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Erschienen in:
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2019 | OriginalPaper | Buchkapitel

3. Bounded by War

verfasst von : Paul Winfree

Erschienen in: A History (and Future) of the Budget Process in the United States

Verlag: Springer International Publishing

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Abstract

The budgetary reforms derived between the War of 1812 and the Civil War were, for the most part, born out of necessity or symbolism. External demands led to innovative ways to raise money to fund the federal government. However, the sinking fund continued to develop as one of the most important mechanisms for debt management. Congress also tried new methods in an attempt to distance the federal government’s finances from that of the economy following banking crises. Tariff policy extended beyond simply the need to raise revenue for the government and into protectionism, causing revenues to become much less predictable and creating a constituency for a growing government. This dynamic foreshadows the inevitability of the income tax.

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Fußnoten
1
Dennis Merrill and Thomas G. Paterson, Major Problems in American Foreign Relations Volume I: To 1920 (Boston: Wadsworth, Cengage Learning, 2009).
 
2
Aaron Scott Crawford, “John Randolph of Roanoke and the Politics of Doom: Slavery, Sectionalism, and Self-Deception, 1773–1821” (PhD dissertation, University of Tennessee, 2012).
 
3
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
4
Ibid.
 
5
Aaron McLean Winter, “The Laughing Doves of 1812 and Satiric Endowment of Antiwar Rhetoric in the United States”, PMLA 124, no. 5 (2009): 1562–1581.
 
6
U.S. Congress, American State Papers, vol. VI, 12th Cong., 2nd sess., Finance: Volume 2 (1812), 580; Louis Johnston and Samuel H. Williamson, “What Was the U.S. GDP Then?” MeasuringWorth, 2018.
 
7
U.S. Congress, Journal of the House of Representatives of the United States, 12th Cong., 1st sess., February 25, 1812.
 
8
Ibid.
 
9
Ibid.
 
10
Ibid.
 
11
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
12
In 1814 and 1815, Congress would authorize new taxes on domestic sugar, carriages, auction sales, wine retailers, banks, distillers, merchandise, furniture, gold or silver watches, jewelry, and a number of other items.
 
13
Donald H. Kagin, “Monetary Aspects of the Treasury Notes of the War of 1812,” The Journal of Economic History 44, no. 1 (1984): 69–88.
 
14
Francis D. Cogliano, Revolutionary America 1763–1815: A Political History (New York, NY: Routledge, 2000).
 
15
Raymond Walters, Albert Gallatin: Jeffersonian Financier and Diplomat (New York, NY: Macmillan, 1957).
 
16
Kagin, “Monetary Aspects of the Treasury Notes of the War of 1812.”
 
17
Ibid.
 
18
Ibid.
 
19
Ross, “Sinking Funds.”
 
20
Ibid.
 
21
Ibid.
 
22
Ibid.
 
23
Ibid.
 
24
Ibid.
 
25
Ibid.
 
26
John M. Dobson, Two Centuries of Tariffs: The Background and Emergence of the United States Trade Commission (Washington, DC: U.S. Government Printing Office, 1976).
 
27
This is a quote from the 1789 tariff bill.
 
28
Irwin, “Revenue or Reciprocity? Founding Feuds over Early U.S. Trade Policy.”
 
29
Paul A. Gilje, “Free Trade and Sailors’ Rights’: The Rhetoric of the War of 1812,” Journal of the Early Republic 30, no. 1 (2010), 1–23.
 
30
Ibid.
 
31
Ibid.
 
32
Ibid. “The critique of traditional diplomacy encouraged many thinkers in the eighteenth century to advocate more honest relations between nations. Imbedded in the Enlightenment was a faith in nature and reason that shifted the way intellectuals viewed states …. Revolutionary Americans picked up on these Enlightened ideas and developed a new republican diplomacy based on free trade.”
 
33
Ibid.
 
34
Edward Stanwood, American Tariff Controversies in the Nineteenth Century (Boston, MA: Houghton Mifflin, 1903).
 
35
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
36
Ibid.
 
37
Ibid.
 
38
Ibid.
 
39
Ibid.
 
40
Ibid.
 
41
Ibid.
 
42
Harold Faber, “The Nation: Once Upon a Time, a Budget Surplus,” The New York Times, December 31, 1995.
 
43
U.S. Department of Commerce, Historical Statistics of the United States, 1789–1945: A Supplement to the Statistical Abstract of the United States (Washington, DC: U.S. Government Printing Office, 1949).
 
44
James D. Savage, Balanced Budgets and American Politics (Ithaca, NY: Cornell University Press, 1988).
 
45
Andrew Jackson, “First Annual Message to Congress,” December 8, 1829, National Archives.
 
46
Ibid.
 
47
Senate Historical Office, “Senate Censures President: March 28, 1834,” U.S. Senate, https://​www.​senate.​gov/​artandhistory/​history/​minute/​Senate_​Censures_​President.​htm
 
48
Bray Hammond, “Jackson, Biddle, and the Bank of the United States,” The Journal of Economic History 7, no. 1 (1947): 1–23.
 
49
Ibid.
 
50
Peter Rousseau, “Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837,” The Journal of Economic History 62, no. 2 (2002): 457–488.
 
51
Ibid.
 
52
D. Murray Hayes, “Reactions of the Federal Government to the 1837–1843 Depression,” Southern Economic Journal 8, no. 3 (1942): 380–390.
 
53
Ibid.
 
54
Ibid.
 
55
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
56
Ibid.
 
57
U.S. Congress, Congressional Globe, 27th Cong., 2nd sess., August 18, 1842, 909.
 
58
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
59
Ibid.
 
60
Ibid.
 
61
U.S. Department of the Treasury, Report of the Secretary of the Treasury, on the State of the Finances, for the Year Ending June 30, 1858 (Washington, DC: William A. Harris, Printer, 1858).
 
62
Ibid.
 
63
U.S. Department of the Treasury, Report of the Secretary of the Treasury, on the State of the Finances, for the Year Ending June 30, 1860 (Washington, DC: Thomas H. Ford, Printer, 1860).
 
64
Wesley C. Mitchell, “The Suspension of Specie Payments,” Journal of Political Economy 7, no. 3 (1899): 289–326.
 
65
Ibid.
 
66
Ibid.
 
67
Ibid.
 
68
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
69
Donn Piatt, “Salmon P. Chase”, The North American Review 143, no. 361 (1886): 599–615.
 
70
Ibid.
 
71
Mitchell, “The Suspension of Specie Payments.”
 
72
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
73
U.S. Department of the Treasury, Report of the Secretary of the Treasury, on the Finances, Containing Estimates of the Public Revenue and Public Expenditures, and Plans for Improving and Increasing the Revenue, 37th Cong., 1st sess., July 4, 1861.
 
74
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
75
Mitchell, “The Suspension of Specie Payments.”
 
76
U.S. Congress, Congressional Globe, 37th Cong., 1st sess., July 10, 1861, 57–60.
 
77
Sidney Ratner, A Political and Social History of Federal Taxation, 1789–1913 (New York, NY: W.W. Norton, 1942).
 
78
The Economist (1861), pp. 927–928.
 
79
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
80
Ibid.
 
81
Ibid.
 
82
Piatt, “Salmon P. Chase.”
 
83
U.S. Congress, An Act to provide Internal Revenue to support the Government and to pay Interest on the Public Debt, 37th Cong., Stat. II, Ch. 119, Sec. 6 (1862).
 
84
Ratner, A Political and Social History of Federal Taxation, 1789–1913.
 
85
Ibid.
 
86
Author’s calculations using data from Historical Statistics of the United States, Colonial Times to 1970.
 
87
U.S. Department of Commerce, Bicentennial Edition: Historical Statistics of the United States, Colonial Times to 1970 (Washington, DC: U.S. Government Printing Office, 1975).
 
88
Kennon and Rogers, The Committee on Ways and Means: A Bicentennial History.
 
89
Ibid.
 
90
Jeffery G. Williamson, “Watersheds and Turning Points: Conjectures on the Long-Term Impact of Civil War Financing,” The Journal of Economic History 34, no. 3 (1974): 636–661.
 
91
Ibid.
 
92
Ibid.
 
93
Ibid.
 
94
Ibid.
 
95
Ibid.
 
96
Author’s calculations using data from the (U.S. Department of Commerce Bureau of the Census 1975).
 
97
Williamson, “Watersheds and Turning Points: Conjectures on the Long-Term Impact of Civil War Financing.”
 
98
William S. Holman, “The Increase in Public Expenditures,” The North American Review 137, no. 320 (1883): 19–27.
 
Literatur
Cogliano, Francis D. 2000. Revolutionary America 1763–1815: A Political History. New York, NY: Routledge.
Crawford, Aaron Scott. 2012. John Randolph of Roanoke and the Politics of Doom: Slavery, Sectionalism, and Self-Deception, 1773–1821. Unpublished Doctoral Dissertation, Knoxville: University of Tennessee.
Dobson, John M. 1976. Two Centuries of Tariffs: The Background and Emergency of the United States Trade Commission. Washington, DC: US Government Printing Office.
Gilje, Paul A. 2010. “Free Trade and Sailors’ Rights’: The Rhetoric of the War of 1812.” Journal of the Early Republic 30 (1): 1–23.CrossRef
Irwin, Douglas. 2010. “Revenue or Reciprocity? Founding Feuds Over Early U.S. Trade Policy.” In Founding Choices: American Economic Policy in the 1790s, by Douglas Irwin and Richard Sylla. Chicago, IL: University of Chicago Press.CrossRef
Johnston, Louis and Samuel H. Williamson. 2018. “What Was the U.S. GDP Then?” MeasuringWorth.
Kagin, Donald H. 1984. “Monetary Aspects of the Treasury Notes of the War of 1812.” The Journal of Economic History 44 (1): 69–88.CrossRef
Kennon, David R., and M. Rebecca Rogers. 1989. The Committee on Ways and Means: A Bicentennial History, 1789–1989. Washington, DC: Government Printing Office.
Merrill, Dennis, and Thomas Paterson. 2009. Major Problems in American Foreign Relations: To 1920. 7. Vol. 1. 2 vols. Boston, MA: Cengage Learning.
Ross, Edward A. 1892. “Sinkig Funds.” Publications of the American Economic Association 7 (4/5): 9–106.
Stanwood, Edward. 1903. American Tariff Controversies in the Nineteenth Century. Boston, MA: Houghton Mifflin.
U.S. Congress. 1812a. American State Papers. Vol. VI. 12th Cong. 2nd sess. Finance: Volume 2: 580.
———. 1812b. Journal of the House of Representatives of the United States. 12th Cong. 1st sess. February 25.
Walters, Raymond, Jr. 1957. Albert Gallatin: Jeffersonian Financier and Diplomat. New York, NY: Macmillan.
Winter, Aaron McLean. 2009. “The Laughing Doves of 1812 and Satiric Endowment of Antiwar Rhetoric in the United States.” PMLA 124 (5): 1562–1581.CrossRef
Metadaten
Titel
Bounded by War
verfasst von
Paul Winfree
Copyright-Jahr
2019
Buch
A History (and Future) of the Budget Process in the United States

Print ISBN: 978-3-030-30958-9

Electronic ISBN: 978-3-030-30959-6

Copyright-Jahr: 2019

DOI
https://doi.org/10.1007/978-3-030-30959-6_3

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