Commanding General of the United States Army
Prior to the institution of the Chief of Staff of the Army in 1903, there was recognized to be a single senior-most officer in the United States Army though there was not a statutory office as such. During the American Revolutionary War, the title was Commander-in-Chief of the Continental Army. In 1783, the title was simplified to Senior Officer of the United States Army. In 1821, the title was changed to Commanding General of the United States Army; the office was referred to by various other titles, such as "Major General Commanding the Army" or "General-in-Chief." From 1789 until its abolition in 1903, the position of Commanding General was subordinate to the Secretary of War, although this was at times contested. The position was abolished with the creation of the statutory Chief of Staff of the Army in 1903. † denotes people who died in office. United States military seniority Historical Resources Branch. Eicher, John H.. Civil War High Commands. Stanford University Press. ISBN 0-8047-3641-3.
Bell, William Gardner. Commanding Generals and Chiefs of Staff 1775-2005: Portraits and Biographical Sketches. Washington, D. C.: United States Army Center of Military History. King, Archibald. Command of the Army. Military Affairs. Charlottesville, Virginia: The Judge Advocate General's School, U. S. Army
Constitutional Convention (United States)
The Constitutional Convention took place from May 25 to September 17, 1787, in the old Pennsylvania State House in Philadelphia. Although the Convention was intended to revise the league of states and first system of government under the Articles of Confederation, the intention from the outset of many of its proponents, chief among them James Madison of Virginia and Alexander Hamilton of New York, was to create a new government rather than fix the existing one; the delegates elected George Washington of Virginia, former commanding general of the Continental Army in the late American Revolutionary War and proponent of a stronger national government, to preside over the Convention. The result of the Convention was the creation of the Constitution of the United States, placing the Convention among the most significant events in American history. At the time, the convention was not referred to as a "Constitutional" convention, nor did most of the delegates arrive intending to draft a new constitution.
Many assumed that the purpose of the convention was to discuss and draft improvements to the existing Articles of Confederation, would have not agreed to participate otherwise. Once the Convention began, most of the delegates – though not all – came to agree in general terms that the goal would be a new system of government, not a revised version of the Articles of Confederation. Several broad outlines were proposed and debated, most notably James Madison's Virginia Plan and William Paterson's New Jersey Plan; the Virginia Plan was selected as the basis for the new government, but several issues delayed further progress and put the success of the Convention in doubt. The most contentious disputes revolved around composition and election of the upper legislative house in the future bicameral Congress, to be known as the Senate, how "proportional representation" was to be defined, whether to divide the executive power between three persons or invest the power into a single chief executive to be called the President, how to elect the President, how long his term was to be and whether he could run for reelection, what offenses should be impeachable, the nature of a fugitive slave clause, whether to allow the abolition of the slave trade, whether judges should be chosen by the legislature or executive.
Most of the time during the Convention was spent on deciding these issues. Progress was slow until mid-July, when the Connecticut Compromise resolved enough lingering arguments for a draft written by the Committee of Detail to gain acceptance. Though more modifications and compromises were made over the following weeks, most of the rough draft remained in place and can be found in the finished version of the Constitution. After several more issues were resolved, the Committee on Style produced the final version in early September, it was voted on by the delegates, inscribed on parchment with engraving for printing, signed by thirty-nine of fifty-five delegates on September 17, 1787. The completed proposed Constitution was released to the public to begin the debate and ratification process. Before the Constitution was drafted, the nearly 4 million inhabitants of the 13 newly independent states were governed under the Articles of Confederation and Perpetual Union, created by the Second Continental Congress, first proposed in 1776, adopted by the Second Continental Congress in 1778 and only unanimously ratified by the Original Thirteen States by 1781.
It soon became evident to nearly all that the chronically underfunded Confederation government, as organized, was inadequate for managing the various conflicts that arose among the states. As the Articles of Confederation could only be amended by unanimous vote of the states, any state had effective veto power over any proposed change. In addition, the Articles gave the weak federal government no taxing power: it was wholly dependent on the states for its money, had no power to force delinquent states to pay. Once the immediate task of winning the American Revolutionary War of 1775 to 1783 had passed, the states began to look to their own interests, disputes arose; these included a dispute between Maryland and Virginia over the Potomac River and opposition to Rhode Island's imposing taxes on all traffic passing through it on the post road. James Madison suggested that state governments should appoint commissioners "to take into consideration the trade of the United States. Another impetus for the convention was Shays' Rebellion of 1786-1787.
A political conflict between Boston merchants and rural farmers over issues including tax debts had broken out into an open rebellion. This rebellion was led by a former Revolutionary War captain, Daniel Shays, a small farmer with tax debts, who had never received payment for his service in the Continental Army; the rebellion took months for Massachusetts to put down and some desired a federal army that would be able to put down such insurrections. These and other issues worried many of the Founders that the Union as it existed up to that point was in danger of breaking apart, being subject to the persuasion of foreign powers. In September 1786, at the Annapolis Convention, delegates from five states called f
Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. He was an influential interpreter and promoter of the U. S. Constitution, as well as the founder of the nation's financial system, the Federalist Party, the United States Coast Guard, the New York Post newspaper; as the first Secretary of the Treasury, Hamilton was the main author of the economic policies of George Washington's administration. He took the lead in the Federal government's funding of the states' debts, as well as establishing a national bank, a system of tariffs, friendly trade relations with Britain, his vision included a strong central government led by a vigorous executive branch, a strong commercial economy, a national bank and support for manufacturing, a strong military. Thomas Jefferson was his leading opponent, arguing for smaller government. Hamilton was born out of wedlock in Nevis, he was taken in by a prosperous merchant. When he reached his teens, he was sent to New York to pursue his education.
He took an early role in the militia. In 1777, he became a senior aide to General Washington in running the new Continental Army. After the war, he was elected as a representative from New York to the Congress of the Confederation, he founded the Bank of New York. Hamilton was a leader in seeking to replace the weak national government under the Articles of Confederation, he helped ratify the Constitution by writing 51 of the 85 installments of The Federalist Papers, which are still used as one of the most important references for Constitutional interpretation. Hamilton led the Treasury Department as a trusted member of President Washington's first Cabinet. Hamilton argued that the implied powers of the Constitution provided the legal authority to fund the national debt, to assume states' debts, to create the government-backed Bank of the United States; these programs were funded by a tariff on imports, by a controversial whiskey tax. He mobilized a nationwide network of friends of the government bankers and businessmen, which became the Federalist Party.
A major issue in the emergence of the American two-party system was the Jay Treaty designed by Hamilton in 1794. It established friendly trade relations with Britain, to the chagrin of France and supporters of the French Revolution. Hamilton played a central role in the Federalist party, which dominated national and state politics until it lost the election of 1800 to Jefferson's Democratic-Republican Party. In 1795, he returned to the practice of law in New York, he called for mobilization against the French First Republic in 1798–99 under President John Adams, became Commanding General of the disbanded U. S. Army, which he reconstituted and readied for war; the army did not see combat in the Quasi-War, Hamilton was outraged by Adams' diplomatic success in resolving the crisis with France. His opposition to Adams' re-election helped cause the Federalist party defeat in 1800. Jefferson and Aaron Burr tied for the presidency in the electoral college in 1801, Hamilton helped to defeat Burr, whom he found unprincipled, to elect Jefferson despite philosophical differences.
Hamilton continued his legal and business activities in New York City, was active in ending the legality of the international slave trade. Vice President Burr ran for governor of New York State in 1804, Hamilton campaigned against him as unworthy. Taking offense, Burr challenged him to a duel on July 11, 1804, in which Burr shot and mortally wounded Hamilton, who died the following day. Alexander Hamilton was born and spent part of his childhood in Charlestown, the capital of the island of Nevis in the Leeward Islands. Hamilton and his older brother James Jr. were born out of wedlock to Rachel Faucette, a married woman of half-British and half-French Huguenot descent, James A. Hamilton, a Scotsman, the fourth son of Laird Alexander Hamilton of Grange, Ayrshire. Speculation that Hamilton's mother was of mixed race, though persistent, is not substantiated by verifiable evidence, she was listed as white on tax rolls. It is not certain whether the year of Hamilton's birth was in 1755 or 1757. Most historical evidence, after Hamilton's arrival in North America, supports the idea that he was born in 1757, including Hamilton's own writings.
Hamilton listed his birth year as 1757 when he first arrived in the Thirteen Colonies, celebrated his birthday on January 11. In life, he tended to give his age only in round figures. Historians accepted 1757 as his birth year until about 1930, when additional documentation of his early life in the Caribbean was published in Danish. A probate paper from St. Croix in 1768, drafted after the death of Hamilton's mother, listed him as 13 years old, which has caused some historians since the 1930s to favor a birth year of 1755. Historians have speculated on possible reasons for two different years of birth to have appeared in historical documents. If 1755 is correct, Hamilton might have been trying to appear younger than his college classmates, or wished to avoid standing out as older. If 1757 is correct, the single probate document indicating a birth year of 1755 may have included an error, or Hamilton might once have given his age as 13 after his mother's death in an attempt to appear older and more employable.
Historians have pointed out that the probate document contained other proven inaccuracies, demonstrating it was not re
The Federalist Party, referred to as the Pro-Administration party until the 3rd United States Congress as opposed to their opponents in the Anti-Administration party, was the first American political party. It existed from the early 1790s to the 1820s, with their last presidential candidate being fielded in 1816, they appealed to business and to conservatives who favored banks, national over state government and preferred Britain and opposed the French Revolution. The Federalists called for a strong national government that promoted economic growth and fostered friendly relationships with Great Britain as well as opposition to Revolutionary France; the party controlled the federal government until 1801, when it was overwhelmed by the Democratic-Republican opposition led by Thomas Jefferson. The Federalist Party came into being between 1792 and 1794 as a national coalition of bankers and businessmen in support of Alexander Hamilton's fiscal policies; these supporters developed into the organized Federalist Party, committed to a fiscally sound and nationalistic government.
The only Federalist President was John Adams. George Washington was broadly sympathetic to the Federalist program, but he remained non-partisan during his entire presidency. Federalist policies called for a national bank and good relations with Great Britain as expressed in the Jay Treaty negotiated in 1794. Hamilton developed the concept of implied powers and argued the adoption of that interpretation of the United States Constitution, their political opponents, the Democratic-Republicans led by Thomas Jefferson, denounced most of the Federalist policies the bank and implied powers. The Jay Treaty passed and the Federalists won most of the major legislative battles in the 1790s, they held a strong base in New England. After the Democratic-Republicans, whose base was in the rural South, won the hard-fought presidential election of 1800, the Federalists never returned to power, they recovered some strength through their intense opposition to the War of 1812, but they vanished during the Era of Good Feelings that followed the end of the war in 1815.
The Federalists left a lasting legacy in the form of a strong Federal government with a sound financial base. After losing executive power, they decisively shaped Supreme Court policy for another three decades through the person of Chief Justice John Marshall. On taking office in 1789, President Washington nominated New York lawyer Alexander Hamilton to the office of Secretary of the Treasury. Hamilton wanted a strong national government with financial credibility. Hamilton proposed the ambitious Hamiltonian economic program that involved assumption of the state debts incurred during the American Revolution, creating a national debt and the means to pay it off and setting up a national bank, along with creating tariffs. James Madison was Hamilton's ally in the fight to ratify the new Constitution, but Madison and Thomas Jefferson opposed Hamilton's programs by 1791. Political parties had not been anticipated when the Constitution was drafted in 1787 and ratified in 1788 though both Hamilton and Madison played major roles.
Parties were considered to be harmful to republicanism. No similar parties existed anywhere in the world. By 1790, Hamilton started building a nationwide coalition. Realizing the need for vocal political support in the states, he formed connections with like-minded nationalists and used his network of treasury agents to link together friends of the government merchants and bankers, in the new nation's dozen major cities, his attempts to manage politics in the national capital to get his plans through Congress "brought strong" responses across the country. In the process, what began as a capital faction soon assumed status as a national faction and as the new Federalist Party; the Federalist Party supported Hamilton's vision of a strong centralized government and agreed with his proposals for a national bank and heavy government subsidies. In foreign affairs, they supported neutrality in the war between Great Britain; the majority of the Founding Fathers were Federalists. Alexander Hamilton, James Madison and many others can all be considered Federalists.
These Federalists felt that the Articles of Confederation had been too weak to sustain a working government and had decided that a new form of government was needed. Hamilton was made Secretary of the Treasury and when he came up with the idea of funding the debt he created a split in the original Federalist group. Madison disagreed with Hamilton not just on this issue, but on many others as well and he and John J. Beckley created the Anti-Federalist faction; these men would form the Republican party under Thomas Jefferson. By the early 1790s, newspapers started calling Hamilton supporters "Federalists" and their opponents "Democrats", "Republicans", "Jeffersonians", or—much later—"Democratic-Republicans". Jefferson's supporters called themselves "Republicans" and their party the "Republican Party"; the Federalist Party became popular with businessmen and New Englanders as Republicans were farmers who opposed a strong central government. Cities were Federalist strongholds whereas frontier regions were Republican.
However, these are generalizations as there are special cases such as the Presbyterians of upland North Carolina, who had immigrated just before the Revolution and been Tories, became Federalists. The Congregationalists of New England and the Episcopalians in the larger cities supported the Federalists while other minority denominations tended toward the Republican camp. Catholics
First Report on the Public Credit
The First Report on the Public Credit was one of four major reports on fiscal and economic policy submitted by American Founding Father and first United States Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States of America and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the House of Representatives on September 21, 1789, the Report was presented on January 9, 1790, at the second session of the First US Congress; the 40,000 word document called for full federal payment at face value to holders of government securities and the national government to assume funding of all state debt The political stalemate in Congress that ensued led to the Compromise of 1790, locating the permanent US capital on the Potomac River. The Federalists' success in winning approval for Hamilton's reforms led to the emergence of an opposition party – the Democratic-Republicans and set the stage for political struggles that would persist for decades in American politics.
During the American Revolution, the Continental Congress, under the Articles, amassed huge war debts, but lacked the power to service these obligations through taxation or duties on imports. As an expedient, the revolutionary government resorted to printing money and bills of credit, but this currency underwent depreciation. To avoid bankruptcy, the Continental Congress eliminated $195 million of its $200 million debt by fiat. In post-war years, Continental currency – "Continentals" – would be deemed worthless. With its finances in disarray, the legislature abdicated its fiscal responsibilities, shifting them to the thirteen states; when the state legislatures failed to meet quotas for war material through local taxation, the patriot armies turned to confiscating supplies from farmers and tradesmen, compensating them with IOU's of uncertain value. By the end of the war, over $90 million in state debt was outstanding. Much of the state and national fiscal disorder, exacerbated by an economic crisis in urban commercial centers, remained unresolved at the time the Report was issued.
With ratification of the US Constitution in 1787, Congress became empowered to impose import duties and levy taxes to raise revenue to honor these financial obligations. The national debt of the United States, according to the Report, included $40 million in domestic debt and $12 million in foreign debt, both inherited from the Continental Congress. In addition, the thirteen states altogether owed $25 million from debts incurred during the American Revolution; the combined US debt, as calculated, stood at $77 million. A consensus arose in Congress that the primary source of revenue be tonnage duties; these fees would serve to cover operating expenses for the central government as well as to pay interest and principal on foreign and domestic debt. Under the guidance of Representative James Madison, leader of the House, a tariff act was passed on July 4, 1789. Congress created the executive departments in September 1789, Alexander Hamilton was confirmed by the Senate to regulate the powerful Treasury Department.
Madison, having "actively promoted" Hamilton's appointment, was expected to cooperate in creating an energetic central government. With sources of revenue legislated, Congress proceeded to address the pressing issue of public credit. Establishing government credit – the ability to borrow – was deemed a necessity if the nation was to endure. In order to convince investors to purchase United States securities, a system was needed to reliably pay interest. Considering the magnitude of the debt burden it had inherited Congress wished to dispose of it with economy, "the only real difference of opinion... was how much of the existing debt had to be redeemed in order to establish the government credit." Various plans had been considered to pay down the domestic debt under the new federal government. Some advocates wanted to abruptly scale back the debt to ease tax burdens, so as to retire the debt quickly. Proposals to default on the loans were termed partial- or full "repudiation". None of these, suggested defaulting on any portion of the $12 million foreign debt – plus $1.5 million in interest – regarded as a "sacred obligation paid in full".
A significant portion of the nation's $40 million domestic debt was owed to American patriots who had supported the War of Independence through loans or personal service. Many of these were combat veterans who, demobilizing in 1783, had been paid in IOUs – "certificates of indebtedness" or "securities" and redeemable when the government's fiscal order had been restored. Schemes more in sympathy with the ex-soldiers who had relinquished their certificates to speculators at reduced rates were termed "discrimination"; these called for paying the original holder of the security at full value, reimbursing the current holder of the security for its purchase price. The combined payments would, exceed the denomination of the original certificate. Congressman James Madison of Virginia offered his own variation of "discrimination" which preserved the federal obligation of face value debt repayment. In his version, current certificate holders would be reimbursed at their purchase price for the devalued certificate, the balance would be handed to the original holder.
Hamilton rejected both "repudiation" and "discrimination" and championed "redemption", i.e. reserving payment at full value to the current holders of the certificates, with arrears of interest. Near the close of the first session of the First Congress in September 1789, with the m
Compromise of 1850
The Compromise of 1850 was a package of five separate bills passed by the United States Congress in September 1850, which defused a four-year political confrontation between slave and free states on the status of territories acquired during the Mexican–American War. The compromise, drafted by Whig Senator Henry Clay of Kentucky and brokered by Clay and Democratic Senator Stephen Douglas of Illinois, reduced sectional conflict, although controversy arose over the Fugitive Slave provision. Although the compromise was greeted with relief, each side disapproved of some of its specific provisions: Texas surrendered its claim to New Mexico as well as its claims north of 36°30', it retained the Texas Panhandle, the federal government took over the state's public debt. California was admitted with its current boundaries; the South prevented the adoption of the Wilmot Proviso, which would have outlawed slavery in the new territories. The new Utah Territory and New Mexico Territory were allowed, under popular sovereignty, to decide whether to allow slavery within their borders.
In practice, these lands were unsuited to plantation agriculture, their settlers were uninterested in slavery. The slave trade, but not the institution of slavery, was banned in the District of Columbia. A more stringent Fugitive Slave Law was enacted, requiring law enforcement in free states to support the capture and return of fugitive slaves, increasing penalties against people who tried to evade the law; the Compromise became possible after the sudden death of President Zachary Taylor. Although a slave owner, he had wanted to exclude slavery from the Southwest. Whig leader Henry Clay designed a compromise, which failed to pass in early 1850 because of opposition by both pro-slavery southern Democrats, led by John C. Calhoun, anti-slavery northern Whigs. Upon Clay's instruction, Stephen Douglas divided Clay's bill into several smaller pieces and narrowly won their passage, over the opposition of radicals on both sides. Soon after the start of the Mexican War, when the extent of the contested territories was still unclear, the question of whether to allow slavery in those territories polarized the Northern and the Southern United States in the most bitter sectional conflict until then.
A state the size of Texas attracted interest from both state residents and pro-slavery and anti-slavery camps on a national scale. Texas claimed land north of the 36°30' demarcation line for slavery, set by the 1820 Missouri Compromise; the Texas Annexation resolution had required that if any new states were formed out of Texas' lands, those north of the Missouri Compromise line would become free states. According to historian Mark Stegmaier, "The Fugitive Slave Act, the abolition of the slave trade in the District of Columbia, the admission of California as a free state, the application of the formula of popular sovereignty to the territories were all less important than the least remembered component of the Compromise of 1850—the statute by which Texas relinquished its claims to much of New Mexico in return for federal assumption of the debts."Stegmaier refers to "the principal Southern demand for a division of California at the line of 35° north latitude" and says that "Southern extremists made clear that a congressionally mandated division of California figured uppermost on their agenda."During the deadlock of four years, the Second Party System broke up, Mormon pioneers settled Utah, the California Gold Rush settled northern California, New Mexico under a federal military government turned back Texas's attempt to assert control over territory Texas claimed as far west as the Rio Grande.
The eventual compromise preserved the Union but only for another decade. Proposals in 1846 to 1850 on the division of the Southwest included the following: The Wilmot Proviso banning slavery in any new territory to be acquired from Mexico, not including Texas, annexed the previous year, it passed the House in February 1847 but not the Senate. An effort failed to attach the proviso to the Treaty of Guadalupe Hidalgo; the Extension of the Missouri Compromise line was proposed by failed amendments to the Wilmot Proviso by William W. Wick and Stephen Douglas to extend the Missouri Compromise line west to the Pacific to allow the possibility of slavery in most of present-day New Mexico and Arizona, Southern California; that line was again proposed by the Nashville Convention of June 1850. Popular sovereignty, developed by Lewis Cass and Stephen Douglas as the position of the Democratic Party, was to let each territory decide for itself whether to allow slavery. William L. Yancey's "Alabama Platform", endorsed by the Alabama and the Georgia legislatures and by Democratic state conventions in Florida and Virginia, called for no restrictions on slavery in the territories by the federal government or territorial governments before statehood, opposition to any candidates supporting either the Wilmot Proviso or popular sovereignty, federal legislation to overrule Mexican anti-slavery laws.
Two free states were proposed by Zachary Taylor, who served as President from March 1849 to July 1850. As President, he proposed that the entire area become two free states, called California and New Mexico but much larger than the ones today. None of the area would be left as an unorganized or organized territory, which would avoid the question of slavery in the territories. Changing Texas's borders was proposed by Senator Thomas Hart Benton in December 1849 or January 1850. Texas's western and northern boundaries would be the 102nd meridian west and the 34th parallel north. Two southern states were proposed by Senator John Bell, with the assent of Texas, in February 1850. New Mexico
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party but promises either to repay or return those resources at a date. In other words, credit is a method of making reciprocity formal enforceable, extensible to a large group of unrelated people; the resources provided may be financial. Credit encompasses any form of deferred payment. Credit is extended by a creditor known as a lender, to a debtor known as a borrower; the term "credit" was first used in English in the 1520s. The term came "from Middle French crédit "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," from past participle of credere "to trust, believe"." The commercial meaning of "credit" "was the original one in English" The derivative expression "credit union" was first used in 1881 in American English. Bank-issued credit makes up the largest proportion of credit in existence; the traditional view of banks as intermediaries between savers and borrower is incorrect.
Modern banking is about credit creation. Credit is made up of two parts, the credit and its corresponding debt, which requires repayment with interest; the majority of the money in the UK economy is created as credit. When a bank issues credit, it writes a negative entry into the liabilities column of its balance sheet, an equivalent positive figure on the assets column; when the debt is repaid, the credit and debt are cancelled, the money disappears from the economy. Meanwhile, the debtor receives a positive cash balance, but an equivalent negative liability to be repaid to the bank over the duration. Most of the credit created goes into the purchase of land and property, creating inflation in those markets, a major driver of the economic cycle; when a bank creates credit, it owes the money to itself. If a bank issues too much bad credit, the bank will become insolvent; that the bank never had the money to lend in the first place is immaterial - the banking license affords banks to create credit - what matters is that a bank's total assets are greater than its total liabilities, that it is holding sufficient liquid assets - such as cash - to meet its obligations to its debtors.
If it fails to do this it risks bankruptcy. There are two main forms of private credit created by banks. To reduce their exposure to the risk of not getting their money back, banks will tend to issue large credit sums to those deemed credit-worthy, to require collateral. In this instance, the bank uses sale of the collateral to reduce its liabilities. Examples of secured credit include consumer mortgages used to buy houses, boats etc. and PCP credit agreements for automobile purchases. Movements of financial capital are dependent on either credit or equity transfers; the global credit market is three times the size of global equity. Credit is in turn dependent on the reputation or creditworthiness of the entity which takes responsibility for the funds. Credit is traded in financial markets; the purest form is the credit default swap market, a traded market in credit insurance. A credit default swap represents the price at which two parties exchange this risk – the protection seller takes the risk of default of the credit in return for a payment denoted in basis points of the notional amount to be referenced, while the protection buyer pays this premium and in the case of default of the underlying, delivers this receivable to the protection seller and receives from the seller the par amount.
There are many types of credit, including but not limited to bank credit, consumer credit, investment credit, international credit, public credit and real estate. In commercial trade, the term "trade credit" refers to the approval of delayed payment for purchased goods. Credit is sometimes not granted to a buyer who has financial difficulty. Companies offer trade credit to their customers as part of the terms of a purchase agreement. Organizations that offer credit to their customers employ a credit manager. Consumer debt can be defined as "money, goods or services provided to an individual in the absence of immediate payment". Common forms of consumer credit include credit cards, store cards, motor vehicle finance, personal loans, consumer lines of credit, payday loans, retail loans and mortgages; this is a broad definition of consumer credit and corresponds with the Bank of England's definition of "Lending to individuals". Given the size and nature of the mortgage market, many observers classify mortgage lending as a separate category of personal borrowing, and