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Updated: July 28, 2025
War Savings societies were instituted and children saved their pennies and nickels to buy twenty-five cent "thrift stamps" which might be accumulated to secure interest-bearing savings certificates. Down to November 1, 1918, the sale of such stamps totalled $834,253,000, with a maturity value of more than a billion dollars.
Boutwell of Massachusetts was content to try the experiment of converting the interest-bearing obligations into long bonds, but was unwilling to go farther. Mr. Sloan of Wisconsin proposed an amendment to make "bonds and all other obligations of the United States hereafter issued payable in lawful money," but the suggestion met with no favor. Mr.
When I entered the Treasury Department in March, there had not been sales of gold nor purchases of bonds by the Treasury Department as a policy, and but few transactions on either side had been made by my predecessors in office. As early as the 12th day of May I commenced the purchase of bonds for the sinking fund and for the reduction of the interest-bearing public debt.
Stated in this form the proposition is nothing less than the deportation from the Country of $1,600,000,000 worth of producing labor, and the substitution, in its place, of an interest-bearing debt of the same amount.
Congress voted to give him $250,000,000 of which $50,000,000 might be interest-bearing treasury notes; made slight increases in duties; and Prepared for excise and direct taxation the following year. Later in the year Congress laid a three per cent tax on all incomes in excess of $800.
On the 1st day of July, 1893, this sum had been reduced to $585,137,100, or an aggregate reduction of $1,747,294,108. The interest-bearing debt of the United States on the 1st day of December, 1897, was $847,365,620.
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