National Debt

SLIDE 1The bud run low should be balanced; the treasury should be refilled; habitual debt should be reduced; and the arrogance of public officials should be controlled. The Roman Republic, the foremost power of its day, had reached its zenith. Its leadership had win unbounded wealth and unstinted power. The rulers were intolerant of restraint, indifferent to the demands of the heart and soul class, and contemptuous of the Constitution which was designed to curb their ambitions. The time was slightly 70 years before the birth of Christ. Young Marcus Cicero, past a student of law and an eminent lawyer of this day, was however about to suffer his first great disillusionment with avaricious brass. Rome, by force of arms, guile and trickery, dominated the world. Its citizens had grown gaffe and fat, careless of their rights, and had fallen prey to the ruthless politicians who craved more than and ever more power and riches. SLIDE 2The issue debt was born in the War of Independence. Within a hebdomad of the Battle of Bunker Hill in 1775, the Continental Congress, hobby colonial precedents, authorized an issue of $2 million of bills of credit, called Continentals, to pay the war.

In January 1780, Alexander Hamilton, installed as the first Secretary of the Treasury, submitted his address on the Public Credit to Congress and called for funding some all the governments obligations, including state debts, into long-term federal securities collectable in specie or hard money. He argued in his report that his plan would restore faith in the government and public credit, attract foreign capital and increase the trenchant stock of money, thus stimulating the economy. Subsequent experience turn up him right. The U.S. government was nearly bankrupt in the 1780s; but in 1803, had trouble borrowing $11¼ million on pitiable notice, mostly from foreign subscribers, to finance the Louisiana Purchase, thus image the size of the nation. It was a political and economical masterstroke for the... If you want to get a full essay, order it on our website: Ordercustompaper.com

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