Does the US still owe France for the Revolutionary War?
Does the US still owe France for the Revolutionary War?
July 9, 1795 — Today, financier James Swan paid off the $2,024,899 US national debt that had been accrued during the American Revolution. While the US no longer owed money to foreign governments, it continued to owe money to private investors both domestically and in Europe.
Did America ever repay France?
In 1795, the United States was finally able to settle its debts with the French Government with the help of James Swan, an American banker who privately assumed French debts at a slightly higher interest rate. Swan then resold these debts at a profit on domestic U.S. markets.
How much money does America owe France?
Amount of the French Debt
| French obligations received by U. S. treasury under Liberty Loan acts | $2,997,477,800.00 |
|---|---|
| Bonds received by Secretary of War in payment for surplus war supplies | 407,341,145.01 |
| (interest on war-surplus bonds has been regularly paid) | |
| TOTAL DEBT | $4,137,224,354.57 |
Why did America support France?
Americans hoped for democratic reforms that would solidify the existing Franco-American alliance and transform France into a republican ally against aristocratic and monarchical Britain.
Was the US ever out of debt?
Thanks to the cavalcade of economic relief bills prompted by the COVID-19 crisis, the federal debt hit $28.2 trillion in 2021, according to the Congressional Budget Office. However, President Andrew Jackson shrank that debt to zero in 1835. It was the only time in U.S. history when the country was free of debt.
Who financed the American War of Independence?
Robert Morris
The American army began receiving the supplies it needed, and for the next three years, Robert Morris personally financed the American Revolution out of his own pocket. “Morris notes” became widely circulated promissory notes within the ranks of the army.