Library Of Universal History And Popular Science Containing A Record Of The Human Race From The Earliest Historical Period To The Present Time PDF Download

Excerpt from Library of Universal History and Popular Science, Vol. 13 of 25: Containing a Record of the Human Race From the Earliest Historical Period to the Present Time A question of far more vital concern was the public revenue, and Congress devoted itself to the consideration of this subject during the first weeks of its first session. After long and intricate debates, Con gress enacted a tariff, designed to serve both for revenue and for pro tection to domestic interests. A tonnage duty, with great advantages to American shipping, was likewise adopted by Congress. Near the close of the first session, Congress also passed an excise on domestic dis tilled spirits. These measures were modified at intervals; but the fact remained that the duties upon imports were intended to provide revenue for the running expenses of the government and to give protection to the Nation's industries. The First Congress also provided for the public credit, at its second session, early in 1790. The debts of the Confederation amounted to fifty-four million dollars, or to eighty millions if the debts of the States, incurred for general objects, were added. Alexander Hamilton, as Secretary of the Treasury, proposed that these debts, as a whole, should be assumed by the National government. Various opinions were there upon expressed. While the members of Congress were agreed as to the general government's assumption of the foreign debt of the Nation, they differed as to the assumption of the domestic debt due from the Confederation itself, and also as to the assumption of the debts due from the several States of the Confederation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.