It is commonly known that during the American Revolution, the Colonists were aided by the nation of France, and that the French loaned their new allies a fair sum of money. War is expensive, as the new Continental Congress discovered when they received France's bill.
Though not even close in comparison to America's current $123 trillion dollar debt, it was still a large pill to swallow for the young nation. Fortunately for them, there was James Swan.
Originally from Scotland, the Boston merchant and Son of Liberty had participated in many of America's early victories, including the Boston Tea Party and the Battle of Bunker Hill. With his mercantile business having boomed during both the American and French Revolutions, Swan was a wealthy man, and he used his affluence in an unprecedented act of patriotism. He bought America's debt.
On July 9, 1795, James Swan purchased all $2,024,899 dollars-worth of the nation's financial obligations to France. He then resold these debts to other financiers, and although Congress still owed Swan and other private investors, this act allowed them to obtain economic stability.
Many today ask how we can possibly pay off our own crippling debts that are 61,500,000 times larger than what Swan purchased. The answer is: a Convention of States. If just 19 more states, (as of this writing), agree to call an Article V Convention and impose fiscal restraints on Congress, the natural progression of American Capitalism will reduce and eventually wipe away all $123 trillion dollars.
With his business-savvy mind and patriotic heart, James Swan would have seen the logic and necessity of Convention of States, and he would have supported it. Make the Founders proud, and sign the petition today, then spread the word about Article V!
