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What controversial method did George S. Boutwell use to reduce the national debt?
He increased taxes
He sold Treasury gold
He borrowed money from foreign countries
He cut public services
Answer
As Secretary of Treasury, George S. Boutwell controversially reduced the national debt by selling Treasury gold and using greenbacks to buy up Treasury bonds. This process created a cash shortage.
The George S. Boutwell Challenge: How Well Do You Know the Former Massachusetts Senator?
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