America has now a funded debt: she had no funded debt at those glorious epochs.
The funded debt was changed into a simple debt payable by regular though small installments, at stated and certain periods.
But the aggregate sum thus stated includes something more than the funded debt chargeable exclusively to the District of Columbia.
The one is called the funded debt, the other is the debt due in bank notes.
Most of the funded debt of the United States was represented by five-twenty bonds.
When the world was again at rest the funded debt of England amounted to eight hundred millions.