Abraham Lincoln: A glimpse of history
Former U.S. Rep. Abraham Lincoln defeated four candidates in 1861 to claim the presidency. In 1862, in the midst of the Civil War, the embattled president issued a preliminary decree stating that unless the rebellious states returned to the Union by Jan. 1, freedom would be granted to slaves in those states. No Confederate states took the offer. On Jan. 1, 1863, Lincoln presented the Emancipation Proclamation, which did not free all slaves but rather declared free those slaves living in…
THE NATION;Once Upon a Time, a Budget Surplus (Published 1995)
President Andrew Jackson. The US started out in 1789 with a debt of $75M, a large sum for those days. Economists have calculated the ratio of debt to gross domestic product as 31% , as against today's ratio of 52%). The Govt paid off the debt until the last installment was paid in 1835. President Andrew Jackson reported to Congress that "all that remains of the public debt has been redeemed," and then he revealed that the Treasury actually had a surplus of $19M.