Towards modern public finance : the American war with Mexico, 1846-1848 / James W. Cummings.

Format:

Book

Author/Creator:

Cummings, James W.

Series:

Financial history (London, England) ; no. 7.

Financial history

Language:

English

Subjects (All):

Mexican War, 1846-1848--United States--Finance.

Mexican War, 1846-1848.

Finance, Public--United States--History--1801-1861.

Finance, Public.

Physical Description:

1 online resource (226 pages) : digital, PDF file(s).

Place of Publication:

London : Pickering & Chatto, 2009.

Language Note:

English

Summary:

This is the first in-depth study to address the financing of the American-Mexican War of 1846-48. Floating the Mexican War loans was the greatest single endeavour of the American financial community during the 1840s. Under President Polk, the Treasury issued three loans totalling 49 000 000. Investment bankers enthusiastically marketed these treasury notes and bonds directly to the international investing public. Cummings argues that the successful financing of the American-Mexican War had a long-term beneficial effect on American financial institutions and markets. At home, the stability of the Independent Treasury was assured, and abroad, America's international credit standing was restored. Most importantly, the dealing of government issue by investment bankers was a decisive step towards modern public finance.

Contents:

Financial and economic background

Ideology, revenue and financial system

The Loan of 1846

The Loan of 1847

Mexico's finances

Making war pay: the Mexican assessments

The Independent Treaty at War

The Loan of 1848

Mexican indemnity and bounty land.

Notes:

Title from publisher's bibliographic system (viewed on 02 Oct 2015).

Includes bibliographical references and index.

ISBN:

1-315-65273-0

1-317-31395-X

1-317-31396-8

1-281-86864-7

9786611868642

1-85196-592-0

9781315652733

OCLC:

437236576