The spector of failing banks, Wall Street woes, and government bailouts may seem
like contemporary problems which have little relevance for George Washington’s time.
That premise is flawed, as the state of the economy was a paramount concern during
George Washington’s presidency. That the new national government started in the red
was a consequence of Article VI of the Constitution, which required the new national
government to pay the debts incurred by the Articles of Confederation. Below is a
message from Washington’s first term as chief executive which demonstrates his
hope of squaring the public debt as soon as possible:
“I entertain a strong hope that the state of national finances is now sufficiently matured to
enable you to enter upon a systematic and effectual arrangment for the regular redemption
and discharge of the public debt, according to the right which has been reserved to the
government. No measure can be more desireable, whether viewed with an eye to its
intrinsic importance, or to the general sentiment and wish of the nation.”
Source: Message to U.S. House of Representatives, November 6, 1792
Posted by: Dr. Sam Hoff, Delaware State University
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