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Introduction To Public Finance | by Carl Copping Plehn



This Introduction to Public Finance is intended to be an elementary text-book. It contains a simple outline of those things which are necessary to prepare the student for independent research

TitleIntroduction To Public Finance
AuthorCarl Copping Plehn
PublisherNew York, Macmillan
Year1900
Copyright1896

INTRODUCTION TO PUBLIC FINANCE

INTRODUCTION

TO

PUBLIC FINANCE

BY

CARL C. PLEHN, Ph.D.

ASSOCIATE PROFESSOR IN THE UNIVERSITY OF CALIFORNIA

"Je n'impose rien; je ne propose même rien; j'expose"

DUNOYER

SECOND EDITION. REVISED AND ENLARGED

THE MACMILLAN COMPANY

LONDON : MACMILLAN & CO., Ltd. 1902

All rights reserved

Copyright, 1896, By THE MACMILLAN COMPANY.

Set up and electrotyped August, 1896. Reprinted August, 1897. Second edition, revised. May, 1900 ; July, 1902.

Norwood Press

J. S. Cushing & Co. — Berwick & Smith

Norwood Mas». U.S.A.

Part I: Introduction

-01 Preface
This Introduction to Public Finance is intended to be an elementary text-book. It contains a simple outline of those things which are necessary to prepare the ...
-02 Introduction to Public Finance: Introduction: Section 1
Public Finance deals with the way in which the State acquires and expends its means of subsistence. It stands in somewhat the same relation to the State that ...
-03 Introduction to Public Finance: Introduction: Section 2
Public Finance, as a science, is older than Political Economy. Indeed, it is not incorrect to say on this account the science has always had a stronger hold ...
-04 Introduction to Public Finance: Introduction: Section 3
On account of the close relation existing between Public Finance and Political Economy, most of the discussions as to the proper method for the latter bear ...
-05 Introduction to Public Finance: Introduction: Section 4
The continued lack of any systematic treatise on the subject has left classification in a most chaotic state. From the point of view of form, merely, this is ...

Part II: Public Expenditure

-06 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 1
The State is the centre of Public Finance. The State requires money and services for the performance of its functions. The first question is what is the nature ...
-07 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 2
If Political Science cannot in the nature of things give us any definite, theoretical limits to the expansion or the contraction of State functions, can such ...
-08 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 3
Expenditure, like every other feature of Public Finance, changed radically in character and direction during the eighteenth century. Therefore, before ...
-09 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 4
In Athens we find a highly developed system of expenditures, almost communistic in character, and greater than that of other nations of Greece on account of ...
-10 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 5
It is the essence of feudalism that all governmental functions are placed in the hands of officials who are given the possession of lands which yield the ...
-11 Chapter I: The Nature Of The State, Its Functions And Their Classification: Section 6
Many attempts have been made to classify public expenditures, and often with good results. The most common are those which follow more or less closely the ...
-12 Chapter II: Expenditure Exclusively For The Common Benefit: Section 1
In this chapter we will consider expenditure of the first class ; that is, expenditure so clearly for the good of all that no specialcharge is made upon any of ...
-13 Chapter II: Expenditure Exclusively For The Common Benefit: Section 2
The expenditure involved in the payment of salaries to legislative officers, when any such are paid, is not the largest part of the expenses caused by the ...
-14 Chapter II: Expenditure Exclusively For The Common Benefit: Section 3
The construction and maintenance of public buildings for the convenience of the executive and legislative departments and for other purposes is one of the most ...
-15 Chapter II: Expenditure Exclusively For The Common Benefit: Section 4
A nation differs from individuals in that no law can be imposed upon it by any external human power. The enforcement of the rights and obligations of nations ...
-16 Chapter II: Expenditure Exclusively For The Common Benefit: Section 5
The building and maintenance of roads is a source of expenditure which well illustrates the general trend of development. Adam Smith regarded the maintenance ...
-17 Chapter II: Expenditure Exclusively For The Common Benefit: Section 6
No expenditure commends itself more than that for education. It creates the groundwork political institutions. No expenditure in the opinion of Geffcken is ...
-18 Chapter II: Expenditure Exclusively For The Common Benefit: Section 7
Indirectly all public expenditure aids private industry and commerce. But there are many forms of direct aid, that are treated and regarded as conferring a ...
-19 Chapter III: Expenditure For The Benefit Of Individuals: Section 1
In this chapter we shall consider the remaining three classes of expenditure. These are not so very closely akin, but have one point of similarity ; namely, ...
-20 Chapter III: Expenditure For The Benefit Of Individuals: Section 2
Old-age pensions for officials whose lives have been spent in the public service, or for soldiers whose health has suffered, for the good of all, are but the ...
-21 Chapter III: Expenditure For The Benefit Of Individuals: Section 3
Under this class belongs also that expenditure which is made for the development of industry by bounties and the protection of home industries against foreign ...
-22 Chapter III: Expenditure For The Benefit Of Individuals: Section 4
We now come to those expenditures that are treated as conferring a benefit divided between the particular individual who pays for what he gets, and the people ...
-23 Chapter III: Expenditure For The Benefit Of Individuals: Section 5
Other functions that are similarly treated need but to be enumerated. Among them are the laying out and grading of streets, building of sewers for the benefit ...
-24 Chapter III: Expenditure For The Benefit Of Individuals: Section 6
Expenditures of class four are part of the gross expenditure only. When a State spends money in wages and in the purchase of a plant and raw materials for the ...

Part III: Public Revenues

-25 Chapter I: The Character And Classification Of Public Revenues. Section 1
German writers on Public Finance generally begin the discussion of revenues with the statement that the State requires services and commodities. The services ...
-26 Chapter I: The Character And Classification Of Public Revenues. Section 2
Since the emergence of the monarchical State from feudalism the trend of affairs has been directed by the growth of constitutionalism, or the representation of ...
-27 Chapter I: The Character And Classification Of Public Revenues. Section 3
The uniformity above noted came about as a natural result of the general search by the agents of constitutional government for some good reason why, in each ...
-28 Chapter I: The Character And Classification Of Public Revenues. Section 4
Another point of similarity between different nations must be studied historically ; that is the feature of compulsion. This feature is old and universal. It ...
-29 Chapter I: The Character And Classification Of Public Revenues. Section 5
We have already classified expenditures according to the character of the benefit conferred.1 Now the almost uniform practice is to collect compulsory revenues ...
-30 Chapter I: The Character And Classification Of Public Revenues. Section 6
Thus far, for sake of simplicity, and not to depart from the usage of other writers, we have considered the revenues as practically identical with the money ...
-31 Chapter I: The Character And Classification Of Public Revenues. Section 7
One or two minor matters have to be noticed and our classification is complete. Sometimes States receive gifts, generally for some special purpose. These are ...
-32 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 1
Considerable confusion in the discussions of the different modes of taxation is due to the failure to distinguish clearly between the justification of taxation ...
-33 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 2
It will be noticed that the basis from which each of these measures starts is wealth. The first argues that benefit is indicated by wealth, the second that ...
-34 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 3
Perhaps the most common distinction is that made between direct and indirect taxes. This distinction first obtained theoretical importance in thewritings of ...
-35 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 4
A few other terms which are often used as the names of different groups of taxes and help in a way to classify them must be mentioned in this connection. We ...
-36 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 5
Following the lead of Adam Smith, various attempts have been made to classify taxes according as they fall upon one or the other of the different shares in ...
-37 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 6
We now come to the important task of classifying fees. The essential consideration to be held in mind about these payments is that they cover a part of the ...
-38 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 7
The revenues derived from prices or from the production and sale of commodities or services are of exactly the same character as the earnings of the people.
-39 Chapter II: The Classification Of Taxes And Fees; Definitions: Section 8
The base of a tax is the thing or phenomenon upon which the tax is assessed. The base is not always the source. Thus a tax based on property is generally paid ...
-40 Chapter III: The Tax System. Section 1
No nation has ever found it feasible to adopt any single tax as the sole source of its income. No nation at all advanced in civilisation has attempted to ...
-41 Chapter III: The Tax System. Section 2
What in the opinion of nations constitutes the ideal of correct or just taxation ? The answer to this question is to be sought in the theories of taxation that ...
-42 Chapter III: The Tax System. Section 3
But the faculty theory, while offering some difficulties, is on the whole more satisfactory. The faculty theory is well illustrated by the history of the ...
-43 Chapter III: The Tax System. Section 4
There are two other theories, which, independent of the idea of sacrifice or of increased economic power, attempt to justify a higher rate of taxation for ...
-44 Chapter IV: The Development Of Taxation Before The Industrial Revolution. Section 1
Feudalism placed a large number of economic receipts directly in the hands of the rulers. These receipts were generally sufficient for the dischargeof the ...
-45 Chapter IV: The Development Of Taxation Before The Industrial Revolution. Section 2
In France the early growth of a strong central power led to an intensification and sharp differentiation of the royal feudal dues from the other feudal charges, ...
-46 Chapter IV: The Development Of Taxation Before The Industrial Revolution. Section 3
In England1 we find in Anglo-Saxon times three principal taxes : (1) The ship-geld, a tax imposed on each shire, in proportion to the number of hundreds it ...
-47 Chapter IV: The Development Of Taxation Before The Industrial Revolution. Section 4
Local taxation in England has been partly independent of royal taxation. England has not followed the continental plan of collecting revenues for local ...
-48 Chapter IV: The Development Of Taxation Before The Industrial Revolution. Section 5
In the American colonies we meet with entirely new conditions. Public needs were simple and few, and were mostly local in character. Customs duties were for ...
-49 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 1
The trend of the development of taxation was abruptly changed by the industrial revolution at the close of the last century. On the one hand, the development ...
-50 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 2
Probably the most thorough attempts to reform taxation in accord with clearly recognised principles of theoretical justice have been in Prussia. That country ...
-51 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 3
The most instructive country to study is Prussia. The line between the old and the new may be drawn at the reforms of Stein and Hardenburg in the forms of land ...
-52 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 4
In France indirect taxation has probably found a higher development than anywhere else. Some of the main taxes are on the consumption of wine, spirits, beer, ...
-53 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 5
The English system of taxation can be very briefly treated here, because the principal component parts will be discussed in detail in later chapters. What is ...
-54 Chapter V: The Development Op Tax Systems Since The Industrial Revolution. Section 6
Like the English, the American system can be but briefly treated here, since many of the taxes will receive our attention in subsequent chapters. The principal ...
-55 Chapter VI: Excises. Section 1
Generally speaking, indirect taxes are older than direct taxes. They are suitable to a more primitive organisation of society. Hence it will not be amiss to ...
-56 Chapter VI: Excises. Section 2
It is the excise tax in all its forms that has displaced the direct consumption taxes. The distinguishing feature of this tax is that some resident seller of ...
-57 Chapter VI: Excises. Section 3
By far the most interesting features of the excises are the methods of assessment. These are practically of three kinds, which may be variously combined : (1) ...
-58 Chapter VI: Excises. Section 4
We may now look at a few characteristic excises. The taxation of salt by means of an excise, collected in the form of a tax on producers, a tax on sellers, the ...
-59 Chapter VI: Excises. Section 5
On account of the large returns obtainable from an excise on luxuries, and in view of the fact that any repressive effect of such excises is not felt to be ...
-60 Chapter VII: Customs Duties. Section 1
Customs duties are taxes levied upon commodities when they cross the national boundary line, or are admitted within a customs territory, consisting of a ...
-61 Chapter VII: Customs Duties. Section 2
The oldest forms of customs duties were on exports and imports alike. They arose by analogy from the transit tolls which were customary in the middle ages.in ...
-62 Chapter VII: Customs Duties. Section 3
Although the fiscal interests are great, yet in every important country except England the receipts from this source are not regarded as of any greater ...
-63 Chapter VII: Customs Duties. Section 4
What is the distinction between a protective tariff and a tariff for revenue? It may be briefly stated as follows : A protective tariff is a scale of duties so ...
-64 Chapter VII: Customs Duties. Section 5
The protective principle is widely applied in every important existing tariff of customs outside of England, Holland, Norway, Belgium, Switzerland, and Denmark.
-65 Chapter VII: Customs Duties. Section 6
We turn now to a treatment of the tax character of protective duties: (1) In the first place, it is clear that the more protection the duty gives, the less ...
-66 Chapter VII: Customs Duties. Section 7
Customs duties regarded merely as a source of revenue depend upon the same principles exactly as those which underlie excises used for that purpose. The ...
-67 Chapter VII: Customs Duties. Section 8
We may now look at some examples of customs duties. Those of England are particularly instructive.1 The term consuetudines or customs, applied to theduties ...
-68 Chapter VII: Customs Duties. Section 9
The difficulty of administering customs duties in the small and scattered areas of the different States of Germany led to the formation of the German customs ...
-69 Chapter VII: Customs Duties. Section 10
France has a highly developed system of customs duties. By the edict of 1664 Colbert attempted to reduce to a single uniformscheme all the confused and ...
-70 Chapter VII: Customs Duties. Section 11
The tariff history of the United States has been written many times.1 Its effects have been explained in many different ways. Not one of the many histories is ...
-71 Chapter VIII: Property Taxes. Part 1: The General Property Tax. Section 1
In the general property tax the basis is the entire amount of property, real and personal owned by the tax-payer. It is usually paid out of the income of the ...
-72 Chapter VIII: Property Taxes. Part 1: The General Property Tax. Section 2
The property tax as the soleor chief form of direct taxation has nosupporter among scientific writers. So universal and unanimous has been the condemnation ...
-73 Chapter VIII: Property Taxes. Part II: Special Property Taxes. Section 3
The land tax is one of the oldest contributions. It has three forms : (1) it may be based upon each unit of area, sometimes with an attempt to classify the ...
-74 Chapter VIII: Property Taxes. Part II: Special Property Taxes. Section 4
The older forms of the land tax often included the building tax, with which it was closely connected in character. At present, this contribution generally ...
-75 Chapter VIII: Property Taxes. Part II: Special Property Taxes. Section 5
The taxes we have already considered cover most fixed capital. Circulating capital also, in all of its many forms, has been subjected to separate taxes. This ...
-76 Chapter VIII: Property Taxes. Part II: Special Property Taxes. Section 6
There remains but one other very important property tax and that is the inheritance tax, or the successions tax, sometimes called death duties.1 The feudal ...
-77 Chapter IX: Personal Taxes. Section 1
The simplest form of personal taxation is the collection of an equal contribution from each citizen. But such a tax cannot be large, else it would impose a ...
-78 Chapter IX: Personal Taxes. Section 2
We have already seen how the poll tax in one instance developed into the income tax. That tax will now be studied more closely. While it is true that, since ...
-79 Chapter IX: Personal Taxes. Section 3
The form of the income tax will be determined by the place given it in the system of taxation. If it were possible to administer a single tax of any sort in ...
-80 Chapter IX: Personal Taxes. Section 4
As an example of such a tax, not, perhaps, ideally perfect, but still laid down in accord with the general principles enunciated above, we will study somewhat ...
-81 Chapter IX: Personal Taxes. Section 5
The British income tax, correctly called the property and income tax, mayserve as another illustration, but it differs very muchfrom the Prussian. Logically, ...
-82 Chapter IX: Personal Taxes. Section 6
The United States Federal government has made two attempts to establish an income tax. The first was a war measure, and was repealed as soon as the pressing ...
-83 Chapter X: The Incidence Of Taxation. Section 1
We postponed a treatment of the question of incidence in connection with each tax, because the incidence of any tax depends upon its place in the system. It ...
-84 Chapter X: The Incidence Of Taxation. Section 2
Each and every tax must be studied in its proper connection if it is desired to know to what extent the aims of taxation arerealised. Sometimes the shifting of ...
-85 Chapter X: The Incidence Of Taxation. Section 3
The aims of taxation, the accomplishment of which shifting may aid or defeat, have been stated in the form of canons. The oldest and most famous are the four ...
-86 Chapter X: The Incidence Of Taxation. Section 4
Let us suppose that the ideal by which all systems are to be tested is that the total taxation shall impose a slightly progressive burden upon all incomes. 1 ...
-87 Chapter X: The Incidence Of Taxation. Section 5
We shall now look at the incidence of the more important taxes, taking them in the order of our previous discussion. Excise taxes and customs duties, so far as ...
-88 Chapter X: The Incidence Of Taxation. Section 6
The general property tax consists of a number of different parts which are best considered separately. 1 See Chapter VII. for shifting to foreigners. 2 See pp.
-89 Chapter X: The Incidence Of Taxation. Section 7
The incidence of a land tax like the English differs somewhat from that of the land tax as part of the general property tax, inasmuch as it stands entirely ...
-90 Chapter XI: Fees And Industrial Earnings. Section 1
There is the closest sort of connection between fees and the industrial and commercial earnings of the State. In the case ofthe sale of goods or services by a ...
-91 Chapter XI: Fees And Industrial Earnings. Section 2
The extension of the fee system by the courts to cover a very large part of the cost of the judicial system, even to such a degree asto make litigation ...
-92 Chapter XI: Fees And Industrial Earnings. Section 3
Many of the acts of the various administrative departments are of such a character as sometime to confer a special benefit upon individuals for which a fee is ...
-93 Chapter XI: Fees And Industrial Earnings. Section 4
One of the most important classes of fees is formed by special assessments. They are for some benefit to real property. A special assessment is a fee paid to ...
-94 Chapter XI: Fees And Industrial Earnings. Section 5
The post was included above among those functions for which fees were charged. Whether that be quite correct or not depends upon the way in which the postal ...
-95 Chapter XI: Fees And Industrial Earnings. Section 6
In modern times public industries can be quite as properly considered under the head of expenditure as under that of revenue. Historically, State industries, ...
-96 Chapter XI: Fees And Industrial Earnings. Section 7
But while the modern State has surrendered the extractive industries, a great many others have been undertaken, not so much as sources of revenue as because of ...

Part IV: Public Indebtedness

-97 Chapter I: The Growth And Nature Of Public Credit. Section 1
The national governments of the civilised world to-day owe more than twenty-seven and one-half thousand millions of dollars, or five andone-half thousand ...
-98 Chapter I: The Growth And Nature Of Public Credit. Section 2
Public credit is only one form of general credit, and it is comparatively easy to point out wherein the former differs from the latter. 1 See Bastable, p. 567.
-99 Chapter I: The Growth And Nature Of Public Credit. Section 3
These definitions, apparently so contradictory, are not altogether irreconcilable. They represent different points of view rather than real differences in ...
-100 Chapter I: The Growth And Nature Of Public Credit. Section 4
Public credit was necessarily later in development than private credit. General habits of lending on a large scale had to be established before nations could ...
-101 Chapter I: The Growth And Nature Of Public Credit. Section 5
Much attention has been given by different authors to the economic effects of public borrowing. It is now pretty well agreed that public borrowing does not, as ...
-102 Chapter I: The Growth And Nature Of Public Credit. Section 6
There has also been some discussion of the relative merits of domestic and foreign loans, and their differing economic effects. Sometimes it has been claimed ...
-103 Chapter II: Forms Of Public Debts. Section 1
Governments may borrow money in almost any of the ways which an individual may use. These different forms can be bestmade clear in connection with their ...
-104 Chapter II: Forms Of Public Debts. Section 2
There are two, and only two, ways in which a State may borrow. It may compel persons to lend to it, or it may offer terms to which persons agree. The first of ...
-105 Chapter II: Forms Of Public Debts. Section 3
Among the contractual debts the first thing that strikes us is that certain of the contracts contain features especially intended to add to or ensure the ...
-106 Chapter II: Forms Of Public Debts. Section 4
In the great majority of cases in modern times, the leading nations are able to borrow without particular reference to any special means of arousing confidence.
-107 Chapter II: Forms Of Public Debts. Section 5
Next in bulk are the terminable annuities. These may be terminable at the end of a certain period or at the death of the holder. Life annuities, both upon ...
-108 Chapter II: Forms Of Public Debts. Section 6
Another favourite European form is that of lottery loans. A somewhat lower rate of interest on the loan is offered than would otherwise be accepted, and the ...
-109 Chapter II: Forms Of Public Debts. Section 7
In all of these forms of debt-making the chief problem of the practical financier is to fix the rate of interest as near as possible to the market rate. It is ...
-110 Chapter II: Forms Of Public Debts. Section 8
Perhaps next in importance to the great categories of debts we have been discussing are those included in the classification as based upon specified revenues ( ...
-111 Chapter II: Forms Of Public Debts. Section 9
Borrowing to secure the means for entering upon some productive enterprise is the chief cause of the debts of local governments, Cities borrow to build water- ...
-112 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 1
There are practically two methods for the negotiation of a public loan. One is to prepare the bonds or other evidences of debt for sale, fixing all the ...
-113 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 2
The amount of the interest or the rate is the chief factor in the negotiation of a debt ; but the place and times of payment and the kindof money in which ...
-114 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 3
While it is often necessary, in order to obtain the required funds on the best terms, to offer many different forms ofpublic securities, yet in a time of ...
-115 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 4
The best justification of debt-making is that it distributes the burden of some heavy expenses upon a later period. The cost of this postponement is the ...
-116 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 5
The American system of debt paying began in 1790 with the application of a surplus from tunnage fees and imports to the purchase of public bonds in order ...
-117 Chapter III: Negotiation, Payment Of Interest, Conversion, And Redemption Of Debt. Section 6
1 For a full account of the debt policy of the American commonwealths see my monograph, Das Kreditwesen der Staaten und Städte der Nordamerkanischen Union in ...

Part V: Financial Administration

-118 Chapter I: The Budget; Administration Of Expenditure; Control and Audit. Section 1
To the fourth and last part of our subject belong the formal arrangements of the public finances, the preparation and ratification of the budget, the care and ...
-119 Chapter I: The Budget; Administration Of Expenditure; Control and Audit. Section 2
Of necessity the methods of accounting and control do not assume a public character until there is a pretty clearly recognised popular interest in the affairs ...
-120 Chapter I: The Budget; Administration Of Expenditure; Control and Audit. Section 3
It has been claimed that the English system served as a model for the other European countries. However that may be, and it is true only in part, the English ...
-121 Chapter I: The Budget; Administration Of Expenditure; Control and Audit. Section 4
When the budget has been prepared and voted, the next step is to see that the expenditure is carried out as authorised and to prevent any misappropriation of ...
-122 Chapter I: The Budget; Administration Of Expenditure; Control and Audit. Section 5
In the United States,3 the direct control of the money is in the hands of the executive officers, subject to the orders of Congress. The safeguards consist in ...
-123 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 1
Under the early methods of collecting revenues, the tribute due, the economic receipts, and the voluntary contributions were delivered directly to the chief or ...
-124 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 2
The collection of the taxes is usually the duty of the regular fiscal officers of the general administration, but industrial and commercial receipts are ...
-125 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 3
In the case of direct taxes it is the assessment that is the most difficult part of the process. The methods of assessing some of the taxes have already been ...
-126 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 4
After the assessment has been completed, it is comparatively easy to make the collection. All that is needed is a collecting agent of the treasury conveniently ...
-127 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 5
1 The writer knows of an instance where a farmer has to travel fifty miles to pay his State and county taxes, while the local taxes are collected within two ...
-128 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 6
The mere mechanical details of the methods of bookkeeping and public accounts cannot be described here. About all that can be done is to make such explanation ...
-129 Chapter II: Collection Of The Revenues, Custody Op The Funds, And The Public Accounts. Section 7
An interesting phase of public bookkeeping is the separation of accounts into funds. When Parliament voted a tax it was formerly for a definite purpose, and ...
-130 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 1
A serious war usually imposes a sudden, new burden upon the treasury, the exact, or even the approximate, size of which it is not possible to estimate at the ...
-131 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 2
Possibly the most natural source to turn to in time of war for the increased revenues needed is the existing system of taxes. At first thought it might seem ...
-132 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 3
The next resource, naturally, is new taxes. But the establishment of new taxes, or even the restoration of old taxes not in use at New taxes. the time of the ...
-133 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 4
The use of the public credit, in time of war, is attended by many special difficulties. The outcome of war is always more or less uncertain. Even if defeat ...
-134 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 5
Such, stated in condensed form, are the general principles which should guide the fiscus in time of war. No better illustration of the application of these ...
-135 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 6
The larger part of the income, however, came from taxes which could not well be tampered with. The tariff had been so long a subject of controversy that there ...
-136 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 7
Since the revenue from the tariff was not to be increased, the only resource available was internal taxes. That these internal taxes should have taken the same ...
-137 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 8
As the war revenue bill passed the House its probable yield was variously estimated at from $90,000,000 to $105,000,000 per annum, the former being the better ...
-138 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 9
After much discussion and more or less unnecessary and dangerous delay, especially in the Senate, Congress authorised the borrowing, at the discretion of the ...
-139 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 10
It now remains to see how the credit of the nation was protected and how it stood the strain. At the end of April, 1898, the interest-bearing debt of the ...
-140 Chapter III: Financial Administration Of War ; Illustrated By The Experience Of The United States In The War With Spain. Section 11
Much interest centres around the successful attempt to make this a popular loan, and as this was one of the features which contributed to strengthen the credit ...

Part VI: Books

-141 Brief Bibliography For Advanced Students
Adams, H. C. Public Debts. N.Y., 1887. Adams, H. C. The Science of Finance. N.Y., 1898. Bastable, C. F. Public Finance, 2d ed. enl. Macmillan and Co., 1895.
-142 New Books on Economics, Political Science and Sociology
DRAHMS. The Criminal, His Personnel and Environment. A Scientific Study. By the Reverend August DrÄhms. With an Introduction by Cesare Lombroso. Cloth. 12mo.









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