/biz/ - Business & Finance

>>57091542
$77M of 1790=$2.6B 2023

>any portion of the $12 million foreign debt,[31] with $1.5 million in interest,[32] which was regarded as a "sacred obligation [to be] paid in full."[10]

>A significant portion of the nation's $40 million domestic debt [20] was owed to Patriots who had supported the War of Independence by loans or personal service. Many of them were combat veterans who, during demobilization in 1783,[13] had been paid in IOUs, "certificates of indebtedness"[33] or "securities" (not to be confused with the worthless Continental currency or bills of credit)[3] and redeemable when the government's fiscal order had been restored

>Schemes more in sympathy with the ex-soldiers who had relinquished their certificates to speculators at reduced rates were termed "discrimination" and called for paying the original holder of the security at full value and for reimbursing the current holder of the security at its purchase price. The combined payments would, however, exceed the denomination of the original certificate.[35]

>US Representative James Madison of Virginia offered his own variation of "discrimination" that would preserved the federal obligation of face value debt repayment.[30] In his version, current certificate holders would be reimbursed at their purchase price for the devalued certificate, and the balance would be handed to the original holder. The government outlay would match the face value of the original certificate.[36]

>Hamilton rejected both "repudiation" and "discrimination" and championed "redemption," the reserving of payment at full value strictly to the current holders of the certificates, with arrears of interest

>first session of the 1st Congress in September 1789, with the matter of establishing public credit unresolved, the legislature directed the new Secretary of the Treasury, Alexander Hamilton, to prepare a report on credit

>>7428349
awwww looks like someone was late to the party.