Start Your Visit WithHistorical Timelines
General Interest Maps
The national debt is the amount owed by the United States Treasury to holders of bonds and notes. The net public debt is the amount owed to the public, as opposed to public agencies and trust accounts like Social Security.
The national debt began at zero under the new constitution in 1789, but the first Secretary of the Treasury, Alexander Hamilton, when he delivered his First Report on the Public Credit on January 14, 1790, proposed that the federal government should assume the obligation to repay not just the money borrowed by the continental congress to pay the Continental Army but $25,000 of state debts. Many suggested that the Continental Congress debt securities, which were being traded at a discount, should be repaid at a discount. Hamilton asserted that:
Every buyer therefore stands exactly in the place of the seller, has the same right with him to the identical sum expressed in the security, and having acquired that right, by fair purchase and in conformity to the original agreement and intention of the government, his claim cannot be disputed, without manifest injustice.
Patrick Henry was strongly opposed to Hamilton's suggestions, particularly the assumption of the state debts. He wrote a protest resolution, which was passed by the Virginia Assembly in December, 1790:
On the contrary they discern a striking resemblance between this system and that which was introduced into England, at the revolution; a system which has perpetuated upon that nation an enormous debt, and has moreover insinuated into the hands of the executive, an unbounded influence, which pervading every branch of the government, bears down all opposition, and daily threatens the destruction of everything that appertains to English liberty.
---- Selected Quotes ----
Quotes regarding National Debt.
By Alexander Hamilton
A national debt, if it is not excessive, will be to us a national blessing.
By Thomas Jefferson
The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
By Herbert Hoover
Blessed are the young, for they shall inherit the national debt.
Speech in 1936. At that time, the federal debt was around $35 billion. It is now around $14 trillion.
By George W. Bush
My plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire.
Radio address, February 24, 2001
By John Adams
The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.
First address to Congress, 1797
Off-site search results for "National Debt"...
Lane Theological Seminary
In 1932, Lane Theological Seminary became part of the McCormick Theological Seminary in Chicago. In the years which followed, evidence of the campus slowly began to disappear. Old buildings were torn down to make way for residential ...
Concordia Parish Information
... page| Schools and Libraries Schools Vocational Higher Education Libraries Concordia Parish Library Director -Amanda Taylor 1609 Third St. Ferriday, LA 71334-2298 318-757-3550 FAX 318-757-8836 Email - firstname.lastname@example.org www.
ATSF Concordia, KS Depot
Concordia, KS Concordia was a rare example of a standard frame depot with a stucco exterior. Medicine Lodge and Sharon, KS, and Lockney, TX are other known other examples. By 1992, Concordia it was also one of only a handful of frame depots ...