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First Federal Loan

September 17, 2014

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Profile America — Wednesday, September 17th. On this date in 1787, the Constitutional Convention wrapped up in Philadelphia with the delegates accepting the document and sending it on to the states for ratification. Less than two years later, the new U.S. government had to take out a loan. This week in 1789, Treasury Secretary Alexander Hamilton was in negotiations to borrow nearly $192,000 from the Bank of New York and the Bank of North America. The money was needed to pay the salaries of President Washington and the members of the first Congress. The loan was obtained in February 1790 and paid off in June. Today, the president's salary is $400,000 a year — more than twice the amount of the first loan — and the debt of the 50 united state governments is around $1.15 trillion. Profile America is in its17th year as a public service of the U.S. Census Bureau.

Sources: Kane's Famous First Facts, 1104, 3804 Page 6

Source: U.S. Census Bureau | Public Information Office | Last Revised: August 28, 2014