This Thursday is the Fourth of July. Every Fourth of July, I say a little prayer of thanks to France.
France bought from the fledgling U.S. its first-ever tranche of federal bonds, thereby giving Washington enough cash to buy guns. The U.S. bought its first-ever batch of guns & saltpeter from the Dutch on Sint Eustatius, who, of course, were happy to trade with both sides of the U.S. revolution.
Benjamin Franklin was the U.S. ambassador in France. He won over ole’ Louis XVI, and got the Treaty of Paris signed in 1783. [Note: Louis XVI got his head chopped off in January 1793.]
Indeed, U.S. federal finances in the 1790s were in tatters. Hamilton insisted that the federal government take over all the state dept they had incurred to fight the war. The north was happy about this. (They paid a lot of money and lives in the war.) The south was angry about this. (They hadn’t really paid that much money or lives to get their independence.) So the south said, “Put the capital near us in the south, and we’ll agree to the feds taking over all the state debts,” and hence we have Washington, D.C., today on the Virginia-Maryland border.
Because the federal government took over all those debts, AND PAID THEM BACK, the U.S. had very good credit in Europe. This good credit allowed President Jefferson to borrow MORE money to make the Louisiana Purchase in 1803, AND to fight the War of 1812 against Canada. [Note: In that war the U.S. Army invaded Ontario and Quebec, and Canada burnt down the White House.]
Anyway, thank you, this Fourth of July, to the French for buying our first-ever tranche of federal debt, thereby allowing us to buy arms from the Dutch in Sint Eustatius.
So this Fourth of July, let’s do THE MOST AMERICAN THING POSSIBLE: let’s all go listen to Whitney Houston sing a Dolly Parton song.
Amen, brother.
Pass me a hot dog and a beer, will you?
Categories: Uncategorized
Gregory's Writings 
Leave a comment