Look more carefully, however, and the American example is more complicated. Fiscal andcurrency union did indeed kick-start Americas early economic development. But fiscal andmonetary frameworks were so rudimentary that they contributed little to nation-building.
但仔细考察一下就可以发现,美国的经验没有人们想象的那么简单。财政联盟和货币联盟确实促进了美国初期的经济发展,但当时两者的结构仍是非常初级的,对于美国的立国过程并没有发挥太大作用。
America began life as a fiscal basket-case. The federal and state governments were deeply inarrears on loans taken out to finance their war for independence from Britain; federal debttraded at 50 cents on the dollar, state debt for 20 cents or less. Alexander Hamilton, the firstTreasury secretary, considered it vital to Americas economic health to re-establish faith in thenational credit. He proposed in 1790 that the federal government assume the states wardebts and then arrange a new schedule of payments and interest to refinance all of therepublics unpaid bills. Holders of the restructured bonds would be encouraged to exchangethem for capital in a new central bank that would issue a uniform currency to unify the statesfinancial systems.
建国初期,美国的财政状况非常困顿。为筹措资金支撑脱离英国的独立战争,联邦和州政府都承受着沉重的债务负担。联邦债券只能以面值的一半价格出售,而州政府债券只能以20%甚或更低价格出售。因此,美国第一任财长亚历山大?汉密尔顿认为,重振人们对国债的信心,对美国经济的健康发展至关重要。于是他在 1790年提出,由联邦政府承担州政府的所有战争欠款,并安排新的还本付息计划,为全国所有未偿付债务进行再融资。政府鼓励新公债持有人到新的中央银行把手中公债兑换为现金,而中央银行将发行单一货币以统一各州的财政系统。
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