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Appropriated The Money: GRANT-IN-AID is a sum of money appropriated the money by one level of government to be spent by a lower governmental unit for a specified purpose. It shifts tax revenues from a central unit to a smaller unit less able to finance certain services, such as education, health, welfare, or highways. The term is also used for a grant of funds by a foundation or other private institution, usually for educational purposes.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is deter¬mined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will dis¬appear from circulation.See Also Open Money:Typically, you may spend from three to eight percent of your gross on advertising. Keep in mind that the commitment to spend the open money over the entire year is much more important than the amount of open money you allocate toward advertising. Nothing will waste open money faster than to spend a large amount of open money in the beginning of the campaign, and when results are not immediately forthcoming, to pull back and stop advertising.
Spend your open money according to your plan. Make some adjustments during the year to fine tune your efforts, but keep at it for the rest of the year. You will be surprised how this commitment to results will pay off despite some temporary misgivings.
In 1862 the U. S. Treasury needed open money quickly to finance the Civil War. There were three possibilities: taxation, borrow¬ing, and printing paper open money. New tax laws could not be passed and made effective quickly enough to raise the open money that was immediately needed; the second choice, borrowing, would be too costly, because the government's credit was so weak that it would have to pay interest rates of over 10% to bond buyers.
On The Other Hand See From Their Money:The printing of paper money appeared to be the only practical choice, so in February 1862, Congress authorized an issue of $150 million of U. S. notes. These notes were also known as "legal tenders" and were popularly called "green¬backs" because they were printed in green ink, in contrast to the backs of gold certificates, which were printed in yellow.
The greenbacks were the first paper money is¬sued by the U. S. government. They were fiat money, since their only backing was the govern¬ment's promise to pay. But they were legal tender for all debts, public and private, except interest on the public debt and customs duties.
Acquisitive individualism, once the pastime of Bronze Age kings, now became the general watchword of the age: for the first time in world history it is said that "money makes the man." The introduction of a money economy in Greece in the 6th century B. c. was accompanied by social and political upheavals. The supremacy of the landed aristocracy was undermined by the emancipation of the small peasants and craftsmen from their money the village and their reorientation toward the market in the city. |
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