3min chapter

We the People cover image

The Public Debt Clause and the Debt Ceiling

We the People

CHAPTER

The Payback of the 520s

J. Cook was a financier, a banker from Ohio who worked with Secretary of the Treasury Chase to sell federal bonds in small denominations. He realized that he would make a fortune just selling a lot of these things, and he did. This was one of the first time that the national debt was actually marketed in small amounts to ordinary Americans.

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