Republican (constitutionalist) President Jefferson turns the presidency over to Republican James Madison, Secretary of State. Jefferson is giving to Madison a federal debt that has contracted from 83,000,000 to 57,000,000 Dollars, going from 16 to 8% of the Gross National Product, and from 15 to 8 Dollars, per person.
In his inaugural address, Madison says, “Always remember that an armed and trained militia is the firmest bulwark of republics—that without standing armies their liberty can never be in danger, nor with large ones safe.”
NOTE: The Union is still paying for the first American Revolution through lawful Indirect (tariffs and excise) taxes placed upon manufactured goods.
[updated 12/27/2024] Thanks to Freedoms Phoenix for this entry.
Subsequent Events:
Authority:
Article II, Section 1 [Clause 8]
ccc-2point0.com/constitution-for-the-united-states
Article XII of Amendment
ccc-2point0.com/constitution-for-the-united-states
References:
Government – Historical Debt Outstanding – Annual 1790 – 1849
www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm
List of Presidents of the United states – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/List_of_Presidents_of_the_United_States
Measuring Worth – GDP result.
www.measuringworth.com/datasets/usgdp/result.php
Bureau of Economic Analysis is an agency of the U.S. Department of Commerce.
www.bea.gov/national/index.html#gdp
Leviathan on the Right (How Big-Government Conservatism Brought Down the Republican Revolution) | Strike-The-Root: A Journal Of Liberty
www.strike-the-root.com/71/lfb/lfb1.html
Founding Fathers Quotes on Standing Armies and Quartering Troops in the Third Amendment
www.freedomsphoenix.com/Article/301634-2021-03-22-founding-fathers-quotes-on-standing-armies-and-quartering-troops-in.htm
Current U.s. National Debt:
