Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-11-07

ups and their downs are revealed in
their transactions. Battles fixed the
price of bonds in 1s623-4. More an
GENTLY still, the credit OF the colonies
and states rose and fell with the ma
tion in its uncertain building.
The first loan made by the people OF
this country was obtained In France
from company known as the Farm
ers-General. The sum was $751;, 500: the
interest was per cent, which was low
err by 7 per cent than under Buchanan.
many years later, when the republic
was brought to the edge Of dissolution.
Rebels against King George, the col
onists gained the self-interested friend
ship of the French monarch. England
and France being enemies. funds were
secretly given the insurrectionists from
the French treasury Money was OBJ
tanned in Holland also. on French ap-
plication and Endorsement, and sent to
America.
In 1875 silas Dean. going to Paris as
the commercial agent of the thirteen
colonies, was commissioned to procure
arms, together with uniforms for
$4,000 men. Baron de Beaumarchais.
the secret agent of France, obtained
the cannon, ammunition and small
arms from the French arsenal. The
uniforms. of various colors, were pur-
chased by him with money drawn from
the treasury of his country.
Altogether the king Of the French
revoiutionists with 100000 The loan
made by the Farmers-General was an
outside matter and was paid in full
when the war was over.
Open borrowings in France tota1ed
$4,000. 900 at 4 per cent and
100000 at per cent. This money
equipped the armies of the revolution
lists and won for them their actual in
est. as was the s174,ooo borrowed from
the King of Spain. to whom applica-
ton had been made for a loan Of five
millions.
y
The colonists. now free, were penn!-
less when the British evacuated New
York. Money was required for the
payment of war debts and the estab-
Iishment of a national government.
Holland then became the friend and pa
tron of America.
On twelve different occasions that
country loaned this country sums to
the amount of s13.o00.0oo. Some of the
others there were discounts ranging
from to 6 per cent. At the latter dis
count. America. therefore. obtained
$4,000 in Dutch forms on its note for
100000. The yearly interest. OF course.
1t can be said. consequently, that
France supplied the colonists with money
with which TO fight and gain their indie
pendence. and that from Holland came
the funds with which the colonists estab-
lished the American nation. Such. then.
is the history Of the earliest loans made
by this country.
Later loans, notably in 1898, when war
with France seemed to be unavoidable,
were obtained from American banks.
The government borrowed $5.000.000 at
s per cent. pledging the customs duties
as a security for its prompt payment.
Thomas Jefferson, as President. paid
Napoleon sl5.000.0oo for Louisiana. CIV
ing per cent bonds due in fifteen years.
The war with Great Britain In 1912
made other loans necessary. They were
negotiated at large discount. On ono
of $7,500.000 the discount was I'm per
cent.
Money was likewise borrowed to fight
Mexico and to pay the claims of Texas.
Though there were times when the nation
owed considerable sums to its creditors,