One nation under debt : Hamilton, Jefferson, and the history of what we owe

Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right. One Nation Under Debt explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-“but their liberty, won with promises as well as with the blood of patriots, came at a high price.” He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today. As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come. Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations. Like Its Current Citizens, The United States Was Born In Debt, A Debt So Deep That It Threatened To Destroy The Young Nation. Thomas Jefferson Considered The National Debt A Monstrous Fraud On Posterity, While Alexander Hamilton Believed Debt Would Help America Prosper. Both, As It Turns Out, Were Right. This Book Explores The Untold History Of America's First National Debt, Which Arose From The Immense Sums Needed To Conduct The American Revolution. The Author Tells In Riveting Narrative How A Subjugated But Enlightened People Cast Off A Great Tyrant, But Their Liberty, Won With Promises As Well As With The Blood Of Patriots, Came At A High Price. He Brings To Life The Key Events That Shaped The U.s. Financial System And Explains How The Actions Of Our Forefathers Laid The Groundwork For The Debt We Still Carry Today. As An Economically Tenuous Nation By Revolution's End, America's People Struggled To Get On Their Feet. The Author Outlines How The Formation Of A New Government Originally Reduced The Nation's Debt, But, As Debt Was Critical To This Government's Survival, It Resurfaced, To Be Beaten Back Once More. It Is Then Revealed How Political Leaders Began Accumulating Massive New Debts To Ensure Their Popularity, Setting The Financial Stage For Decades To Come. The Book Traces Critical Evolutionary Developments From Alexander Hamilton's Creation Of The Nation's First Modern Capital Market, To The Use Of National Bonds To Further Financial Goals, To The Drafting Of State Constitutions That Created Non-predatory Governments. The Author Shows How, By The End Of Andrew Jackson's Administration, America's Financial System Was Contributing To National Growth While At The Same Time New National And State Debts Were Amassing, Sealing The Fate For Future Generations. A Twinkle In The Eye : The Importance Of Government Debt -- Parentage : European Precedents -- Conception : Financing Revolution -- Gestation : The Constitution And The National Debt -- Birth : Alexander Hamilton's Grand Plan -- Youth And Maturity : The Public Debt Grows Up, Then Slims Down -- Life : The Life And Times Of Federal Bondholders In Virginia -- Blessing : American Economic Growth -- Death And Reincarnation : Jackson's Triumph And Failure. Robert E. Wright. Includes Bibliographical References (p. 371-386) And Index. Includes Bibliographical References And Index. A noted economic historian reveals the political and economic battle behind early America's first national debt and its continued legacy today. Since the Revolutionary period, our leaders have warred over the role of debt and finance in building a great nation. In "One Nation Under Debt", noted historian Robert E. Wright expertly explores the story of our first U.S. national debt, which arose during the Revolution and was extinguished during the presidency of Andrew Jackson. Throughout the book, he examines in detail the seminal events that spawned profound changes in the structure of the U.S. financial system and the nature of debt. The author first explains the political and economic importance of government debt markets. He then looks at the long-term development of national debt and the pro-debt views of Alexander Hamilton and those of critics like Thomas Jefferson. Wright also describes Andrew Jackson's complete repayment of the national debt-offering concrete lessons that can help in handling our current and future debt The United States was born in debt, a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right. This book explores the untold history of America's first national debt, arising from the immense sums needed to conduct the Revolution. Financial historian Wright recounts the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today. --From publisher description Expertly explores the story of the first US national debt, which arose during the Revolution and was extinguished during the presidency of Andrew Jackson. This book examines the seminal events that spawned profound changes in the structure of the US financial system and the nature of debt.