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Second Verse, Same as the First?

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by

Max Zhou

on 18 February 2013

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Transcript of Second Verse, Same as the First?

Problems Then...
And Now... By: Max Zhou Debt In Texas Debt In Our Country Now... Debt In Texas Back Then... How We Got Rid of the Debt What Will be the Solution? Debt in the United States
Way Back When.... Debt in Texas was a major issue as soon as we hit independence. When we had just become our own country, we had an estimated $1.25 million dollars in debt. 100,000 was in the form of loans and form of claims for services and supplies. In 1838, the Republic of Texas issued a loan of five million to the United States and Great Britain. A naval debt (the Dawson and Holford debt) was included in the form of 10 percent bonds. The republic bought two vessels; the contract for each stated that if the amount was not paid at its date of one year, the price would be doubled. So far, America's debt has gone up and down in the past few hundreds of years. But how do we solve this gigantic issue? I feel as if one way to solve this problem is to sell off some of our land. We can slowly sell off lands until all/most of our debt is gone. Once we get enough money back, perhaps we can even buy some land back. In 1860, a year before the Civil War, the U.S. had 64.8 million dollars in debt. Once the war began, debt grew quickly. The financial cost of the war was significant, totaling an estimated $5.2 billion. At the end of the war, we had 2.6 billion dollars in debt; about 40 times the amount of debt before the war.

Years passed before something major happened. On October 29, 1929, the stock market crashed. Millions of people lost their jobs, companies went out of business, stocks fell into a new record low. Since the economy was poor and taxes were low, America started gaining debt once more.

When World War Two came, America not only had to pay for its soldiers, but it also had to send supplies to Britain and other countries. At the end of World War Two, we had 258 billion dollars in debt.

From the 1980s until the 1990s, the economy was strong, and the debt barely grew until 2000. That's when the government started to spend lots of money on security and medicare. Towards the end of 2007, there was a recession. In order to get the economy to grow again, the government spent lots of money on jobs and new programs. Eventually, this raised the debt to 12 trillion, and it hasn't come down yet. Today, we have up to sixteen trillion dollars in debt. Our debt didn't grow overnight; it actually started way back in the Revolutionary War. Paying for any war costs lots of money, and as a result, in 1783, the debt totaled up to 43 million dollars. Taxes of all sorts were raised, but the debt slowly went up. In 1791, the debt rose to about 77.1 million. Additions to Debt In June 1837, 10 percent funding bonds were authorized, and a total of $837,500 was issued in 1837, 1838, and 1839, in exchange for audited drafts and claims. This debt item finally amounted to $1,687,094.80. Of this amount, the state rated $29,291.47 at par and the remainder at seventy cents.

Treasury notes, amounting to $3,945,500, were also a part of the debt. Earlier notes issued bore 10 percent interest, but the later ones, called redbacks, were not interest-bearing. These were funded in bonds amounting to $792, 880. By September 1, 1851, enough revenue had been collected to cancel $518,324 of the notes. The value of notes with accrued interest for which settlement was finally made was $2,716,645.29. Of this amount, $65,208.33 was rated at par, $451,708.32 at fifty cents, and $2,199,728.64 (in redbacks) at twenty-five cents. On December 29, 1945, President James K. Polk annexed us to the United States. This is where the U.S. stepped in and helped Texas get most of its debt off. At the end of our republic, Texas had more that 12 million dollars in debt. The United States, in return for 67,000,000 acres of land, gave Texas 10 million dollars, and over time, America payed off all of Texas's debt except for 45,000 dollars. DEBT Cited Sources United States Debt In the Past "The Beginning of U.S. Debt." TreasuryDirect KIDS. N.p., 7 Sept. 2010. Web. 18 Feb. 2013.

"James K. Polk." The Complete Book of Presidents & States. Columbus, OH: School Specialty Pub., 2000. 36. Print.

Thornton Miller, Edmund. "DEBT OF THE REPUBLIC OF TEXAS." MILLER, EDMUND THORNTON. Handbook of Texas Online, n.d. Web. 16 Feb. 2013.

Remember the Alamo!-After the Alamo. The Complete Book of United States History. Columbus, OH: McGraw Hill Children's, 2002. 159. Print.
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