An engrossing account of repudiated early debts of certain American states and the repercussions to the unpaid foreign investors.

Publisher Comments

Category:  Banking & Finance Of Interest: The Work of the Bond House The Principles of Bond Investment Railroads: Finance & Organizations Foreign Bonds: An Autopsy State Insolvency and Foreign Bondholders: General Principles State Insolvency and Foreign Bondholders: Selected Case Histories of Governmental Foreign Bond Defaults and Debt Readjustments

This engrossing recital of unpaid early debts of certain American states sheds light on the problems confronting foreign investors in the collection of debts due them when repudiated by whole communities. Attention is given to the political and economic background of those debts, to the inducements held out to investors to purchase the state securities, to the part played by the press of debtor and creditor countries in aiding or obstructing the final debt settlements, and to the economic and international repercussions of these debts. Revealed are the evils of weak banking systems, the dangers inherent in the too rapid development of public works, the methods employed in the marketing of these states’ securities, the political and economic atmosphere in which repudiation doctrines were generated, and the part played by the press and by the courts in mobilizing public opinion, either for or against the payment of debts. A fascinating insight for the specialist as well as any scholar of finance or history.

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Reginald C. McGrane complete the necessary study for writing Foreign Bondholders and American State Debts in Canada, England and Holland. This study was made possible by the award of a fellowship grant by the Guggenheim Foundation. A grant from the Trustees of the Charles Phelps Taft Memorial Fund enabled him to complete the writing of the manuscript. 

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