Building a Better Mousetrap: Patenting
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Economics During the Lincoln Administration
4-15 Economics 1 of 4 A Living Resource Guide to Lincoln's Life and Legacy ECONOMICS DURING THE LINCOLN ADMINISTRATION War Debt . Increased by about $2 million per day by 1862 . Secretary of the Treasury Chase originally sought to finance the war exclusively by borrowing money. The high costs forced him to include taxes in that plan as well. Loans covered about 65% of the war debt. With the help of Jay Cooke, a Philadelphia banker, Chase developed a war bond system that raised $3 billion and saw a quarter of middle class Northerners buying war bonds, setting the precedent that would be followed especially in World War II to finance the war. Morrill Tariff Act (1861) . Proposed by Senator Justin S. Morrill of Vermont to block imported goods . Supported by manufacturers, labor, and some commercial farmers . Brought in about $75 million per year (without the Confederate states, this was little more than had been brought in the 1850s) Revenue Act of 1861 . Restored certain excise tax . Levied a 3% tax on personal incomes higher than $800 per year . Income tax first collected in 1862 . First income tax in U. S. history The Legal Tender Act (1862) . Issued $150 million in treasury notes that came to be called greenbacks . Required that these greenbacks be accepted as legal tender for all debts, public and private (except for interest payments on federal bonds and customs duties) . Investors could buy bonds with greenbacks but acquire gold as interest United States Note (Greenback). EarthLink.net. 18 July 2008 <http://home.earthlink.net/~icepick119/page11.html> Revenue Act of 1862 Office of Curriculum & Instruction/Indiana Department of Education 09/08 This document may be duplicated and distributed as needed. -
RESTORING the LOST ANTI-INJUNCTION ACT Kristin E
COPYRIGHT © 2017 VIRGINIA LAW REVIEW ASSOCIATION RESTORING THE LOST ANTI-INJUNCTION ACT Kristin E. Hickman* & Gerald Kerska† Should Treasury regulations and IRS guidance documents be eligible for pre-enforcement judicial review? The D.C. Circuit’s 2015 decision in Florida Bankers Ass’n v. U.S. Department of the Treasury puts its interpretation of the Anti-Injunction Act at odds with both general administrative law norms in favor of pre-enforcement review of final agency action and also the Supreme Court’s interpretation of the nearly identical Tax Injunction Act. A 2017 federal district court decision in Chamber of Commerce v. IRS, appealable to the Fifth Circuit, interprets the Anti-Injunction Act differently and could lead to a circuit split regarding pre-enforcement judicial review of Treasury regulations and IRS guidance documents. Other cases interpreting the Anti-Injunction Act more generally are fragmented and inconsistent. In an effort to gain greater understanding of the Anti-Injunction Act and its role in tax administration, this Article looks back to the Anti- Injunction Act’s origin in 1867 as part of Civil War–era revenue legislation and the evolution of both tax administrative practices and Anti-Injunction Act jurisprudence since that time. INTRODUCTION .................................................................................... 1684 I. A JURISPRUDENTIAL MESS, AND WHY IT MATTERS ...................... 1688 A. Exploring the Doctrinal Tensions.......................................... 1690 1. Confused Anti-Injunction Act Jurisprudence .................. 1691 2. The Administrative Procedure Act’s Presumption of Reviewability ................................................................... 1704 3. The Tax Injunction Act .................................................... 1707 B. Why the Conflict Matters ....................................................... 1712 * Distinguished McKnight University Professor and Harlan Albert Rogers Professor in Law, University of Minnesota Law School. -
Taxes, Investment, and Capital Structure: a Study of U.S
Taxes, Investment, and Capital Structure: A Study of U.S. Firms in the Early 1900s Leonce Bargeron, David Denis, and Kenneth Lehn◊ August 2014 Abstract We analyze capital structure decisions of U.S. firms during 1905-1924, a period characterized by two relevant shocks: (i) the introduction of corporate and individual taxes, and (ii) the onset of World War I, which resulted in large, transitory increases in investment outlays by U.S. firms. Although we find little evidence that shocks to corporate and individual taxes have a meaningful influence on observed leverage ratios, we find strong evidence that changes in leverage are positively related to investment outlays and negatively related to operating cash flows. Moreover, the transitory investments made by firms during World War I are associated with transitory increases in debt, especially by firms with relatively low earnings. Our findings do not support models that emphasize taxes as a first-order determinant of leverage choices, but do provide support for models that link the dynamics of leverage with dynamics of investment opportunities. ◊ Leonce Bargeron is at the Gatton College of Business & Economics, University of Kentucky. David Denis, and Kenneth Lehn are at the Katz Graduate School of Business, University of Pittsburgh. We thank Steven Bank, Alex Butler, Harry DeAngelo, Philipp Immenkotter, Ambrus Kecskes, Michael Roberts, Jason Sturgess, Mark Walker, Toni Whited and seminar participants at the 2014 SFS Finance Cavalcade, the University of Alabama, University of Alberta, University of Arizona, Duquesne University, University of Kentucky, University of Pittsburgh, University of Tennessee, and York University for helpful comments. We also thank Peter Baschnegal, Arup Ganguly, and Tian Qiu for excellent research assistance. -
Universita' Degli Studi Di Padova
UNIVERSITA’ DEGLI STUDI DI PADOVA DIPARTIMENTO DI SCIENZE ECONOMICHE ED AZIENDALI “M.FANNO” CORSO DI LAUREA MAGISTRALE / SPECIALISTICA IN BUSINESS ADMINISTRATION TESI DI LAUREA “The American banking system before the FED” RELATORE: CH.MO PROF. GIANFRANCO TUSSET LAUREANDO: CARLO RUBBO MATRICOLA N. 1121213 ANNO ACCADEMICO 2016 – 2017 ANNO ACCADEMICO 2016 – 2017 Il candidato dichiara che il presente lavoro è originale e non è già stato sottoposto, in tutto o in parte, per il conseguimento di un titolo accademico in altre Università italiane o straniere. Il candidato dichiara altresì che tutti i materiali utilizzati durante la preparazione dell’elaborato sono stati indicati nel testo e nella sezione “Riferimenti bibliografici” e che le eventuali citazioni testuali sono individuabili attraverso l’esplicito richiamo alla pubblicazione originale. Firma dello studente _________________ INDEX INTRODUCTION ........................................................ 2 CHAPTER ONE ........................................................... 4 THE INDEPENDENCE WAR AND THE BANK OF NORTH AMERICA .... 5 THE FIRST BANK OF THE UNITED STATES 1791 – 1811 ........................... 8 THE SECOND BANK OF THE UNITED STATES 1816-1833 ....................... 13 THE DECENTRALIZED BANKING SYSTEM 1837 – 1863 .......................... 17 CIVIL WAR FINANCING AND THE NATIONAL BANKING SYSTEM ... 23 PANICS OF THE END OF THE CENTURY AND ROAD TO THE FED .... 27 CHAPTER TWO ........................................................ 39 THE ROLE OF THE U.S. SUPREME COURT ................................................ 40 THE SUFFOLK SYSTEM: A “FREE MARKET CENTRAL BANK” .......... 45 DO THE U.S. NEED A CENTRALIZED BANKING SYSTEM? ................... 49 FINAL REFLECTIONS ............................................ 64 BIBLIOGRAPHY ....................................................... 69 1 INTRODUCTION The history of the American banking system is not well-known but it is very important, since it has shaped the current financial market of the country. The U.S. -
The Many Panics of 1837 People, Politics, and the Creation of a Transatlantic Financial Crisis
The Many Panics of 1837 People, Politics, and the Creation of a Transatlantic Financial Crisis In the spring of 1837, people panicked as financial and economic uncer- tainty spread within and between New York, New Orleans, and London. Although the period of panic would dramatically influence political, cultural, and social history, those who panicked sought to erase from history their experiences of one of America’s worst early financial crises. The Many Panics of 1837 reconstructs the period between March and May 1837 in order to make arguments about the national boundaries of history, the role of information in the economy, the personal and local nature of national and international events, the origins and dissemination of economic ideas, and most importantly, what actually happened in 1837. This riveting transatlantic cultural history, based on archival research on two continents, reveals how people transformed their experiences of financial crisis into the “Panic of 1837,” a single event that would serve as a turning point in American history and an early inspiration for business cycle theory. Jessica M. Lepler is an assistant professor of history at the University of New Hampshire. The Society of American Historians awarded her Brandeis University doctoral dissertation, “1837: Anatomy of a Panic,” the 2008 Allan Nevins Prize. She has been the recipient of a Hench Post-Dissertation Fellowship from the American Antiquarian Society, a Dissertation Fellowship from the Library Company of Philadelphia’s Program in Early American Economy and Society, a John E. Rovensky Dissertation Fellowship in Business History, and a Jacob K. Javits Fellowship from the U.S. -
Did Constitutions Matter During the American Civil War?
DID CONSTITUTIONS MATTER DURING THE AMERICAN CIVIL WAR? SUKRIT SABHLOK Monash University, Australia Abstract: The question of why the Confederate States of America lost the American Civil War has been extensively discussed, with scholars such as Frank Owsley and David Donald arguing that constitutional text and philosophy – and a preference for local over central government action – constrained the CSA’s options and therefore prospects for victory. While Owsley and Donald’s portrayal of a government hindered by constitutional fidelity has been countered by Richard Beringer, Herman Hattaway and William Still, who have pointed out that the Confederate government grew in size and scope during the war in spite of apparent legal restrictions, there has been limited examination of the factual basis underlying the thesis that constitutions functioned as a restraint. This paper addresses the US Constitution and the Confederate Constitutions (provisional and final) with special attention to how certain provisions and interpretive actions may have constrained the central government in the realm of economic policy. I find that both documents were not clearly relevant due to being inconsistently obeyed. The Confederacy disregarded provisions relating to fiscal, monetary and trade policy, even though it is likely that adhering to its Constitution in these areas could have strengthened its position and allowed it to supply its armies more adequately. It is likely that non-constitutional discretionary factors primarily account for the Confederacy’s defeat. I INTRODUCTION Now, our Constitution is new; it has gone through no perils to test and try its strength and capacity for the work it was intended to perform. -
Moderating Effects of Institutional Logics On
MODERATING EFFECTS OF INSTITUTIONAL LOGICS ON STRATEGIC RESPONSE TO COERCIVE INSTITUTIONAL CHANGE by LEON PAUL WEEKS Presented to the Faculty of the Graduate School of The University of Texas at Arlington in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY THE UNVERSITY OF TEXAS AT ARLINGTON December 2015 Copyright © by Leon Weeks 2015 All Rights Reserved ii Acknowledgements First, I thank God for giving humanity the desire to pursue and share new knowledge. I thank Him for providing me the opportunity, resources and support to participate in the collaborative learning environment that the Management Department of the University of Texas at Arlington provides. To the UTA faculty and the members of my dissertation committee, Dr. Mary Whiteside and Dr. Jeffrey McGee and my co-chairs Dr. Susanna Khavul and Dr. Abdul Rasheed, I treasure your instruction, mentoring, patience and friendship. To my cohort, thank you all for an unforgettable learning experience. I especially thank Tae Yang and Alankrita Pandy for shared experiences, shared knowledge and friendship. I owe a debt to the Administration of Southern Adventist University and the members of the School of Business for the support and sacrifice that gave me this opportunity. Lastly, to my Dad, I wish you were able to see this project finished, to my Mom, my sisters and brother I thank you for your encouragement and support. To my wife Debbie, son and daughter-in-law Jeremiah and Jill, daughter and son-in-law Sally and Darren, and daughter Rose, no one could ask for more. Your sacrifice and unwavering encouragement was beyond belief – to say thanks is not enough. -
Antebellum Banking Regulation: a Comparative Approach
ANTEBELLUM BANKING REGULATION: A COMPARATIVE APPROACH DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Alka Gandhi, M.A. ***** The Ohio State University 2003 Dissertation Committee: Approved by Professor Richard H. Steckel, Advisor Professor Paul Evans ________________________ Advisor Professor J. Huston McCulloch Economics Graduate Program ABSTRACT Extensive historical and contemporary studies establish important links between financial systems and economic development. Despite the importance of this research area and the extent of prior efforts, numerous interesting questions remain about the consequences of alternative regulatory regimes for the health of the financial sector. As a dynamic period of economic and financial evolution, which was accompanied by diverse banking regulations across states, the antebellum era provides a valuable laboratory for study. This dissertation utilizes a rich data set of balance sheets from antebellum banks in four U.S. states, Massachusetts, Ohio, Louisiana and Tennessee, to examine the relative impacts of preventative banking regulation on bank performance. Conceptual models of financial regulation are used to identify the motivations behind each state’s regulation and how it changed over time. Next, a duration model is employed to model the odds of bank failure and to determine the impact that regulation had on the ability of a bank to remain in operation. Finally, the estimates from the duration model are used to perform a counterfactual that assesses the impact on the odds of bank failure when imposing one state’s regulation on another state, ceteris paribus. The results indicate that states did enact regulation that was superior to alternate contemporaneous banking regulation, with respect to the ability to maintain the banking system. -
A Historical Examination of the Constitutionality of the Federal Estate Tax
William & Mary Bill of Rights Journal Volume 27 (2018-2019) Issue 1 Article 5 October 2018 A Historical Examination of the Constitutionality of the Federal Estate Tax Henry Lowenstein Kathryn Kisska-Schulze Follow this and additional works at: https://scholarship.law.wm.edu/wmborj Part of the Constitutional Law Commons, and the Taxation-Federal Estate and Gift Commons Repository Citation Henry Lowenstein and Kathryn Kisska-Schulze, A Historical Examination of the Constitutionality of the Federal Estate Tax, 27 Wm. & Mary Bill Rts. J. 123 (2018), https://scholarship.law.wm.edu/wmborj/vol27/iss1/5 Copyright c 2018 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmborj A HISTORICAL EXAMINATION OF THE CONSTITUTIONALITY OF THE FEDERAL ESTATE TAX Henry Lowenstein* and Kathryn Kisska-Schulze** INTRODUCTION During the 2016 presidential campaign debate, Democratic candidate Hillary Clinton vowed to raise the Federal Estate Tax to sixty-five percent,1 while Republican candidate Donald Trump pledged to repeal it as part of his overall tax reform proposal.2 Following his election into the executive seat, President Trump signed into law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017, which encompasses the most comprehensive tax law changes in the United States in decades.3 Although the law does not completely repeal the Estate Tax, it temporarily doubles the estate and gift tax exclusion amounts for estates of decedents dying and gifts made after December 31, 2017, and before January 1, 2026.4 Following candidate Trump’s campaign pledge to repeal the Estate Tax,5 and his subsequent signing of the TCJA into law during his first year of presidency,6 an interesting question resonating from these initiatives is whether the Estate Tax is even constitutional. -
The Suffolk Bank and the Panic of 1837: How a Private Bank Acted As a Lender-Of-Last-Resort*
The Suffolk Bank and the Panic of 1837: How a Private Bank Acted as a Lender-of-Last-Resort* Arthur J. Rolnick Federal Reserve Bank of Minneapolis Bruce D. Smith University of Texas at Austin and Federal Reserve Bank of Cleveland Warren E. Weber Federal Reserve Bank of Minneapolis and University of Minnesota Abstract Before the establishment of federal deposit insurance, the U.S. experienced periodic banking panics, during which banks suspended specie payments and reduced lending. There was often a corresponding economic slowdown. The Panic of 1837 is considered one of the worst banking panics, and it coincided with a slowdown that lasted for almost five years. The economic disruption was not uniform across the country, however. The slowdown in New England was substantially less severe than elsewhere. Here we suggest that the Suffolk Bank, a private bank, was one reason for New England’s relative success. We argue that the Suffolk Bank’s provision of note-clearing and lender-of-last-resort services (via the Suffolk Banking System) lessened the effects of the Panic of 1837 in New England relative to the rest of the country, where no bank provided such services. * The authors thank the Baker Library, Harvard Business School for the materials provided from its Suffolk Bank Collection. The views expressed herein are those of the author(s) and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. 484 Arthur J. Rolnick, Bruce D. Smith, and Warren E. Weber Before the establishment of federal deposit insurance in 1935, the U.S. -
By:Bill Medley
By: Bill Medley Highways of Commerce Central Banking and The U.S. Payments System By: Bill Medley Highways of Commerce Central Banking and The U.S. Payments System Published by the Public Affairs Department of the Federal Reserve Bank of Kansas City 1 Memorial Drive • Kansas City, MO 64198 Diane M. Raley, publisher Lowell C. Jones, executive editor Bill Medley, author Casey McKinley, designer Cindy Edwards, archivist All rights reserved, Copyright © 2014 Federal Reserve Bank of Kansas City No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior consent of the publisher. First Edition, July 2014 The Highways of Commerce • III �ontents Foreword VII Chapter One A Calculus of Chaos: Commerce in Early America 1 Chapter Two “Order out of Confusion:” The Suffolk Bank 7 Chapter Three “A New Era:” The Clearinghouse 19 Chapter Four “A Famine of Currency:” The Panic of 1907 27 Chapter Five “The Highways of Commerce:” The Road to a Central Bank 35 Chapter Six “A problem…of great novelty:” Building a New Clearing System 45 Chapter Seven Bank Robbers and Bolsheviks: The Par Clearance Controversy 55 Chapter Eight “A Plump Automatic Bookkeeper:” The Rise of Banking Automation 71 Chapter Nine Control and Competition: The Monetary Control Act 83 Chapter Ten The Fed’s Air Force: A Plan for the Future 95 Chapter Eleven Disruption and Evolution: The Development of Check 21 105 Chapter Twelve Banks vs. Merchants: The Durbin Amendment 113 Afterword The Path Ahead 125 Endnotes 128 Sources and Selected Bibliography 146 Photo Credits 154 Index 160 Contents • V ForewordAs Congress undertook the task of designing a central bank for the United States in 1913, it was clear that lawmakers intended for the new institution to play a key role in improving the performance of the nation’s payments system. -
Alaska Roads Historic Overview
Alaska Roads Historic Overview Applied Historic Context of Alaska’s Roads Prepared for Alaska Department of Transportation and Public Facilities February 2014 THIS PAGE INTENTIONALLY LEFT BLANK Alaska Roads Historic Overview Applied Historic Context of Alaska’s Roads Prepared for Alaska Department of Transportation and Public Facilities Prepared by www.meadhunt.com and February 2014 Cover image: Valdez-Fairbanks Wagon Road near Valdez. Source: Clifton-Sayan-Wheeler Collection; Anchorage Museum, B76.168.3 THIS PAGE INTENTIONALLY LEFT BLANK Table of Contents Table of Contents Page Executive Summary .................................................................................................................................... 1 1. Introduction .................................................................................................................................... 3 1.1 Project background ............................................................................................................. 3 1.2 Purpose and limitations of the study ................................................................................... 3 1.3 Research methodology ....................................................................................................... 5 1.4 Historic overview ................................................................................................................. 6 2. The National Stage ........................................................................................................................