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Paper Money Issued: In financial matters Grant followed conserva¬tive Republican economic theorists who deplored the inflated paper money issued during the war. One of the first important measures to receive his signature was an act declaring the government's ultimate intention to redeem these greenbacks in coin. Grant's financial ignorance led him to serve as a dupe of the unscrupulous Jay Gould and James Fisk in their attempt to corner the gold market in 1869.
In 1862 the U. S. Treasury needed money quickly to finance the Civil War. There were three possibilities: taxation, borrow¬ing, and printing paper money. New tax laws could not be passed and made effective quickly enough to raise the 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.See Also Paper 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.
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.
On The Other Hand See International Money:No country has a direct and decisive control over gold. If gold were replaced by inconvertible dollars or money issued by an international money board, therefore, governments and central banks would find it more difficult to safeguard the autonomy and independence of their own mone¬tary matters. For acceptance of an inconvertible dollar exchange standard or of money controlled by an international money board would be like having two central banks—one at home and the other in Washington.
Typically, you may spend from three to eight percent of your gross on advertising. Keep in mind that the commitment to spend the money over the entire year is much more important than the amount of money you allocate toward advertising. Nothing will waste money faster than to spend a large amount of money in the beginning of the campaign, and when results are not immediately forthcoming, to pull back and stop advertising.
Spend your 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. |
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