, 1880-02-28
LETTERS and SCIENCE,
The Financial History of the
United States.
The Elective Franchise in This Coun-
try-Life Of DR.. Duff.
Brain Work and Over r-W0rk-Sol-
omon's Story-Minor Notices
Magazines.
Art Publications Literary and
Art Notes-Scientific
Matters.
LITERATURE.
FINANCIAL HISTORY OF THE
1rNTTEn cs1, AZTEC

FINANCIAL HISTORY OF TIE
UNITED STATES.
It Is rather singular fact that previous to
the appearance Of the present work By Mr..
Bolles, the only treatise OIL the early. tinan-
cial history of this country was written by a
German, DR. Won Hook. If size be any cri-
terfon, the present writer has more than
atoned for the deficiency. The present vol
u1ne Of $50 pages covers only the period Of
fifteen years from 1774 to 17S9 and is to be
supplemented by another volume, covering
the period from 17S9 to 1SG0. The theme is al
Important one, and at no time more peril
nent than at present, when public interest
has been so successfully awakened in finan-
cial questions. The work, moreover, has
been well and carefully done. It is sunl-
mary of facts pertaining to, and an apparently
exhaustive treatise on, the finances OF the
formative epocl, in our history; and we
agree with David Wells that the book s'fills
a place and meets want which is not sup
piled by any one publication" To some Of
Mr.. Ro11es' criticisms or comments we mdy
take exception. He has, nevertheless, made
an important contribution to the literature of
our early Colonial history.
The great difficulty during Tie first years
of our existence us a Nation was the lack of
cooperation and the iealousies between the
different States. the consequent delegation Of
executive power to Boards and committees,
and tile lack of system and Of definit plan in
the different departments Of the Government.
Nowhere was this more evident than in the
management of the finances. The student
to-day regards our ultimate success as little
short of miracle, and failure would have
been but logical conclusion from the prenl-
ises he finds given. That we succeeded in
maintaining our armies for so many years,
and i'll repairing the losses of war, i'll acquir-
ing new material, and in defeating 4 we'll
equipped, wcllarmed, well-provided, and
wealthy nation,--when we really were. de-
pendent upon an irredeemable paper money
for currency,-sounds contrary to all rule
and reason. That we did it, we know; and
to show how we did ii, is the mission under
taken by Mr.. Bolles.
Our Treasury Department first took shape
with the organization Of Claims Committee,
succeeded shortly after by Board Of Treas
ury. But it was impossible for delegates to
Congress to attend to their dual duties, and,
copying from the old French system, All
Auditor, Controller, and Treasurer were ap-
pointed, aud were made responsible for the
conduct Of their clerks. And here is seen
one Of the perl1icious influences Of the State
rights doctrine then so universal in the col
lection Of money due to the United States.
"1n all cases of delinquency the Controller
was to give the debtor reasonable time to
appear and, in:cast he did not, the Auditory
Oh proof. that. proper notice had been sem,
made out u requisltion, the form Of which
was prescribed in the act, which was
sent BY the Controller to whom? To the
debtor? No, but to tho crecntiuc authority
Of tho State 7chcrci3. tic debtor Tcsfdcd.
Congress dared go no further than to rcc01a-
7nc,il the States to enact laws for the seizure
Of property and persons Of debtors to the
public obligations.
This ansement was made in 1779, but
within twelve months another reorgan1za-
tion occurred. The Controller.s office -, WIS vas
Commissioners who were not members OF
Congress and two others who we're, was
created. And this complicated Board ot
Treasury continued III power about. two
years. when Robert Norris was app appointed 11es
Congress authorized the issue Of the first
paper money, S2.0o0, ,0oo, and "p1edged the
fait! Of the twelve Colonies for their re-
de1nption.o In four years S2o0, ,00o. .0o0 had been
finally: worthless as IL circulating medium.
The States, moreover. had issued paper
money of their own. And, as the value: OF
the currency became impaired, its purchasing
power dlninished and it 9nly went EN- 1ne, rTe
States would not permit general taXatIio1n; l1;
that right they retained for themselves. "Do
yon think, gentlemen said one Of the
delegates in:the Continental Congress, THAT
taxes, when we can send to our printer and d
get Il wagon load of money; one qIt1re OF q
which will pay for the whole" In lI19
it was grave1y argued i'll Congress that the