MAKING OF A NEW NATION 1776 1800
THOMAS JEFFERSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He borrow money from Spain.
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He borrowed money from Germany.
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He sold bonds to Austria to make enough money.
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He sold the Louisiana Territory to America.
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Detailed explanation-1: -Napoleon wanted the money immediately in order to prepare for war with Great Britain. But despite landing Louisiana for less than three cents an acre, the price was more than the United States could afford. As a result, it was forced to borrow from two European banks at 6 percent interest.
Detailed explanation-2: -The balance of $11.25 million was funded by issuing U.S. bonds with an interest rate of six per cent and semi-annual payments of $337, 500/year. The bonds would amortize over 15 years. Napoleon needed money to pay for his wars and in steps Francis Barings who sensed an opportunity.
Detailed explanation-3: -In this transaction with France, signed on April 30, 1803, the United States purchased 828, 000 square miles of land west of the Mississippi River for $15 million.
Detailed explanation-4: -The Americans thought that Napoleon might withdraw the offer at any time, preventing the United States from acquiring New Orleans, so they agreed and signed the Louisiana Purchase Treaty on April 30, 1803, (10 Floréal XI in the French Republican calendar) at the Hôtel Tubeuf in Paris.
Detailed explanation-5: -"Let the Land rejoice, for you have bought Louisiana for a Song.” The Louisiana Purchase has been described as the greatest real estate deal in history. In 1803 the United States paid France $15 million for the Louisiana Territory–828, 000 square miles of land west of the Mississippi River.