The Footprints of Time: And a Complete Analysis of Our American System of Government, with a Concise History of the Original Colonies and of the United States, in Chronological OrderBancroft, Charles
History
The Footprints of Time: And a Complete Analysis of Our American System of Government, with a Concise History of the Original Colonies and of the United States, in Chronological Order
Bancroft, Charles
United States -- History; United States -- Politics and government
Alexander Hamilton, N. Y., Sept. 12, 1789.
Oliver Wolcott, Ct., Feb. 4, 1795.
Samuel Dexter, Mass., Dec. 31, 1800.
Albert Gallatin, Pa., May 14, 1801.
George W. Campbell, Tenn., Feb. 9, 1814.
Alexander J. Dallas, Pa., Oct. 6, 1814.
William H. Crawford, Ga., Oct. 22, 1816.
Richard Rush, Pa., Mar. 7, 1825.
Samuel D. Ingham, Pa., Mar. 6, 1829.
Louis McLane, Del., Aug. 8, 1831.
William J. Duane, Pa., May 29, 1833.
Roger B. Taney, Md., Sept. 23, 1833.
Levi Woodbury, N.H., June 27, 1834.
Thomas Ewing, O., Mar. 5, 1841.
Walter Forward, Pa., Sept. 13, 1841.
John C. Spencer, N.Y., Mar. 3, 1843.
George M. Bibb, Ky., June 15, 1844.
Robert J. Walker, Miss., Mar. 5, 1845.
W. M. Meredith, Pa., Mar. 7, 1849.
Thomas Corwin, O., June 20, 1850.
James Guthrie, Ky., Mar. 5, 1853.
Howell Cobb, Ga., Mar. 6, 1857.
Philip F. Thomas, Md., Dec. 10, 1860.
John A. Dix, N.Y., 1861.
Salmon P. Chase, O., Mar. 5, 1861.
William P. Fessenden, Me., July, 1864.
Hugh McCulloch, Ind., 1864.
George S. Boutwell, March 11, 1869.
W. A. Richardson, March 17, 1873.
B. H. Bristow, Ky., June 3, 1874.
CHAPTER X.
THE FINANCIAL SYSTEM OF THE U. S.
1. Revenue, or the income of the government, is derived from various
sources. A tax—or duty, as it is often called—laid on goods imported into
the country, is one of the most important. It is easy for a government to
manage without producing a very sensible effect on the people, and has
been a favorite mode of raising a revenue with nearly all governments
since commerce became general.
2. The sale of public lands has, in this country, been a source of large
revenue; though the desire to encourage emigration and develop the
unsettled parts has led the government to sell them for a nominal sum.
Still, these lands were so attractive and extensive as to sell rapidly
and produce a considerable income. The Post Office Department has been
a source of income, in great part supporting itself. Duties paid on the
tonnage of vessels, the forfeiture of goods smuggled, or introduced into
the country without paying the lawful tax or duty, and the forfeiture
of vessels used in that unlawful trade, prizes taken in war, and fees
required to be paid to various officials when their services are
employed, are minor sources of revenue.
3. When all these are not sufficient, as in time of war, or when an
immense war debt is to be paid, direct taxes are laid on the property and
business of the country. This is called
THE INTERNAL REVENUE,
and is borne with more or less patience, according as the people regard
the end to be gained important. The revenues of the States are mostly
derived from this source. They are not allowed to raise their revenue
from foreign commerce, since that would be a tax on goods liable to be
paid by the people of another State.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account