Political Law Quotes
At the time this was a very widely held, bipartisan view. See {634818} . Given statements like this, TR if he were alive today would never be able to get the Republican Nomination for President; nor could he obtain the Democratic Nomination because of his view on the military, expansionism, defense spending and war.
The States sold bonds to finance the their efforts in the Revolutionary War. Some states had better prospects for redeeming their bonds than others. Georgia, South Carolina and North Carolina in particular had poorer prospects than most and their bonds were selling at about 25 cents on the dollar. Alexander Hamilton, then the Secretary of the Treasury, wanted the new Federal government to assume the state’s war debt and pay off the bonds. He made his proposal for how he would accomplish this on January 14, 1790. He delivered his report and proposal to Congress “Report on the Public Credit”. As soon as Hamilton’s proposal was read in Congress, sophisticated speculators set off for the Southern States to buy up as many bonds as they could before the owners found out that a Federal bail-out was under serious consideration. They could easily double, triple or even quadruple their money. Many congressmen wanted to outlaw the speculation. See {619929} & {619939}. The pro-speculation forces got their way. Some speculators made fortunes. Most bondholders lost money.
The US Congress passed the Magnitsky Act which allowed parties to sue in American Courts, Russian companies and individual wrongs committed against Russian Citizens in Russia. (The Russian prison system controlled by some corrupt powers in Russia had killed Magnitsky for exposing some massive corruption of some Russian officials. Although morally justified, legally the act was an interference in another nation’s internal affairs.) The Russians then banned the adoptions which actually hurt them far more than the U. S., but it was a retaliation which to maintain their dignity and sovereignty the Russians felt was necessary. It is an excellent example of the lack of predictability and reaction to various foreign policy moves. Retaliation could take any form, related or not, proportional or not, rational or not.
