, will bey thousand shares of the stock, and issued the bonds of the state for five million dollars, payable to the order of the bank. These bonds were sold to Nicholas Biddle, President of the United States Bank of Pennsylvania, and by him sent to Great Britain as collateral security for a loan previously made. None of the money received for them went into the treasury of the state of Mississippi, nor was any of it used for a public improvement. All the consideration ever received by the state was
Mississippi (Mississippi, United States) (search for this): chapter 4.50
ed fifteen million pounds. Great efforts had previously been made by agents of the United States government to reflect upon the credit of the Confederate States, by resuscitating an almost forgotten accusation of repudiation against the state of Mississippi, and especially by an emissary sent to Great Britain, than whom no one knew better how false were the attempts to implicate my name in that charge. The slanderous tongues of Northern hatred even went so far as to style me the father of rebonds were sold to Nicholas Biddle, President of the United States Bank of Pennsylvania, and by him sent to Great Britain as collateral security for a loan previously made. None of the money received for them went into the treasury of the state of Mississippi, nor was any of it used for a public improvement. All the consideration ever received by the state was its stock in the Union Bank. The bank soon failed, and the stock became utterly worthless. Before the bonds became due, the governo
Pennsylvania (Pennsylvania, United States) (search for this): chapter 4.50
was not referred, published, nor reenacted, as prescribed by the constitution. As soon as the directory was organized and the books of subscription were opened, and before the mortgages required by the charter were executed, the governor, in behalf of the state, subscribed for fifty thousand shares of the stock, and issued the bonds of the state for five million dollars, payable to the order of the bank. These bonds were sold to Nicholas Biddle, President of the United States Bank of Pennsylvania, and by him sent to Great Britain as collateral security for a loan previously made. None of the money received for them went into the treasury of the state of Mississippi, nor was any of it used for a public improvement. All the consideration ever received by the state was its stock in the Union Bank. The bank soon failed, and the stock became utterly worthless. Before the bonds became due, the governor of the state had declared them to be null and void, among other causes, in cons
United States (United States) (search for this): chapter 4.50
ities for money, except the bonds of the Confederate States, and cash on hand, or on deposit; cattleure, to offset the confiscation act of the United States. On April 24, 1863, a new act was passeds of the entire taxable property of the Confederate States consisted in land and slaves. Under the unavoidable. The foreign debt of the Confederate States at the close of the war was twenty-two hrnment to reflect upon the credit of the Confederate States, by resuscitating an almost forgotten acippi, who, with quasi-credentials from the United States Secretary of State, Buchanan, went to Lond common defense and general welfare of the United States; but all duties, imposts, and excises shall be uniform throughout the United States. In the exercise of this delegated trust, tariff laws might be made to the Supreme Court of the United States to test its constitutionality. Those who This conflict between the authority of the United States and one of the states threatened for a tim[2 more...]
Atlantic Ocean (search for this): chapter 4.50
to it or in its terms violated the obligation that duties should be uniform throughout the United States. The fact that it affected the sections differently was due to physical causes—that is, geographical differences. The streams of the Southern Atlantic states ran over wide plains into the sea; their last falls were remote from ocean navigation; their people, almost exclusively agricultural, resided principally on this plain, and as near to the seaboard as circumstances would permit. In the Northern Atlantic states the highlands approached more nearly to the sea, and the rivers made their last leap near to harbors of commerce. Water power being relied on before the steam engine had been made, and ships the medium of commerce before railroads and locomotives were introduced, it followed that the staples of the Southern plains were economically sent to the water power of the North to be manufactured. This remark, of course, applies to such articles as were not exported to forei
London, Madison County, Ohio (Ohio, United States) (search for this): chapter 4.50
f the war was twenty-two hundred thousand pounds. The earliest proposals on which this debt was contracted were issued in London and Paris in March, 1863. The bonds bore interest at seven per cent per annum, in sterling, payable half-yearly. They ws from the first drawing. The bonds were issued at ninety per cent, payable in installments. The loan soon stood in the London market at five per cent premium. The amount asked for was three million pounds. The amount of applications in London andLondon and Paris exceeded fifteen million pounds. Great efforts had previously been made by agents of the United States government to reflect upon the credit of the Confederate States, by resuscitating an almost forgotten accusation of repudiation against tcts of a citizen of Mississippi, who, with quasi-credentials from the United States Secretary of State, Buchanan, went to London to propose to the bondholders an arrangement by which the claim, or the greater portion of it, might be paid by private s
South Carolina (South Carolina, United States) (search for this): chapter 4.50
x of August 19, 1861, the popular aversion to internal taxation by the general government had so influenced the legislation of the several states that only in South Carolina, Mississippi, and Texas were the taxes actually collected from the people. The quotas of the remaining states had been raised by the issue of bonds and stateIn the last stage of the proceeding, after the friends of the bill. had advocated it as a measure for protecting capital invested in manufactures, Drayton of South Carolina moved to amend the title so that it should read, An act to increase the duties upon certain imports, for the purpose of increasing the profits of certain manuand therefore the victims of the discrimination were deprived of an appeal to the tribunal instituted to hear and decide on the constitutionality of a law. South Carolina, oppressed by onerous duties and stung by the injustice of a refusal to allow her the ordinary remedy against unconstitutional legislation, asserted the right
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