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Updated: June 9, 2025
The President's appeal for a law directly taxing slaves and land had been ignored by Congress, but another of his suggestions had been incorporated in the Funding Act. The state of the currency was now so grave that Davis attributed to it all the evils growing out of the attempts to enforce impressment.
The old arguments of subservience to British institutions in the matter of funding, and other successful pets of the Secretary, were dragged forth and wrangled over, in connection with this new and doubly pernicious measure of a National Bank.
We created innovative Self Help funding and technical resource transfer mechanisms. We have created unique methods of access for neighborhood organizations to have a participating role in Federal and State government decision-making. Neighborhood based organizations are the threshold of the American community.
Jefferson is elected, the equal representation of the small States in the Senate will be destroyed, the funding system swept away, the navy abolished, all commerce and foreign trade prohibited, and the fruits of the soil left to rot on the hands of the farmer.
The seasons during which the ability of private people to accumulate was somewhat impaired, would occur more rarely, and be of shorter continuance. Those, on the contrary, during which that ability was in the highest vigour would be of much longer duration than they can well be under the system of funding.
Besides those two methods of borrowing, by anticipations and by a perpetual funding, there are two other methods, which hold a sort of middle place between them; these are, that of borrowing upon annuities for terms of years, and that of borrowing upon annuities for lives.
But we can't just hold students back because the system fails them. So my balanced budget triples the funding for summer school and after-school programs to keep a million children learning. Now, if if you doubt this will work, just look at Chicago, which ended social promotion and made summer school mandatory for those who don't master the basics.
One of the serious side effects of Rapid Dominance could be that if you adapt a strategy of Rapid Dominance and succeed, you may now own the problem and be responsible for the solution. Do we know the funding tail to such a policy and are we as a nation ready to accept this cost when/if Rapid Dominance is applied in situations that are less than of vital interest?
To the objection that it would accumulate in large cities, it was answered it would be a moneyed capital, and would be held by those who chose to place money at interest, but by funding the debt the present possessors would be enabled to part with it at its nominal value, instead of selling it at its present current rate.
In my report to Congress in December, 1869, I made recommendation of the Funding Bill, and I placed copies of the bill that I had prepared in the hands of the Finance Committee of the Senate, and in the hands of the Committee of Ways and Means of the House of Representatives.
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