Financial History of The United States BY DAVIS RICH DEWEY, PH. D.,
PROFESSOR OF ECONOMICS AND STATISTICS, MASSACHUSETTS INSTITUTE OF
TECHNOLOGY. SECOND EDITION LONGMANS, GREEN, AND CO., 91 AND 93
FIFTH AVENUE, NEW YORK LONDON AND BOMBAY 1903 Copyright, 1902. BY
LONGMANS, GREEN, AND Co. All rights reserved. First edition,
February, 1903. Second edition, revised, November, 1903. JOHN
WILSON AND K, f AMB flfirn T r - TO THE SEMINARY OF THE DEPARTMENT
OF HISTORY, POLITICS, AND ECONOMICS OF JOHNS HOPKINS UNIVERSITY, Of
which the author was a member from 1883 to 1886. Under the
gtiidance of Adams, Ely, and Jameson, we read and learned. The
first has gone, leaving affectionate memories and organized
activities of permanent usefulness the others are still doing their
work in a spirit of broad-minded sympathy and fine scholarship.
Preface. THE attempt to compress into a volume of moderate size an
account of Federal finance from the Colonial period down to the
present time occasions perplexity. Some knowledge of politics and
economics must be pre-supposed, but the exact measure it is
difficult to estimate. In order to place readers as far as possible
on a common basis, the reference lists which are scat tered through
the volume have been constructed on a generous plan. In no way,
however, are these lists to be regarded as conditional to an
understanding of the text they are simply opportunities for a
better prepar ation, or a further study of special topics. In
writing this work, I have kept two things constantly in mind first,
its proportions, or the general perspec tive and second, the
relations of financial legislation to democracy. It is easy in the
light of accumulated ex perience to passjudgment on the errors of
the past, but historical study, in my opinion, is more fruitful if
the reader endeavors to interpret the past in accordance with the
experience which was available at the time the occurrences took
place. Past environment is the true test of past action. With this
conviction, I have endeavored to refrain, possibly not with entire
consist ency, from emphasizing the mistakes of previous gen
erations. A work on American Finance might well viii Preface. have
a didactic purpose, but this is a history and not a treatise. In
determining the proportions of this volume, I have been obliged to
pass by many incidents of keen interest the omissions arc
necessarily far greater than the inclu sions. The result is
doubtless a loss of interest, but it is hoped that the gain from an
orderly presentation of the essential facts may be a substantial
compensation. It is impossible to include by name all of those who
have given friendly counsel, but I wish to thank in particular the
editor of this series, Professor Hart, and Professor Henry B.
Gardner, of Brown University. The former undertook a very
considerate reading of the manuscript, and without the support of
his knowledge of American history my task would have been much more
difficult. To Professor Gardner I am under great in debtedness his
learning and sound judgment have constantly stood me in good stead,
and strengthened a friendship of long standing. I also wish to make
acknowledgment to Professor Bullock, who has done pioneer work for
several periods of American finance his investigations justify the
hope that he will find opportunity to write a larger work on the
finances of our country. I am in a special way indebted tomy
colleague, Professor Currier, to Mr. S. N. D. North, and to various
officials of the Treasury Department. MASSACHUSETTS INSTITUTE OF
TECHNOLOGY, BOSTON, January, 1903. SUGGESTIONS FOR STUDENTS,
TEACHERS, AND READERS. I. Introductory Heading Political History
and Biography...
General
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