Battle of New Orleans.

Tuesday, November 18, 2014

200 Years Ago: British Fleet Sets Sail, No More "Utis Posseditis, Paper Money

NOVEMBER 25, 1814:  The British fleet sets sail from Jamaica, heading for New Orleans.

NOVEMBER 27, 1814:  The British negotiators in Ghent, Belgium, drop the "utis posseditis" offer during the peace negotiations.  They no longer insisted upon keep "captured territory."

NOVEMBER:  Unable to pay debts in specie (gold) as required by law, the U.S. government offers to pay wartime debts in paper.  Most banks refuse to accept treasury notes as security and war bonds fell to 60 cents on the dollar.

--Brock-Perry

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