Thursday, February 19, 2009

Lincoln….. loved money but said no bailout

DAVID VON DREHLE / SPRINGFIELD writes in the TIME that during the Lincoln President period “For the first time, the Federal Government taxed income, floated bonds on a large scale and issued paper currency. The national wealth — land — was leveraged to promote sweeping social, educational and technological initiatives. Some ideas didn't work as planned, like the Homestead Act. Others, like the Morrill Act to create land-grant colleges, worked brilliantly. Still others achieved their aims only at a cost of waste and graft, like the Transcontinental Railroad.

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