Federal Debt-Management Policies, 1865-1879

Federal Debt-Management Policies, 1865-1879

Federal Debt-Management Policies, 1865-1879

Federal Debt-Management Policies, 1865-1879

Excerpt

In recent years attention has turned more and more to the debt of the Federal government and the role it plays in the economic life of the nation. It is not a new conception, however, that the management of a large government debt is a powerful force in the national economy and that debt-management policy is necessarily a part of all fiscal and monetary policy. In the period following the Civil War the significance of this relationship was recognized both in government and in the world of business and finance. It has seemed to me that the experience then with a large and unwieldy debt and a fiat paper currency may be profitably reviewed by those to whom the fiscal and monetary problems of the present are of interest and concern.

My obligations in this work are many. Members of the staff of the libraries of New York University have been very helpful. To them and to the assistants in the New York Public Library, in its Main Reading Room, the Division of History, and the Division of Economics and Sociology, my sincere thanks. As for the Library of Congress, I can only conjecture who and how many shared in the aid to research; but through their chief, Colonel Willard Webb, I wish to express my appreciation.

To the late Professor Gaylard Hawkins Patterson, who introduced me to the study of economics and its place in the world of knowledge, my long-remembered gratitude. Professor Paul Studenski, of New York University, was my mentor in this work. He suggested the project, fostered it critically, and favored it with insight and tolerance. To Professor Walter E. Spahr my thanks for reading the manuscript and for suggestions and encouragement. I am indebted to my brother Richard S. Patterson, for help and . . .

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