When was it published?

March 25, 1824 in Alexandria Gazette & Advertiser

Foreign News March 25, 1824

Alexandria Gazette & Advertiser

Q: What keywords are associated?

Sinking Fund, Royal Decree, National Debts, Ferdinand, Spain, Hamilton

Alexandria, Virginia

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What is this article about?

King Ferdinand issues a royal decree creating an annual sinking fund of 80 million reals to liquidate Spain's national debts, criticized by the Morning Chronicle as a satirical mockery of the discredited financial delusion exposed by Hamilton.

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OCR Quality

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Full Text

Ferdinand in his wisdom has issued a royal decree establishing a sinking fund of eighty millions of reals a year, for the liquidation of the national debts. The editor of the Morning Chronicle on publishing this decree, remarks:

"What an admirable satire is this piece of solemn mockery of the sinking fund delusion, that is borrowing to swell the debt, and borrowing an additional sum to pay it off. And yet this delusion was countenanced by all the statesmen of any name in this country, and only abandoned when a Scotch schoolmaster (Hamilton) exposed its absurdity so effectually, that the very name of sinking fund became a jest."

What sub-type of article is it?

Economic Political

What keywords are associated?

Sinking Fund Royal Decree National Debts Ferdinand Spain Hamilton

What entities or persons were involved?

Ferdinand Hamilton

Where did it happen?

Spain

Foreign News Details

Primary Location

Spain

Key Persons

Ferdinand Hamilton

Outcome

establishment of an annual sinking fund of eighty million reals for debt liquidation

Event Details

Ferdinand issued a royal decree to create a sinking fund for paying off national debts. The Morning Chronicle editor criticized it as a mockery of the sinking fund delusion, which involved borrowing to pay debts and was once supported by British statesmen but abandoned after Hamilton exposed its absurdity.