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Towards Modern Public Finance - The American War with Mexico, 1846-1848 (Hardcover)
Loot Price: R4,599
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Towards Modern Public Finance - The American War with Mexico, 1846-1848 (Hardcover)
Series: Financial History
Expected to ship within 12 - 17 working days
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This is the first in-depth study to address the financing of the
American-Mexican War of 1846-48. Floating the Mexican War loans was
the greatest single endeavour of the American financial community
during the 1840s. Under President Polk, the Treasury issued three
loans totalling $49 000 000. Investment bankers enthusiastically
marketed these treasury notes and bonds directly to the
international investing public. Cummings argues that the successful
financing of the American-Mexican War had a long-term beneficial
effect on American financial institutions and markets. At home, the
stability of the Independent Treasury was assured, and abroad,
America's international credit standing was restored. Most
importantly, the dealing of government issue by investment bankers
was a decisive step towards modern public finance.
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