Advertisement

Bounded by War

  • Paul Winfree
Chapter

Abstract

The budgetary reforms derived between the War of 1812 and the Civil War were, for the most part, born out of necessity or symbolism. External demands led to innovative ways to raise money to fund the federal government. However, the sinking fund continued to develop as one of the most important mechanisms for debt management. Congress also tried new methods in an attempt to distance the federal government’s finances from that of the economy following banking crises. Tariff policy extended beyond simply the need to raise revenue for the government and into protectionism, causing revenues to become much less predictable and creating a constituency for a growing government. This dynamic foreshadows the inevitability of the income tax.

References

  1. Cogliano, Francis D. 2000. Revolutionary America 1763–1815: A Political History. New York, NY: Routledge.Google Scholar
  2. Crawford, Aaron Scott. 2012. John Randolph of Roanoke and the Politics of Doom: Slavery, Sectionalism, and Self-Deception, 1773–1821. Unpublished Doctoral Dissertation, Knoxville: University of Tennessee.Google Scholar
  3. Dobson, John M. 1976. Two Centuries of Tariffs: The Background and Emergency of the United States Trade Commission. Washington, DC: US Government Printing Office.Google Scholar
  4. Faber, Harold. 1995. “The Nation: Once Upon a Time, a Budget Surplus.” The New York Times. December 31. Accessed June 21, 2019. https://www.nytimes.com/1995/12/31/weekinreview/the-nation-once-upon-a-time-a-budget-surplus.html.
  5. Gilje, Paul A. 2010. “Free Trade and Sailors’ Rights’: The Rhetoric of the War of 1812.” Journal of the Early Republic 30 (1): 1–23.CrossRefGoogle Scholar
  6. Irwin, Douglas. 2010. “Revenue or Reciprocity? Founding Feuds Over Early U.S. Trade Policy.” In Founding Choices: American Economic Policy in the 1790s, by Douglas Irwin and Richard Sylla. Chicago, IL: University of Chicago Press.CrossRefGoogle Scholar
  7. Johnston, Louis and Samuel H. Williamson. 2018. “What Was the U.S. GDP Then?” MeasuringWorth.Google Scholar
  8. Kagin, Donald H. 1984. “Monetary Aspects of the Treasury Notes of the War of 1812.” The Journal of Economic History 44 (1): 69–88.CrossRefGoogle Scholar
  9. Kennon, David R., and M. Rebecca Rogers. 1989. The Committee on Ways and Means: A Bicentennial History, 1789–1989. Washington, DC: Government Printing Office.Google Scholar
  10. Merrill, Dennis, and Thomas Paterson. 2009. Major Problems in American Foreign Relations: To 1920. 7. Vol. 1. 2 vols. Boston, MA: Cengage Learning.Google Scholar
  11. Ross, Edward A. 1892. “Sinkig Funds.” Publications of the American Economic Association 7 (4/5): 9–106.Google Scholar
  12. Stanwood, Edward. 1903. American Tariff Controversies in the Nineteenth Century. Boston, MA: Houghton Mifflin.Google Scholar
  13. U.S. Congress. 1812a. American State Papers. Vol. VI. 12th Cong. 2nd sess. Finance: Volume 2: 580.Google Scholar
  14. ———. 1812b. Journal of the House of Representatives of the United States. 12th Cong. 1st sess. February 25.Google Scholar
  15. Walters, Raymond, Jr. 1957. Albert Gallatin: Jeffersonian Financier and Diplomat. New York, NY: Macmillan.Google Scholar
  16. Winter, Aaron McLean. 2009. “The Laughing Doves of 1812 and Satiric Endowment of Antiwar Rhetoric in the United States.” PMLA 124 (5): 1562–1581.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Paul Winfree
    • 1
  1. 1.Heritage FoundationWashington, DCUSA

Personalised recommendations