1815 James Madison - The National Debt in the whole to the sum of $120M

In 1815, because of the war the U.S. National Debt soared to $120 million.   $64 million of that was a direct consequence of the war, while $39 million was already on the books and $17 million came from various issues of Treasury Notes.   To the Americans of 1815, this amount seemed astronomical, but President Madison assured the country and Congress in his annual address that year that it was money well spent.   Both the existing debt and the new deb were a direct result of America's fight for freedom and independence, and how can anyone put a price on that.   Beside, the money spent now meant that America had a stronger Navy to protect it's harbors and the arsenal to protect it's frontiers.   In Madison's words, "the amount will bear a gratifying comparison with the objects which have been attained, as well as with the resources of the country."

"The national debt, as it was ascertained on the 1st of October last, amounted in the whole to the sum of $120M, consisting of the unredeemed balance of the debt contracted before the late war ($39M), the amount of the funded debt contracted in consequence of the war ($64M), and the amount of the unfunded and floating debt, including the various issues of Treasury notes, $17M, which is in gradual course of payment.

There will probably be some addition to the public debt upon the liquidation of various claims which are depending, and a conciliatory disposition on the part of Congress may lead honorably and advantageously to an equitable arrangement of the militia expenses incurred by the several States without the previous sanction or authority of the Government of the United States; but when it is considered that the new as well as the old portion of the debt has been contracted in the assertion of the national rights and independence, and when it is recollected that the public expenditures, not being exclusively bestowed upon subjects of a transient nature, will long be visible in the number and equipments of the American Navy, in the military works for the defense of our harbors and our frontiers, and in the supplies of our arsenals and magazines the amount will bear a gratifying comparison with the objects which have been attained, as well as with the resources of the country."

To put this in perspective, there were about 8.3 million people living in the country at the time.   Assuming a large family of 6, that comes out to be about $10 per family, or the average monthly rate for manual farm labor.  In 2016, the National Debt was $19.9 trillion and counting.   Even if we assume a much smaller family today, each family's share today is well over $143,000 or more than the average annual salary of a major Bank Vice President.  Think about it, in 1815 a person could work minimum wage for one month to pay their share of the debt, today one would need to work a full year as a Bank VP to pay their share.   And what do we have to pay for it.  Does the amount still "bear a gratifying comparison with the objects which have been attained, as well as with the resources of the country"?

http://www.presidency.ucsb.edu/ws/index.php?pid=29457