Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: June 9, 2025
The answer is because it would require rare innovation, trust, and support from the equally intransigent federal funding authorities. Most importantly, the Services are not rewarded for innovation which recognizes the contributions of another Service or Ally. Jointness has become an altar at which all military personnel must worship even if they don't understand or believe.
Another fear then occurred to trouble the old miser's pleasure. He had been just able to comprehend that Nigel intended to leave the Friars sooner than the arrival of the term for which he had deposited the rent. This might imply an expectation of refunding, which, as a Scotch wag said, of all species of funding, jumped least with the old gentleman's humour.
Since the decay of the feudal system, by which the public defense was provided for chiefly at the expense of individuals, the system of loans has been introduced, and as no nation can raise within the year by taxes sufficient sums for its defense and military operations in time of war the sums loaned and debts contracted have necessarily become the subjects of what have been called funding systems.
He attempted to show arithmetically that the English funding system could not continue to the end of Mr. Pitt's life, supposing him to live to the usual age of man. The calculation is ingenious, but has not proved to be as accurate as some of Newton's.
His Radical friends were denouncing placemen and jobbery, and Cobbett began to perceive what was at the bottom of the evil. The money raised to carry on the war served also to support a set of bloodsuckers, who were draining the national strength. Already, in 1804, he was lamenting a change due to Pitt's funding system.
The funding system, which took place about the same, time that the Bank of England was established, may be regarded as another powerful cause of the increase of our commerce: we do not mean to contend that the national debt is a national blessing, but it is certain that the necessity of paying the interest of that debt produced exertions of industry, and improvements in manufactures, which would not otherwise, have been called forth; while, on the other hand, the funds absorbed all the superfluous capital, which, otherwise, as in Holland, must have had a bad effect on commerce, either by reducing its profits very low, or by being transferred to other countries; and the interest, which so many individuals felt in the stability of the funds, induced them most steadily and strongly to support government.
Two months later, on the 21st of February, 1866, Mr. Morrill, from the Committee on Ways and Means, reported a bill which, as he explained, would expand the authority provided by the Act of March 3, 1865, for funding interest-bearing obligations, so as to include non-interest-bearing obligations.
In the debate of July 21 I made a statement of the nature of my substitute, and I reproduce an extract which sets forth the first step in a policy which culminated in the Act for Funding the Public Debt, and which was approved by President Grant July 14, 1870: "The amendment to which I wish to call the attention of the House provides for the funding of $1,200,000,000 of the public debt $400,000,000 payable in fifteen years @ 5 per cent interest, $400,000,000 payable in twenty years @ 4½ per cent interest, and $400,000,000 payable in twenty-five years @ 3.65 per cent interest, the latter sum of $400,000,000 payable, principal and interest, at the option of the takers, either in the United States, or in London, Paris, or Frankfort."
There seemed, too, much reason to believe that, without some new measure to check the rapid accumulation of debt, we could no longer trust to the stability of that funding system by which the nation had been enabled to support the expense of all the different wars in which we have engaged in the course of the present century.
The Tariff Law, the Excise, the National Bank, the National Funding Bill, all centralizing measures, were his. Washington approved them all, and we may believe that he talked them over with Hamilton and gave them his approval before they came under public discussion. Thus, as Hamilton gained, Jefferson plainly lost. But Washington did not abandon his sound position as a neutral between the two.
Word Of The Day
Others Looking