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Updated: September 9, 2025
The National Capital.% Funding the state debts was strongly opposed by many congressmen, and was not carried till a bargain was made by which it was agreed that if enough members from Virginia and Pennsylvania would support the measure to secure its passage through the House of Representatives, the national government should be removed from New York to Philadelphia for ten years, and after that to a city to be built on the Potomac.
McCulloch in his official report insisted on the funding or payment of the balance of interest-bearing notes, and upon a continued contraction of the currency, as the first measure for promoting the National prosperity; and he presented a strong argument in favor of permanent specie payment.
American scientists have discovered genes linked to breast cancer and ovarian cancer and medication that stops a stroke in progress and begins to reverse its effects, and treatments that dramatically lengthen the lives of people with HIV and AIDS. Since I took office, funding for AIDS research at the National Institutes of Health has increased dramatically to $1.5 billion.
Last year, I proposed that Congress enact a $1 billion counter-cyclical fiscal assistance program to protect States and localities from unexpected changes in the national economy. I, therefore, have not included funding for counter-cyclical aid in my Fiscal Year 1982 budget.
These achievements completed the full cycle, from idea to enactment and, finally, to a place in the lives of citizens all across this country. I wish it were possible to say that everything that this Congress and the administration achieved during this period had already completed that cycle. But a great deal of what we have committed needs additional funding to become a tangible realization.
In that great state paper all the confusions disappeared, and in terse sentences an entire scheme for funding the debt, disposing of the worthless currency, and raising the necessary revenue came out clear and distinct, so that all men could comprehend it. The provision for the foreign debt passed without resistance. That for the domestic debt excited much debate, and also passed.
I have now only one subject more to speak of, with which I shall conclude, which is, the resolve of Congress of the 18th of March last, for taking up and funding the present currency at forty for one, and issuing new money in its stead.
So far as Hamilton's funding scheme provided for that portion of the debt due to foreigners, it was accepted without demur. There could be no doubt that there the ostensible creditor was the real creditor, who should be paid in full. The report assumed that this was equally true of the domestic debt.
In the other, it was supposed sufficient to pay the interest only, or a perpetual annuity equivalent to the interest, government being at liberty to redeem, at any time, this annuity, upon paying back the principal sum borrowed. When money was raised in the one way, it was said to be raised by anticipation; when in the other, by perpetual funding, or, more shortly, by funding.
The arts are a precious national resource. Federal support for the arts has been enhanced during my Administration by expanding government funding and services to arts institutions, individual artists, scholars, and teachers through the National Endowment for the Arts. We have broadened its scope and reach to a more diverse population.
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