According to history professor Woody Holton (yes he is the son of former VA governor Linwood Holton), when the Constitutional Convention occurred in 1787, the economic situation was very much as it is now. There was a recession and nobody wanted to lend money.
James Madison thought we should crack down on debtors and taxpayers to solve the problem. Some said the U.S. was in a recession then because taxes were too high. In fact, taxes were higher than they were under British rule. Sounds like that scheme to avoid paying taxes didn't work very well (Alan's opinion).
Holton also talked about the how American Revolution war soldiers were payed with bonds. According to Holton, investors made a lot of money buying these bonds from soldiers at a low price and selling them later at a higher price.
Holton had a hard time finding a concrete example of someone who benefited in a big way from this bond investment scheme until he uncovered records of the activies of a woman name Abigail Adams. Yes, the Abigail Adams married to the beer manufacturer Samuel Adams.
James Madison thought we should crack down on debtors and taxpayers to solve the problem. Some said the U.S. was in a recession then because taxes were too high. In fact, taxes were higher than they were under British rule. Sounds like that scheme to avoid paying taxes didn't work very well (Alan's opinion).
Holton also talked about the how American Revolution war soldiers were payed with bonds. According to Holton, investors made a lot of money buying these bonds from soldiers at a low price and selling them later at a higher price.
Holton had a hard time finding a concrete example of someone who benefited in a big way from this bond investment scheme until he uncovered records of the activies of a woman name Abigail Adams. Yes, the Abigail Adams married to the beer manufacturer Samuel Adams.
Sorry, my mistake. She was married to John Adams who became the second U.S. president.
Some of the revolutionary war soldiers got so little money for their bonds, all they could buy after selling them was a set of new clothes and transportation home at the end of the war. Holton is currently writing a book about these bond sales called Abigail Adams, Entrepreneur.
Some of the revolutionary war soldiers got so little money for their bonds, all they could buy after selling them was a set of new clothes and transportation home at the end of the war. Holton is currently writing a book about these bond sales called Abigail Adams, Entrepreneur.
