present debts incurred by the politiciansnand bureaucrats in Washington.nAlthough largely forgotten by historiansnand by the public, repudiation ofnpublic debt is a solid part of the Americanntradition. The first wave of repudiationnof state debt came during then1840's, after the panics of 1837 and 1839.nThose panics were the consequence . . .
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