Alexander James Dallas Quotes
The Treasury was suffering under every kind of embarrassment. The demands upon it were great in amount, while the means for satisfying them were comparatively small, precarious in collection and difficult in their application.
Alexander James Dallas, 1759–1817, U. S. Secretary of the Treasury, Statement shortly after he took office in the Midst of the War of 1812, Letter to William Lowndes, November 27, 1814
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The Puerto Rican debt for all the bonds they had issued was so great that there was no realistic prospect for paying it back on schedule and paying the interest. So he announced that Puerto Rico might repudiate the debt and default.
Gallatin was Secretary of the Treasury and has he came into office he discovered that the United States did not have enough money to last the month. To stave off national bankruptcy, Gallatin approached Stephen Girard, then the richest man in America who himself bought and he offered to sell United States bonds to his friends and associates at a very low rate. He saved the young nation.
The U. S. was bankrupt, and Dallas wrote to government bondholders announcement the formal stoppage of interest payments.
The Dutch King’s brother, Emperor Napoleon Bonaparte Bonaparte, insisted on Dutch contributions to his war effort in the way of Dutch troops, ships and provisions. Yet there was not enough possible revenue to pay for such a war effort.
Alexander James Dallas was an American statesman who served as the 6th United States Secretary of the Treasury from 1814 to 1816 under President James Madison.