Mack McLarty Quotes


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The States sold bonds to finance the Revolutionary War. Some states had better prospects for redeeming their bonds than others. Georgia, South Carolina and North Carolina in particular had poorer prospects than most and their bonds were selling at about 25 cents on the dollar. Alexander Hamilton, then the Secretary of the Treasury, wanted the new Federal government to assume the state’s war debt and pay off the bonds. He made his proposal for how he would accomplish this on January 14, 1790. He delivered his report and proposal to Congress “Report on the Public Credit”. As soon as Hamilton’s proposal was read in Congress, sophisticated speculators set off for the Southern States to buy up as many bonds as they could before the owners found out that a Federal bail-out was under serious consideration. They could easily double, triple or even quadruple their money. To Jackson this was gross immorality. Other representatives had a different point of view. See {619928} & {619929}.


Mack McLarty
Mack McLarty
  • Born: June 14, 1946
  • Nationality: American
  • Profession: Politician

Thomas F. "Mack" McLarty, III is an American business and political leader who served as President Bill Clinton's first White House Chief of Staff from 1993 to June 1994, and subsequently as Counselor to the President and Special Envoy for the Americas, before leaving government service in June 1998.