United States or Vatican City ? Vote for the TOP Country of the Week !
Nations, like private men, have generally begun to borrow upon what may be called personal credit, without assigning or mortgaging any particular fund for the payment of the debt; and when this resource has failed them, they have gone on to borrow upon assignments or mortgages of particular funds. What is called the unfunded debt of Great Britain, is contracted in the former of those two ways.
We carry this taste into our money-getting speculations, those freaks of the funds that leave many a man with one unfunded coat. The Thames tunnel is too amphibious an affair to be included in the number; but the ship canal project, the bridge-building mania, and the penchant for working mines by steam, evidently belong to them. The fashion even extends to royalty, since our good King builds a fishing-temple, and dines on the Virginia Water; and the Duke of Clarence, as Lord High Admiral, gives a dejeuné
The unfunded, exclusive of a large civil-list debt, to £4,150,236:3:11 7/8. Both together, to £129,146,322:5:6. According to this account, the whole debt paid off, during eleven years of profound peace, amounted only to £10,415,476:16:9 7/8. Even this small reduction of debt, however, has not been all made from the savings out of the ordinary revenue of the state.
When the British invaded the country, the loyalists joined them; when the British were repulsed, thousands of them were obliged to abandon their homes. The finances of the States were as much disturbed as those of the Union. Their paper-money issues shared the same fate. Their debts, funded and unfunded, increased. They were harassed by internal divisions, even among the patriots.
When he entered office public credit was at its lowest ebb. The debt had been doubled by the American war, yet large sums still remained unfunded, while the revenue was reduced by a vast system of smuggling which turned every coast-town into a nest of robbers.
I know there are still serious differences over the details of the unfunded mandates legislation but I want to work with you to make sure we pass a reasonable bill which will protect the national interest and give justified relief where we need to give it. For years, Congress concealed in the budget scores of pet spending projects. Last year was no different.
But Knox wrote Washington that the creed of the insurgents was that the property of the United States had been saved from Britain by the exertions of all the people and therefore ought to be the common property of all; and that they were determined to annihilate all debts, public and private, and to have agrarian laws, which could be easily effected by the means of unfunded paper money; and that this money should be a legal tender in all cases whatever.
The payment of this stock will reduce the whole debt of the United States, funded and unfunded, to the sum of $4,760,082.08, and as provision has already been made for the 4.5% stocks above mentioned, and charged in the expenses of the present year, the sum last stated is all that now remains of the national debt; and the revenue of the coming year, together with the balance now in the Treasury, will be sufficient to discharge it, after meeting the current expenses of the Government.
The Chinese Government is in need of money for specific objects, like the resumption of specie payment, the disbandment of superfluous troops, and the liquidation of certain unfunded indemnities. Financial assistance to the authorities is something for which the country would feel grateful to any Power or group of Powers who might render the same.
In 1890 it was found that the reserve fund kept in the Treasury for the exchange of paper-money of 1 yen and upwards was insufficient to meet the demand. Subsequent loans for the purposes of the war with Russia I have already referred to. Besides funded Japan has also, like this country, had experience of unfunded debt in the shape of Treasury Bills, temporary loans from the Bank of Japan, &c.
Word Of The Day