Tappan Brothers, Abolitionist Philanthropists

The Tappan brothers were a pair of wealthy New York City businessmen who used their fortunes to assist the abolitionist movement from the 1830s through the 1850s. The philanthropic efforts of Arthur and Lewis Tappan were instrumental in the founding of the American Anti-Slavery Society as well as other reform movements and educational endeavors. The brothers became prominent enough that a mob sacked Lewiss house in lower Manhattan during the abolitionist riots of July 1834. And a year later a mob in Charleston, South Carolina, burned Arthur in effigy because he had financed a program to mail abolitionist pamphlets from New York City to the South. The brothers remained undaunted, and continued to assist the anti-slavery movement. They set an example that others followed, such as the Secret Six, the men who secretly funded the abolitionist fanatic John Brown before his fateful raid on Harpers Ferry. Business Background of the Tappan Brothers The Tappan brothers were born in Northampton, Massachusetts, into a family of 11 children. Arthur was born in 1786, and Lewis was born in 1788. Their father was a goldsmith and merchant and  their mother was deeply religious. Both Arthur and Lewis showed early aptitude in business and became merchants operating in Boston as well as Canada. Arthur Tappan was operating a successful business in Canada until the War of 1812, when he relocated to New York City. He became very successful as a merchant in silks and other goods, and garnered a reputation as a very honest and ethical businessman. Lewis Tappan was successful working for a dry goods importing firm in Boston during the 1820s, and considered opening his own business. However, he decided to move to New York and join his brothers business. Working together, the two brothers became even more successful, and the profits they made in the silk trade and other enterprises allowed them to pursue philanthropic interests. The American Anti-Slavery Society Inspired by the British Anti-Slavery Society, Arthur Tappan helped to found the American Anti-Slavery Society and served as its first president from 1833 to 1840. During his leadership the society became prominent for publishing a large number of abolitionist pamphlets and almanacs. The printed material from the society, which was produced in a modern printing facility on Nassau Street in New York City, showed a fairly sophisticated approach to influencing public opinion. The organizations pamphlets and broadsides often carried woodcut illustrations of the mistreatment of slaves, making them easily understandable to people, most importantly slaves, who could not read. Resentment Toward the Tappan Brothers Arthur and Lewis Tappan occupied a peculiar position, as they were very successful in New York Citys business community. Yet the businessmen of the city were often aligned with the slave states, as much of the American economy before the Civil War depended on the trade in products produced by slaves, primarily cotton and sugar. Denunciations of the Tappan brothers became commonplace in the early 1830s. And in 1834, during days of mayhem that became known as the Abolitionist Riots, the house of Lewis Tappan was attacked by a mob. Lewis and his family had already fled, but most of their furniture was piled up in the middle of the street and burned. During the Anti-Slavery Societys pamphlet campaign of 1835 the Tappan brothers were widely denounced by pro-slavery advocates in the South. A mob seized abolitionist pamphlets in Charleston, South Carolina, in July 1835 and burned them in a huge bonfire. And an effigy of Arthur Tappan was hoisted high and set on fire, along with an effigy of abolitionist editor William Lloyd Garrison. Legacy of the Tappan Brothers Throughout the 1840s the Tappan brothers continued to help the abolitionist cause, though Arthur slowly withdrew from active involvement. By the 1850s there was less need for their involvement and financial support. Thanks in large part to the  publication of Uncle Toms Cabin,  Ã‚  abolitionist thought was delivered into American living rooms. The formation of the Republican Party, which was created to oppose the spread of slavery to new territories, brought the anti-slavery point of view into the mainstream of American electoral politics. Arthur Tappan died on July 23, 1865. He had lived to see the end of slavery in America. His brother Lewis wrote a biography of Arthur which was published in 1870. Not long after, Arthur suffered a stroke which left him incapacitated. He died at his home in Brooklyn, New York, on June 21, 1873.

New Era Of American Prosperity Essay - 1881 Words

$33,330. According to College Board, that is the estimated amount it will cost for a full-time student to attend a public college or university in their home state for the 2016-2017 school year. Most Americans view this price as a reflection of the high value placed on postsecondary education as a means to success. However, for disadvantaged students, college comes at a hefty and burdensome cost, one that their families often cannot afford. To address concerns over higher education and its inaccessibility to low-income students, Vermont senator, Bernie Sanders, declared that â€Å"It is time to build on the progressive movement of the past and make public colleges and universities tuition-free in the United States — a development that will be the driver of a new era of American prosperity.† Sanders’s widespread support from debt-straddled Democrats and Independents, in turn, has prompted Democratic presidential nominee, Hillary Clinton to embrace a more progressi ve stance on college education by promising to make debt-free college available for everyone. While both candidates gained much praise for their proposals, critics claim their plans are too idealistic and lack the proper funding and support to be successfully implemented in today’s politically gridlocked government. 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Management Decision linked to Capital Budgeting †Free Samples

Question: Discuss about the Management Decision linked to Capital Budgeting. Answer: Introduction Capital budgeting is a decision making tool that managers make use of, for evaluation of particular projects(Stout, 2008). Businesses determine positives and negatives associated with a project or an investment decision, which forms a part of companys growth prospects. Capital budgeting processes helps decide on cash flows from a particular project by understanding cash flows that are generated from the project. A company determines rate of return which are acceptable or unacceptable depending upon factors of a project. Capital budgeting processes creates measurability and accountability for businesses that needs to diversify its resources in particular projects. With proper understanding of risks and associated return it becomes easier to have ownership and responsibility in regards to a particular project(Baker, 2010). Effectiveness of an investment decision or of a project is understood in this manner or else there will be minor chances of business existence in competitive marketp lace. As sole motive for businesses is to make profits for its shareholders, capital budgeting processes needs to be encompassed for understanding long-term financial as well as economic gains. In corporate decision making, management can make decisions pertaining to sensitivity analysis, break-even, scenario or simulation techniques. However, all pertinent management decisions are linked to capital budgeting techniques including net present value, internal rate of return, accounting rate of return, payback period and so on and so forth(Bekaert, 2009). All pertinent management decision are taken with the aid of capital budgeting processes. The scope of the following analysis establishes relationship of capital budgeting techniques and procedures with that of managerial decision processes, evaluating scopes and application for each. Analysis Capital budgeting is integral for businesses as it enables creation of structured process for better managerial decision making. For long-term strategic goal development is generated by attracting new projects and creating business cash flow forecasts(Garrison, 2010). Each and every capital budgeting techniques involves undertaking assumptions for making future estimations regarding project performance. Results from calculations from capital budgeting decisions often emerge to be inaccurate which leads to unexpected outcomes. In cases of low profits, then company can break-even due to bad economic conditions. Sensitivity Analysis Sensitivity analysis allows businesses to develop estimates with projections in cases they turn out to be unreliable. It encompasses changing assumptions for understanding impact on project finances, which allows business managers prepare for unexpected results(Jackson, 2010). In every investment projects, net present value (NPV) or accounting rate of return (ARR) or other methods are utilized for calculations with different rates of return for conducting sensitivity analysis, which in turn will allow making a decision. Through sensitive analysis, business managers can better generate results that can create expected results, such that they can analyse project investment in a better manner. In case a business investment can earn $500, $1500 and $2000 in initial three years of the project. In case the business makes initial investment of $3000, which can be generated within the first three years. In case the project performs better in the first two years compared to its expectations, then it can easily break-even within the first two years(Miller, 2007). An example of sensitivity analysis encompasses, an investment decision for $100,000 is said to generate returns of $10,000, $30,000, $50,000, $45,000 and so on in the first four years of its commencement. Managers determine that there could be an increase of 5% in total cash flows in case cost of capital comes down by 10%, then financial model for the investment decision for sensitivity analysis will be to estimate what will happen to investment decisions in case cash flows increases by 10%, 50% or 100%. Sensitivity analysis reflects that higher cash flows are sensitive to lower costs of capital involved. In case of sensitivity analysis, different values of independent variable can generate impact on a dependent variable with sets of assumptions. It is applicable in cases where there is more than one variable as effects that changes interest rates in bond prices. Scenario Analysis Scenario analysis is another integral concept in managerial decision making. It analyses expected value from proposed investment or business activity with statistical mean being the highest probability event expected for a situation. Multiple scenarios are combined with various probability with which they occur can enable better determination of value of an investment. Probability of calculating expected value with which it will occur allows managers determine productivity of an investment alternative(Gervais, 2011). Probability distribution of an investment helps analyse risk inherent to an investment, which in turn allows calculation of expected rate of return. Through this procedure risk tolerance of the companys investment decision can help create better prospective for the investment or business venture. Scenario analysis can be applied in many ways using multi-factor analysis or random factor analysis. Multivariate model are also used in multiple instances for forecasting value s. Assuming values of each variable, most probable mean value of potential distribution can be ascertained(Tayles, 2007). Mean has informational value but does not depict variation in outcomes. Risks analysis is crucial for determinant for any type of project, especially for future outcome predictions. Mean is assumed to be a mid-path between extreme positive and negative side for any investment alternative. Scenario analysis often computes multiple net present values for the project with multiple different scenarios. In capital budgeting processes, the first or initial capital budgeting estimate is deemed to be base-case scenario. From the base-case other cases are generated and determined or developed(Besley, 2007). Managers compute several NPVs based on best economic situations and also worst economic situation which entail better decision making for the company. Break-even Analysis Break-even analysis is a point that determines a point where costs equals revenues generated from an investment project. With this calculation, managers estimates margin of safety for a particular investment project. When the amount of revenue exceeds amount of investments made then it is assumed that the investment has attained its break-even point(Zimmerman, 2011). Break-even analysis is however, a supply side analysis that incorporates costs of investments, it does not assesses ways in which cash outflows might determine costs of the capital. Therefore, at break-even point losses equals to gains, hence managers in a business needs to determine this point to understand profitability. Costs are important in understanding of break-even analysis as fixed costs, variable and semi-variable costs. In an investment project, fixed costs are those which does not change over time or increases or decreases(Jain, 2013). Fixed costs in a project are those which the company has to pay in case of independent business activities. Such costs are total of services or goods provided. An example includes, for a project delivery the company needs to lease instruments worth $200,000 which does not change with specific components within the project, hence needs to be spread over across all its units. In case the project costs of capital is spread across longer duration of time then fixed costs components will be spread as against in case costs of capital is concentrated in a particular period, which leads to higher fixed cost appropriated within the time period. Variable costs are however, dependent on specific outputs. In case project activities are strained then it leads to higher variable costs as those arising from rents, office supplies, insurances and so on(Bierman Jr, 2012). Semi-variable costs on the other hand are semi-fixed costs that is a mixture of fixed along with variable costs components. Labour costs can be termed as semi-variable in nature and there are other semi- variable costs as well that are associated with certain project output. Break-even analysis often involves adjusting costs of capital for assessing project benefits or outcomes. Company managers determine competition-driven cost calculation tactics that can render competitive advantage in the market. Competitive costing and calculation of rate of return for a particular project helps attain a profitable market share, by controlling excessive costs that might arise from particular projects(Baldenius, 2007). In break-even analysis, capital budgeting technique of payback period is assumed for managerial decision making. In case a project costs is $100,000 and cash flows from it in first years of its progress are $20,000, $70,000, $ 40,000 and $30,000, then it can be understood that payback period for the project is estimated to be at 2 years and 3 months. Thus, at 2 years and 3 months the project can be assumed to attain its break- even point. Thus, payback period and NPV from the proj ect which are capital budgeting techniques are used for understanding managerial decision making in break-even analysis as well. Simulation Technique With most capital budgeting techniques being focused on decision making models as NPV, ARR, IRR, Payback Period and so on, which often goes on to including taxing implications as well. These models however do not include any random figures and are determined using single figures with them(Froot, 2007). Hence, it can easily be understood that cash flows with uncertainties are ignored in all respects, which leads to analysing a project from single aspect of risks expressed in terms of a single discounting rate. For capturing greater amounts of risks from a project, it is required that the project delivers over normal returns. A simulation based model have capabilities to imitate real life situations when adapting to capital budgeting techniques. Thus, managers encompass this technique along with application of capital budgeting decision making tools to arrive at consolidated real-life figures with probability distribution connected to every cash flow from an investment. In order to dri ve random model, simulation techniques are assumed with random numbers from 0 to 1, it can be easily accommodated into Excel tool using RAND() within a particular cell. This project thus encompasses all risks endeavors in capital budgeting decision making within an economic situation. Probability of a calculation makes it more practical oriented approach for determination of likelihood of cash flows that a project is expected to generate. NPV which is a technique of capital budgeting thus is used for generating decision making capabilities in simulation as well. As contradictory to other tools for decision making which involves singular aspects, capital budgeting decision making includes financial decisions as well as investment decisions. When shareholders of a business agree to investment in a particular decision, then they make financial commitment to it along with substantial risks(Chen, 2008). Risks from projects can be multifarious as delays, cost overruns, increase in costs, regulatory changes, taxation changes and so on. Further, an investment decision will have an impact on future decision and growth for a company. Hence, project evaluation from investment or financial decision-making can create tremendous limitation for the project(Truong, 2008). Hence, a series of steps needs to be taken for managerial level decision making which will create long-term strategic orientation for the Company. Conclusion Managerial decision making includes critical aspects that can generate returns for the business and in turn for its shareholders. Capital budgeting techniques includes various processes that can estimate returns from a particular investment project. Managerial decision techniques as sensitivity analysis, scenario analysis, break-even analysis, simulation techniques and so on uses capital budgeting techniques for their analysis. Integrating such techniques is critical for arriving at values for managerial decision making with various discounting rates or values. Thus, capital budgeting decision techniques forms a crucial aspect for managerial decision making for estimating future cash flows. It facilitates transfer of information for various investment projects, which are in turn required for acquiring new investment projects. It also facilitates monitoring and controlling of expenditures for long-term strategic decision making. References Baker, H. K. 2010. Management views on real options in capital budgeting. Baldenius, T. D. 2007. Cost allocation for capital budgeting decisions. The Accounting Review, 837-867. Bekaert, G. . 2009. International financial management. Upper Saddle River, New Jersey, NJ: Pearson Prentice Hall., 809. Besley, S. . 2007. Essentials of managerial finance. Cengage learning. Bierman Jr, H. . 2012. The capital budgeting decision: economic analysis of investment projects. Routledge. Chen, S. 2008. DCF techniques and nonfinancial measures in capital budgeting: a contingency approach analysis. Behavioral Research in Accounting, 13-29. Froot, K. A. 2007. Risk management, capital budgeting, and capital structure policy for insurers and reinsurers. Journal of risk and Insurance, 273-299. Garrison, R. H. 2010. Managerial accounting. Issues in Accounting Education, 792-793. Gervais, S. H. 2011. Overconfidence, compensation contracts, and capital budgeting. The Journal of Finance, 1735-1777. Jackson, J. 2010. Promoting energy efficiency investments with risk management decision tools. Energy Policy, 3865-3873. Jain, P. K. 2013. Capital Budgeting Decisions. In Financial Management Practices . Springer India., 37-76. Miller, P. . 2007. Mediating instruments and making markets: Capital budgeting, science and the economy. Accounting, organizations and society, 701-734. Stout, D. E. 2008. Improving capital budgeting decisions with real options. Management accounting quarterly, 1. Tayles, M. P. 2007. Intellectual capital, management accounting practices and corporate performance: perceptions of managers. Accounting, Auditing Accountability Journal, 522-548. Truong, G. P. 2008. Cost-of-capital estimation and capital-budgeting practice in Australia. Australian journal of management, 95-121. Zimmerman, J. L.-Z. 2011. Accounting for decision making and control. Issues in Accounting Education, 258-259.