What was the accumulated war debt after the American War of Independence?
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The national debt was born in the War of Independence. Within a week of the Battle of Bunker Hill in 1775, the Continental Congress, following colonial precedents, authorized an issue of $2 million of bills of credit called Continentals to finance the war. By the end of 1779, $241.6 million of Continentals had been authorized. The worst inflation in U.S. history resulted from the overissue of Continentals, and the bills became nearly valueless by 1780. After the war, , Congress authorized commissioners to travel around the country to examine claims against Congress and the Continental army and revalue them in terms of hard money. The revalued debt amounted to some $27 million.
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