Was payment on Louisiana Bonds suspended during the War of 1812?
Upvote:4
US federal budgets, which you can find searching google books, show remittances to London & Amsterdam for interest payments on "Louisiana stock" during the war years.
Upvote:11
This question was much harder to research than I expected - despite (eventual) availability of the Barings Bank Archive web site. What I was able to determine is that:
Barings Brothers forced a reduction in the Louisiana Purchase price, from 100M French Francs to 80M French Francs, because the original asked amount was greater than it was possible to finance.
Baring Brothers remained the official agent of the U.S. Government through the War of 1812, and financed it during that war.
Baring Brothers continued as dominant to its rivals in North America even after being surpassed in London itself by Rothschild's.
Baring Brothers held an overwhelming position in the financing of early U.S. railroads through most of the 19th century.
Baring explicitly requested, and received, permission from the British government to finance the issue - as the benefit of security for British North America was expected to outweigh any advantage gained by Napoleon from the Louisiana Sale.
In this case, to paraphrase Holmes from Sir Arthur Conan Doyle's Silver Blaze:
- The complete absence of mention of any default or re-financing arrangement of the largest national financing in history to that date, combined with the continuance of the relationship between the Federal government and Baring Brothers, very strongly suggests that all payments continued on schedule for the entire lifetime of the bonds.
Or more bluntly, I find it inconceivable that a default or refinancing of this debt could have completely disappeared from the historical record.
From my comment below:
I read a couple of chapters of an old treatise on the early merchant bankers researching this - and it basically confessed that no-one knows how either Barings or Rothschilds transported much of their assets across the Atlantic. Either trade secret, or still classified in the Admiralty office. Recall though that by late 1814 the New England states were on the verge of secession over the war. Smuggling British ships in and out of Boston would likely not have been difficult.
More post
- π Why was Germany held accountable for WW1?
- π Can you identify this artillery shell?
- π Did the Germans occupy Kiev or Odessa in WW I?
- π Amount of ammunition typically carried by an C18th British redcoat
- π Did people on the Bridge of Death in Pripyat actually die?
- π What historical reasons did the Nazis give for hating the Jews? How did they identify non-practicing Jews?
- π What mining feature is this?
- π Are there non-russian sources related to how Rurikid Dynasty became rulers of Russia?
- π Was the penal system used to colonise Australia?
- π Why did the Emperors leave Rome?
- π Why America waged war against Vietnam?
- π How was money transferred before digital transactions?
- π How common were fires in pre-Edo Japan?
- π Was Nixon's Vietnam claim right before the 1968 election true?
- π Did Crusaders' siege Nablus and then massacre Muslims?
- π Attempts to return the War to the South's favor after Gettysburg?
- π Help identify this (probably Confederate) sword?
- π Did Anglo-Saxons make use of large-scale, non-military Roman ruins?
- π Was Rome exporting its trash to Egypt as an early example of recycling?
- π Name of Operation that Brought USA Troops Home at End of WWII?
- π Is there a Buddhist-Franciscan connection?
- π Who was the real beginner of Lord Ganesha festival?
- π What is considered to be the pivotal battle between Caesar and Pompey?
- π How does a country give "aid" to another?
- π What did Winston Churchill mean by this quote?
- π Could the "Taffy" Groups have been reinforced by air during the battle of Leyte Gulf?
- π In France, 1916, would a soldier who was invalided out of the army, e.g. as an amputee, still get his army pay?
- π How do I interpret this 17th century English ledger?
- π Where are the agrarian reforms of Basil II codified?
- π What was the first spy agency?
Source: stackoverflow.com
Search Posts
Related post
- π Was payment on Louisiana Bonds suspended during the War of 1812?
- π How beneficial were war bonds to the US during WWII
- π How was beer production affected by the war during WW2?
- π During World War I, why were church bells stopped until the war was over?
- π Why was the last battle of the War of 1812 fought fully half a year after the official end of the war?
- π What was the nominal strength of a company in a British Regiment during the American war of Independence?
- π Was there anything in common between the War of 1812 between Britain and America and the War of 1812 between Napoleon and Russia?
- π What was the English Civil War called during the Protectorate?
- π What was the estimated malaria death toll for US Forces during World War II?
- π During World War II, were there any parts of the Japanese overseas empire that was capable of local re-supply?
- π Where was the Ixcanha Maya community located during the Caste War of the YucatΓ‘n?
- π Why was Hanford, Washington, selected during World War II as the site of Americaβs first nuclear energy plant?
- π Historically, was the War of 1812 ever called by another name?
- π Was the treatment of US diplomats in Germany after the declaration of war during WW2 typical?
- π Is this true that the Russian economy was efficient during war II?
- π What was the most popular food staple among civilians during World War II?
- π Was the danger of radiation in the case of nuclear war overestimated during the cold war?
- π Was the town Jadovno near GospiΔ named after the concentration camp during World War 2, or was it the other way around?
- π What was the extent of military conscription by the German Army during World War 2?
- π Why didn't Imperial Japan attack the Soviet Union during World War 2?
- π Why didnβt Japan attack the West Coast of the United States during World War II?
- π Why was World War I ended on Nov 11 11:00, rather than immediately upon signing the armistice?
- π Did the Soviets excel in one area of weaponry during World War II?
- π During the breakup of the Soviet Union, on what basis was citizenship granted or withheld for each of the fifteen new republics?
- π What was the typical peasant's diet like in Europe during the High Middle Ages?
- π How did the Nazis plan to defeat America during World War II?
- π Did the King of Siam offer war elephants to the Union during the Civil War?
- π What was the status of Arab Christians during the crusades?
- π What was the reason for Soviet troops to withdraw from Yugoslavia in World War II?
- π Why was there a surge in the US incarceration rate during the 1990s?