WASHINGTON, Sept. 17, 2013 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:
TUESDAY, SEPTEMBER 17: FIRST FEDERAL LOAN
Profile America — Tuesday, 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 just state and local government debt amounts to over a quarter-trillion dollars. You can find more facts about America from the U.S. Census Bureau, online at www.census.gov.
Sources: Kane's Famous First Facts, 1104, 3804
U.S. Census Bureau, State Government Finances Summary
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button).
CONTACT: Rick Reed of the U.S. Census Bureau, +1-301-763-2812, fax: +1-301-763-3762, richard.thomas.reed-at-census.gov
SOURCE U.S. Census Bureau