The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-07-12

NHH lIlpoA IAN - NAC ~"
Y ject demands. The
reasons for this is the
- general disinclination
among students to undertake studies
Of this nature, and the inacces-
sibility of the necessary mate
rial. Professor Summer, Of Yale
University in the preface to his two
volumes on THE ~Financier and the
Finances Of the American Revolu-
tlOn," mentions q very aluable source
the property Of a private individual
which he was unable to have access
to, and because Of this circumstance,
he frankly says that the work Will
have to De done over again either by
himself or some one else when this
material becomes available. Profess
SOr Summers work in this particular
field is, Notwithstanding it's limitations
the most comprehensive treatment OF
Revolutionary inances eXtant.
Many valuable records regarding
the financial legislation of the Con-
inent Congress from 1875 to 1881
have been entirely lost. Authorities
differ very materially both in their
methods of treatment, and in their
conclusions. This condition is due
very largely to the lack Of reliable
sources Of information appertaining
10 llI1S par uCuldT IlS1u OIL StuOy.
So far as we are aware, the finan-
cial relations Of any one individual
State with the Continental Congress
has not been written on heretofore.
Obscure as the Revolutionary finances
are, even more SO is the financial in
~tercOurse between the government of
the Confederation and any one single
State The chief sources consulted
in the preparation of this thesis we're
the North Ga rolna Colonial RncOrdS
and the Journals of the Continental
Congress These ave been supple
mented by the writings of the leading
contemporaries of the period of the
Revolution. It is written from the
standpoint of the State of North Car
DINA rather than from that of the
Continental Congress. This position
was taken for two reasons: First, be-
cause Of the nature of the sources
available, and secondly, it was an at
tempt to avoid treatng the subject
from the Continental side, inasmuch
as Revolutionary finance has uniform
~ and without exception, been con-
Sidered heretofore from this angle Of
vision.
Most historians ascribe the blame
for h States not complying prompt
ly to the acquisitions Of the Continent
tai Congress to the lack of power of
the central government to enforce
ana execute us measures.
We expect to show that, although
North Carolina was one of the most
backward of the States in c%ontribut-
ing to the commo cause, and her
showing on paper was about
the worst, these circumstance are to
be explained IN the basis of her ina
bility rather than her d~isinclination
to pay, or the lack of the power Of
coercion on the part of Congress.
Ii has bapn npcnGS9 Tu tn i~ncOrn0T1fo
q good deal more than the formal in
terchange between North Carolina and
the Continental Congress. Public
finance has a broader application
than this. It also includes the re-
sources of the State, taxation, The ad-
ministrative machinery and in short
everything which pertains to fiscal
affairs. A study of all these topics
was absolutely essential to a proper
understanding of the financial rela~
tons Of North Carolina and the gen..
eral congress.
Introduction.
Studies, statistical or financial, are
usually dry and uninteresting. They
ack the human interest involved in
the field of diplomacy, the glamor
and glitter which attaches to military
exploits. They are apt to be vague
and meaningless but they are none
the less important. A nations posi-
bilities Of achievement are in direct
proportion to the length of it's purse.
English gold brought about the down
fall Of Napoleon. Unless the colonies
or States had been able to obtain
foreign loans during the Revolution.
they probably would nave been crush
ed.
Before nations go to war, they must
be sure of their financial rating in
the money markets Of the world: for
their success or failure NAV depend
upon this one important particular.
Pelatiah Webster in his political
Essays thus speaks Of the import
ance OF finance: The finances or
management of the stock or revenue
Of every State Or individual from the
greatest empire down to the least re.