Lawndale Tribune AND lAwNDAle News The Weekly Newspaper of Lawndale Herald Publications - Inglewood, Hawthorne, Lawndale, El Segundo, Torrance & Manhattan Beach Community Newspapers Since 1911 - Circulation 30,000 - Readership 60,000 (310) 322-1830 - June 29, 2017 ECHS Grads Are First to Go From Lawndale to Yale L to R. Tahj Lakey, Mr. Greg Lakey and Jennifer Banuelos. Mr. Greg Lakey (center) Math instructor and Head of the Math Department at Environmental Charter High School (ECHS) at commencement last week with students Tahj Lakey and Jennifer Banuelos, the only two students in the school’s history to be accepted to Yale University. This year, ECHS had the highest number of Ivy League acceptances in the school’s history. Photo by David Montejano Patriotic Investors Bet on the Underdog in 1776 By Rob McCarthy least be recovered in an English court even if The Declaration of Independence that we America lost,” Smith wrote. “… The bonds were celebrate on July 4 marks not only the birth a bet that America would win the war. But if of this nation, but the beginning of the national America lost, it was thought that just holding debt. Defeating the superior British army required the bonds could indicate to the victorious British money for weapons and to pay soldiers, and Crown that you supported the traitors.” historians have credited two allies--the France The opportunity to invest in the outcome and the Dutch--for backing the 13 colonies. of the Revolutionary War and the eventual The victory for independence was longer than independence for the 13 colonies came with expected and more expensive. Thus, the national considerable risk for all concerned, Smith debt was created. notes. When the war ended in 1783, the From 1775 to 1783, the nation’s leaders newly emancipated country was between $16 used a variety of methods to pay for the war, million and $25 million in debt and needed some of which are still done today. The federal government printed money, and so did the individual states, because at the time there was no U.S. central bank. To raise money for the war Free Digital effort, states issued war bonds and sold them to wealthy landowners in the colonies who put Delivery up their land as collateral, according to author John L. Smith whose account appears at the Herald Publications is now Journal of the American Revolution. He notes that wealthy, patriotic Americans were bullish offering to send you a link on George Washington’s underdog army and to your favorite community the state-funded militias, betting on them to newspaper every Friday! The defeat the British. emails will also include a list “Similar to World War II savings bonds, these of upcoming local events. war bonds paid about six percent interest--again, assuming America won the war,” Smith wrote in Just email us at: an essay entitled “How Was the Revolutionary dd@heraldpublications.com and War Paid For?” The bonds weren’t a huge tell us which local community success, he believes, because private loans to newspaper you’d like. fund the war effort paid higher interest and carried less risk. More than 240 years ago, Simple as that and free!!! smart investors hedged their bets on General George Washington and company. “If defaulted upon, [private loans] could at to start paying back investors, including the French, Dutch and Spanish governments that backed the patriots. The private lenders and war bondholders expected to be repaid too, so Congress formed a central U.S. bank and assumed all of the war debts. It was the start of two unpopular facts of American life: taxation and the national debt. The national debt grew for a half-century after the end of the war in 1783 and reached $58 million ($1.4 billion in today’s dollars) by See Patriotic Investors page 8 Inside This Issue Certified & Licensed Professionals.......................7 Classifieds............................3 Community Briefs...............2 Food.......................................5 Finance..................................3 Legals................................ 6-8 Pets........................................4 Sports....................................5 Weekend Forecast Friday Sunny 71˚/62˚ Saturday Sunny 73˚/63˚ Sunday Sunny 73˚/61˚
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