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The Confederation Congress later endorsed this convention "for the sole and express purpose of revising the Articles of Confederation". Although the states' representatives to the Constitutional Convention in Philadelphia were only authorized to amend the Articles, delegates held secret, closed-door sessions and wrote a new constitution.
One of the most often claimed defects of the Articles of Confederation was its lack of a grant to the central government of the power to lay and collect taxes. [5] [6] Under the Articles, Congress was forced to rely on requisitions upon the governments of its member states. Without the power to independently raise its own revenues, the Articles ...
During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts but lacked the power to service these obligations by tariffs or other taxation. [9] [10] As an expedient, the revolutionary government resorted to printing money and bills of credit, [3] but that currency rapidly underwent ...
Section 54 has its origins in British constitutional principles relating to public finances. After the English Civil War and the passage of the Bill of Rights, it was firmly established that legislation enacted by Parliament was needed for all taxes and all appropriations of public funds. The English House of Commons took the lead on this point ...
The twelfth Article of Confederation was also an engagements clause, committing the Confederation to honor promises made by the Continental Congress before the Congress of the Confederation convened. It stated that "All bills of credit emitted, monies borrowed, and debts contracted by or under the authority of Congress, before the assembling of ...
Superintendent of Finance of the United States was the head of Department of Finance, which is an executive office during the Confederation period with power similar to a finance ministry. The only person to hold the office was Robert Morris , who served from 1781 to 1784, [ 1 ] with the assistance of Gouverneur Morris .
The Congress of the Confederation was the sole federal governmental body created by the Articles of Confederation, but Congress established other bodies to undertake executive and judicial functions. In 1780, Congress created the Court of Appeals in Cases of Capture, which acted as the lone federal court during the Confederation period.
Public Finance in Theory and Practice, McGraw-Hill. Richard A. Musgrave and Alan T. Peacock, ed. ([1958] 1994). Classics in the Theory of Public Finance, Palgrave Macmillan. Description and contents. Edwin J. Perkins, American public finance and financial services, 1700-1815 (1994) pp 324–48. Complete text line free; Joseph E. Stiglitz (2000).