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2020-09-17 04:50:04
Albert Gallatin
Former Treasury Secretary Albert Gallatin, From Ghent, Informs the Ambassador in Paris that the US Will Not Send an Agent to the Congress of Vienna to Influence the Post-Napoleonic Peace ""We cannot make any power quarrel with [Britain] at Vienna. If peace is there definitively settled, the worse the conditions for France and the more British pride will be gratified by the result, the better will be the prospect of its downfall and of the short duration of the peace." "We cannot make any power quarrel with [Britain] at Vienna. If peace is there definitively settled, the worse the conditions for France and the more British pride will be gratified by the result, the better will be the prospect of its downfall and of the
19/10/1814. The War of 1812 had been raging for two years. The U.S. government faced a very challenging financial situation, brought on by restricted trade and almost two decades of seizures of merchant ships at sea, and now by a war on its own soil. Revenues were down to about one half of what was required, and prospects were for a $50 million shortfall by the end of the year. It needed to take steps to raise money, and quickly. Without further funds, there was a real question as to whether the government would be able to pay to maintain the army and navy during wartime. Specie (hard money) payments were severely restricted, and many US banks could not or would not extend the credit. Moreover, merchants would accept Treasury bills only at a steep discount.To meet this challenge, on March 24, 1814, Congress authorized the President to raise the money by borrowing up to $25 million. This prompted a lively public debate on the nation's capacity to sustain a debt of that size. So the government determined to do the borrowing in tranches (portions), in the belief that advertising the loan in pieces would cause less controversy and perhaps make the government’s loan efforts more successful.  It was stated that the government loan for $6 million would be taken in Europe. Though many were skeptical of this, the skeptics proved wrong.In May of 1814, President Madison wrote his Treasury Secretary, “Should we find it necessary to resort to Europe for the next loan, there may be little time to spare in authorizing the negotiation. The loan we have obtained… cannot be calculate … [Click Below for Full Description]
Bookseller: The Raab Collection [United States]
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