Financing Louisiana…

1803

In 1803, representatives from the United States agreed to pay $15 million to purchase 828,000 square miles of land from France. Cash-poor France, preparing for war with Great Britain, required $15 million immediately rather than United States bonds, so two European banks negotiated to purchase the bonds from France. This power of attorney authorizes banker Alexander Baring to act on behalf of the banks in the United States.

National Archives, General Records of the Department of the Treasury


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