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The Debts Of The United States

The Debts Of The United States image
Parent Issue
Public Domain
OCR Text

The iiew stocka of the United States, like their prudecemora o{ 1816, 1842 and 1818, will uiiquostionably find their leve] nbroad, na M home. This Government bagan in 1789, with a revolutionary debf of $75,403,476. Before tho ivar of 1S12, it was reduced, by antieipaticn of principa!, to 45,200,738. Th at war rao up this balance to 8127,334,834 in 1816. Tho public bebt thus enlurgod took the íorm, to a considerable ex tont, ol a three per cent. ütock, wbieh gradually found its way to Europa, and ths interest on wbieh waa paiu íü LAnflon, lt yívs with & treme difficulty tbat the Govei'íiiñeriL could induce the surrender of tho balance of' these tb ree prr cents by tho " Uritish aristocracy," and other European bolders in 1830-32. Bot the last dollar was paid off. The remnant of the public delit in 1735 was less thi fifty thousand dollars - ($37,513.) A publiü stock of' one hundri-d and twenty-seven milliona, made irredeemable oxcept at the option of the Government, was paid fl in less than twenty yeara. In 1842, the Government wanted fivo tniHiom to supply deficiencies in the Treasury. An agent went toEnejland, where the money lendere, nnder snob drice as the London Times novv volunteers, refused lo tako the loan at pnr. It was taken, under pressure, at home, and a íew years thereai'ter re sold n London at 110 per cent. The Mexican war loan of 1848 found bat partial and most reluctat countenance in London. Jt could not at first be placed at pur, but a few yeara thereafter the equivalent of HOs 115 per cent, ivas paid in London and on the Continent, and thebuyera found their profit in it, as in a i'ew years tho Government itself bought it in at ]20al21 per cent. The whole publiü dubt in 1852, by reason of the Mexicaii war, eoöcluded in 1848, and the Texas indemnity, was up to 870,005,210. In three years tho Oovernment had rcdeemed by purchafe, at liberal premiums, over fifty millions oi the amount, reducing the sura total before the culmination of the panic of 1857, to 165,154.-


Old News
Michigan Argus