How did George S. Boutwell reduce the national debt?
By increasing taxes
By selling Treasury gold and using greenbacks to buy up Treasury bonds
By cutting government spending
By borrowing from foreign countries
Answer
George S. Boutwell controversially reduced the national debt by selling Treasury gold and using greenbacks to buy up Treasury bonds, a process that created a cash shortage.
The George S. Boutwell Challenge: How Well Do You Know the Former Massachusetts Senator?
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