Federalist (nationalist) President John Adams turns the presidency over to Republican (constitutionalist) Vice President Thomas Jefferson. Adams is giving to Jefferson a federal debt that has expanded from 82,000,000 to 83,000,000 Dollars, but contracted from 20% to 16% of the Gross National Product, and from 17 to 15 Dollars, per person.
NOTES:
- The Union is still paying for the first American Revolution through lawful Indirect (tariffs and excise) taxes placed upon manufactured goods.
- This was the first peaceful, orderly transfer of political power between two rival factions in the history of mankind.
[added 2/14/2021]
Subsequent Events:
Authority:
Article II, Section 1 [Clause 3]
ccc-2point0.com/constitution-for-the-united-states
Article II, Section 1 [Clause 8]
ccc-2point0.com/constitution-for-the-united-states
References:
Calvin D. Linton, ed. The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 58.
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
Current U.s. National Debt:
