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The public debt refers to the financial responsibilities of government, due to legal obligation, bonded indebtedness, structural deficits, and the like.
National debt can be held by the citizens of the country, or by institutions outside of the country.
Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly reported value of $75,463,476.52 on January 1, 1791.
The debt slowly fluctuated for the rest of the century, finally growing steadily in the 1910s and early 1920s to roughly $22 billion as the country paid for involvement in World War I.
The largest publicdebts are incurred to meet emergencies, such as war debts that arise when it is difficult to finance the extended activities of the government by new or increased taxes, or when the government must borrow abroad to finance the war effort..
Publicdebt is advantageous in that part of the national funds are secured at an interest rate lower than that provided to private industry and in that the financial operations of government are funded on a permanent basis.
Publicdebts may be paid by a sinking fund or by annuities, but both have the disadvantage of committing the government to fixed annual payments, whether convenient or not.
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