Personal Financial Planning: An Introduction (The Chapman & Hall Series in Accounting & Finance)
(This new text - the first of its kind in the UK - the fir...)
This new text - the first of its kind in the UK - the first of its kind in the UK - provides students and professionals with a thorough introduction to all aspects of personal financial planning, and the role of the personal financial adviser. The author examines investment planning, including a description of the range of financial products on offer: insurance plans, pension plans, housing finance plans and credit management plans. The text blends principles and practice throughout, using numerous examples, exercises and self-text questions followed by useful case studies of financial planning scenarios for different types of individual.
Thomas Chipman McRae was an American lawyer, congressman, and governor of Arkansas.
Background
Thomas Chipman McRae was born on December 21, 1851 in Union County, Arkansas. He was the son of Duncan L. and Mary Ann (Chipman) McRae. His paternal ancestors emigrated from Scotland to North Carolina in the early part of the eighteenth century.
Education
Thomas attended private schools, the Soulé Business College in New Orleans, and the law department of Washington and Lee University, from which he graduated in 1872.
Career
McRae opened a law office in Rosston, Arkansas, in 1873, but moved to Prescott in 1877, when that town was made the county seat. He was representative in the legislature in 1877, a Democratic presidential elector in 1880, chairman of the Democratic state convention in 1884 and 1902, and a member of the national committee from 1896 to 1900.
In 1885, he was elected to Congress. During his first session (1886) he introduced a bill for a graduated income tax, and again in 1888. He was a member of the committee on public lands for ten years and its chairman for four; for a time he was the ranking Democrat on the appropriations committee.
He introduced bills for the recovery of lands previously granted to the Pacific railroads, to preserve the timber on public lands, and to safeguard the national forests. He also worked for the return of the cotton tax, which had been collected after the close of the Civil War. Besides serving on important conference committees, he was several times made chairman of the committee of the whole.
On retiring from Congress voluntarily in 1903, he resumed the practice of law at Prescott and engaged in banking. He was elected president of the Arkansas Bankers' Association in 1909 and of the Bar Association in 1917. In 1917-18, he was a member of the constitutional convention. He secured the Democratic nomination for governor in 1920 by a small plurality, but was elected by a good majority and made an excellent record for two terms.
The chief planks in his platform were the abolition of useless offices and a systematic and economical financial administration. He secured the substitution of honorary boards for salaried commissions in four instances. The penitentiary board, which was nearly half a million dollars in debt, he reorganized and put on a firm basis.
He secured the abolition of the corporation commission, which exercised jurisdiction "from the greatest railroad to the most insignificant light plant" and restored control of local utilities to the local governments. At the expiration of his term he again resumed his law practice at Prescott and engaged in banking. His death was caused by influenza.
(This new text - the first of its kind in the UK - the fir...)
Views
McRae was much interested in the common schools and particularly in vocational and agricultural education and had the satisfaction of seeing an increase in funds for their support, partly due to the tobacco tax, and a great improvement in educational conditions generally.
Road building had been begun on the mistaken policy of improvement districts, which threw the burden upon the owners of the adjacent real estate; McRae proposed that the roads should be built and maintained by the users and suggested higher fees for motor licenses and a gasoline tax. Throughout his four years, he advocated a state income tax and the repeal of the state general property tax.
Powerful interests blocked the former measure at the time, but he lived to see such a tax in operation before his death. He secured an appropriation for a tuberculosis sanitarium for negroes, a law giving women the right to hold office, and advocated the creation of a forestry commission.
Personality
McRae gave freely to charity, and donated two blocks in Prescott for a park for the negroes, the site of the postoffice, and land upon which to build a county court house.
Connections
On December 17, 1874, McRae was married to Amelia Ann White, by whom he had nine children.