The National Debt was the price of independence. 国债是独立所付出的代价。

　　During the war Congress had been too poor to pay gold and silver for what it needed to carry on the war. 在战争期间国会太穷了，拿不出用于战争的那些黄金和白银，

　　So it had given promises to pay at some future time. 因此，国会曾经许诺将来某个时间还这些钱。

　　These promises to pay were called by various names as bonds, certificates of indebtedness, and paper money. 人们用各种不同的名称来称呼这些许诺要还的钱，如债券、债务证书和纸币。

　　Taken all together they formed what was called the Domestic Debt, because it was owed to persons living in the United States. 它们一并形成所谓"国债"，因为它们是欠那些住在美国的人的钱，

　　There was also a Foreign Debt. 还有一种"外国国债"，

　　This was owed to the King of France and to other foreigners who had lent money to the United States. 这些有的是欠法国国王的钱，有的是欠曾经借给美国人钱的人的钱。

　　203. Hamilton's Financial Policy. 203．汉米尔顿的金融计划

　　Alexander Hamilton was the ablest Secretary of the Treasury the United States has ever had. 亚历山大·汉米尔顿是美国历史上最有才干的财政大臣。

　　To give people confidence in the new government, he proposed to redeem the old certificates and bonds, dollar for dollar, in new bonds. 为了奠定人们对新政府的信心，他提出赎回过去的债务证书和债券，用新的债券，美元兑美元。

　　To this plan there was violent objection. 这个计划遭到强烈反对，

　　Most of the original holders of the certificates and bonds had sold them long ago. 大部分债务证书和债券的最初拥有者都已经在很早以前卖掉了这些东西，

　　They were now mainly held by speculators who had paid about thirty or forty cents for each dollar. 现在拥有这些东西的人主要是一些投机商人，他们过去是用三四十美分买到一美元。

　　Why should the speculator get one dollar for that which had cost him only thirty or forty cents? 为什么投机商人应该用他花三四十美分买来的东西得到一美元？

　　Hamilton insisted that his plan was the only way to place the public credit on a firm foundation, and it was finally adopted. 汉米尔顿坚持认为他的计划是唯一可以给公共信用以坚实基础的方式，他的计划最终被采纳了。