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Updated: June 12, 2025
Was there a similar example in all history? The bad reputation of 1783-1800 for debt-paying had been lived down. Van Buren estimated the amount of money due by States and corporations to English creditors at $200,000,000. His estimate was probably not greatly exaggerated. Certainly as much as $12,000,000 in interest was due each year to English creditors.
The choice of gold as the standard was not due to hostility to silver or to the silver mining interests, but to the well grounded opinion that gold was a universal currency, while in some countries, as in England and Germany, silver coins were not a debt-paying currency.
This debt-paying community will not consent to be under the thumb of men whose most successful doctrine has been the repudiation of legal contracts. The famous merchants and manufacturers of the true capital of Ireland decline to place their future fortunes in the hands of the unscrupulous and beggarly adventurers who would form the bulk of a College Green Parliament.
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