American Revolution

How much did the Revolutionary War cost the newly formed US?

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December 14, 2016 7:53PM

Actually, at the end of the Revolutionary War, the infant country was $25 million in debt to other countries and to wealthy persons who loaned much of the money that financed the War (when the government assumed all the debts it came to 79 million dollars, but assumption is another day). The Dutch, now Holland, but then called the Republic of Batavia, loaned Robert Morris, "The Financier of the Revolutionary War," almost $13 million. The balance of the money was loaned to the United States by other countries such as France and Spain, all enemies of England. The Continental Congress also floated promissory notes, promising to pay the buyer face value at the end of the War. Alexander Hamilton, First Secretary Treasurer of the United States, immediately went to Congress and urged that the War notes be paid. Of course his family, the Schuylers, the Van Rensselears, owned "the Lions' Share" of them and had bought them for pennies on the dollar. But that's another story.