Democratic (constitutionalist) President Pierce turns the presidency over to Democratic James Buchanan, Jr., former Secretary of State. Pierce is giving to Buchanan a federal debt that has contracted from 59,800,000 to 28,900,000 Dollars, going from 2 to 1% of the Gross National Product, and from 2.30 to 1.00 Dollars per person.
NOTE: The Union is still paying for the Panic of 1837 through lawful Indirect (tariffs and excise) taxes placed upon manufactured goods.
[added 2/21/2021]
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 1850 – 1899
www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo2.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
Current U.s. National Debt:
