US Presidency
1868

This amount had been reduced to $ 45,000,000 when, in 1812, war was declared against Great Britain. The three years ' struggle that followed largely increased the national obligations, and in 1816 they had attained the sum of $ 127,000,000. Wise and economical legislation, however, enabled the Government to pay the entire amount within a period of twenty years, and the extinguishment of the national debt filled the land with rejoicing and was one of the great events of President Jackson's Administration. After its redemption a large fund remained in the Treasury, which was deposited for safe keeping with the several States. on condition that it should be returned when required by the public wants. In 1849 the year after the termination of an expensive war with Mexico- we found ourselves involved in a debt of $ 64,000,000; and this was the amount owed by the Government in 1860, just prior to the outbreak of the rebellion. In the spring of 1861 our civil war commenced. Each year of its continuance made an enormous addition to the debt: and when.