United States Foreign and Domestic Debt in 1790
With ratification of the US Constitution in 1789, Congress became empowered to impose import duties and levy taxes to raise revenue to service its obligations.
The national debt of the United States, according to the Report, included $40 million in domestic debt as well as $12 million in foreign debt, each inherited from the Continental Congress. In addition, the thirteen states altogether owed $25 million from debts incurred during the American Revolution. The combined US debt, as calculated, stood at a “staggering” $77 million.
Read more about this topic: First Report On The Public Credit
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