Formation of the Union..
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Hence Congress fell back on requisitions apportioned on the States : one of its principal Requisitions. , ,. , 111 functions was each year to calculate the amount necessary for the public service, and to call upon the State legislatures for their quota. The total sum re- quired from 1 78 1 to 1788 was about $16,000,000. Of this 110 The Cojifederation. [§§53,54« there had actually been paid during the seven years $3,500,000 in specie, and $2,500,000 in certificates of national indebtedness. The ...annual cash income of the government was therefore about half a million, which was entirely absorbed by the necessary running expenses of the government, leaving nothing for the payment of interest.
This condition of virtual bankruptcy might have been avoided had Robert Morris been able to carry out the re- forms which he proposed when he became superintendent of finance in 1781. He found the financial administra- Morris's ad- tion complicated and corrupt. He attempted ministration, ^q substitute busincss methods and punctuality of payment.
What to read after Formation of the Union..?
You can find similar books in the "Read Also" column, or choose other free books by Hart, A. B. [from Old Catalog] to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Hence Congress fell back on requisitions apportioned on the States : one of its principal Requisitions. , ,. , 111 functions was each year to calculate the amount necessary for the public service, and to call upon the State legislatures for their quota. The total sum re- quired from 1 78 1 to 1788 was about $16,000,000. Of this 110 The Cojifederation. [§§53,54« there had actually been paid during the seven years $3,500,000 in specie, and $2,500,000 in certificates of national indebtedness. The ...annual cash income of the government was therefore about half a million, which was entirely absorbed by the necessary running expenses of the government, leaving nothing for the payment of interest.
This condition of virtual bankruptcy might have been avoided had Robert Morris been able to carry out the re- forms which he proposed when he became superintendent of finance in 1781. He found the financial administra- Morris's ad- tion complicated and corrupt. He attempted ministration, ^q substitute busincss methods and punctuality of payment.
What to read after Formation of the Union..?
You can find similar books in the "Read Also" column, or choose other free books by Hart, A. B. [from Old Catalog] to read onlineMoreLess
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