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2020-09-17 04:50:03
John Q. Adams|Albert Gallatin
Treaty of Ghent Negotiators John Quincy Adams and Albert Gallatin Issue Instructions to the US Ambassador in Paris Regarding Loans to Help Finance the War of 1812 Crawford was given the delicate task of proceeding with discussions for loans with European investors, while being informed the loans might not be wanted in the end Crawford was given the delicate task of proceeding with discussions for loans with European investors, while being informed the loans might not be wanted in the end
02/12/1814. In 1812, the nation went to war without a wide-ranging financial strategy. The federal government's revenue largely came from customs duties and land sales, but war meant that revenue from these sources nosedived. There was no federal taxation of incomes and the Bank of the United States' charter had been allowed to run out in 1811, depriving the government of a major source of loans and credit. The government now had to use state banks and wealthy individuals as the basis for capital for its loans. In July 1813 Congress consented to a series of direct taxes on land and property, and on transactions and products including auction sales, carriages, liquor distilleries, retail wine licenses and refined sugar.All this proved hardly sufficient. By the spring of 1814 Congress authorized Madison to borrow $32.5 million to pay for the war, but by summer the domestic investment climate for U.S. Treasury bonds was weak, and the government's inability to borrow money hampered its ability to pay for the defense of Washington. This money might, however, be found in Europe with those that sympathized with the American cause. American negotiators were already in Europe hoping to negotiate the end of the war. These included John Quincy Adams, the chief US diplomat in Europe, Henry Clay, Albert Gallatin, Jonathan Russell, and James Bayard. The Ghent negotiators were charged with finding the funds, and they hoped that William Crawford, American ambassador In Paris, would assist and succeed. After all, France and Britain had been art war for over a decade.Meanwhile, in April 181 … [Click Below for Full Description]
Bookseller: The Raab Collection [United States]
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