ideas they entertained, as well of the capacities, the great faith of the people, may be seen in the resolution passed on the 1st September to limit the emission of bills of credit to two hundred millions of dollars. And this too they considered the publick faith as pledged to redeem, at the end of the war, at its nominal value, while the highest real amount which could be raised upon the same, would not exceed one fourth. This resolution was accompanied by a letter to their constituents, in which they entered at large upon the state of their finances, and endeavoured to prove by a train of sophistical reasoning, that paper money was the most beneficial medium of commerce and exchange which could be adopted—that the abilities of the people of the United States to redeem it were more than adequate, and that they were pledged to do so, not only in their representative, but in their individual capacity. 6 We should pay an ill compliment, (say they) to the understanding and honour of every true American, were we to adduce many arguments to show the baseness or bad policy of violating our national faith, or omitting to pursue the measures necessary to preserve it. A bankrupt, faithless republick, would be a novelty in the political world, and appear among reputable nations, like a common prostitute among chaste and respectable matrons. We are convinced that the arts and efforts of our enemies, will not be wanting to draw us into this humiliating and contemptible situation. Impelled by malice and the suggestion of chagrin and disappointment, at not being able to bend our necks to their yoke, they will endeavour to force or seduce us to commit this unpardonable sin, in order to subject us to the punishment due to it, and that we may thenceforth be a re

proach and a by-word among the nations. Apprized of these consequences, knowing the value of national character, and impressed with a due sense of the immutable laws of justice and honour, it is impossible that America should think without horrour of such an execrable deed. Determine to finish the contest as you began it, honestly and gloriously. Let it never be said, that America had no sooner become independent, than she became insolent, or that her infant glories and growing fame were obscured and tarnished by broken contracts and violated faith, in the very hour when all the nations of the earth were admiring, and almost adoring, the splendour of her rising.”

This letter was manifestly addressed rather to the passions than to the understandings of the people; many of them had already seen cause to doubt the existence of that virtue which is the only solid foundation of publick faith; they could not be made to sce the advantages of a theory which produced nothing but misery in its practice : if they could not depend upon each other for the credit of paper emitted by themselves, what right had they to depend upon their posterity; a publick faith broken at the very moment of its being pledged, stood but little chance of being redeemed, when the objects for which it was pledged should be accomplished. Congress never committed a more egregious errour, than in their system of finance. They saw the insufficiency of their bills of credit, and yet persisted in emitting them to still greater extent, absurdly supposing that the confidence of the people would be increased in proportion to the magnitude of their debt. Determined as they seemed to be, to regard their paper money as a


VOL. 11.

blessing, it was their obvious duty to have made it penal to pay or recieve it in payment under its nominal value. The publick virtue of no nation has ever been found sufficient to counteract the operations of private interest. It is the law that constitutes the morality of every nation, whether its government be republican or despotick. Four years had passed since the first emission of bills of credit; and their credit had gradually but uniformly depreciated in the ratio of their emission, until they were become but little better than waste paper. But they were now plunged so deeply into the system, that they were compelled either to give up the contest, or to increase the evil by further emissions.

On the 17th of September, they conferred the commission of Captain in the navy on Lieutenant Colonel Talbot, as a further reward for his distinguished gal. lantry in the capture of the Pigot schooner; and on the 24th, they resolved to present to Major Lee, a gold medal, bearing an emblematical impression of the attack on the fort and works at Powles Hook. The appointment of Mr. Jay to the foreign mission, vacated the presidential chair, which was filled on the 28th by the election of Samuel Huntington.

The convention troops of Burgoyne which had been sent to Virginia in November 1778, and which still remained prisoners, demanded so large a supply of flour for their support, that that article became extremely scarce, and Congress were compelled on the 18th of October to adopt the resolution of feeding them on Indian corn ; but they at the same time directed information to be given to Sir Henry Clinton, that passports would be granted for the transmission of four, if he chose to supply them with that article.

The Chevalier de la Luzerne, was presented to Congress on the 17th of November, and having delivered his credentials, was recognized as Minister plenipotentiary from the court of France.

On the 19th, a resolution was passed again recommending to the several states, and pointing out the urgent necessity, to enact laws for a general limitation of prices. The resolutions which had been heretofore passed on this subject, so far from having resulted in any beneficial effect, or tended in any manner to keep up the credit of the continental money, had served only to enrich individuals at the publick expense; and so little of the boasted virtue of republicks was to be found even in the Congress itself, that many of its members took advantage of their official knowledge of these measures to speculate upon their fellow-citizens to enormous amounts.

In addition to the two hundred millions of their own paper already in circulation, they found it necessary to borrow largely of all the European powers with whom they held correspondence. We have seen that Dr. Franklin had already been empowered to borrow to a large amount, to enable him to honour the bills which had been drawn upon him by Congress; and on the 23d of November they did the same on Mr. Jay, and on Mr. Laurens, for one hundred thousand pounds sterling each—the last of these gentlemen having been appointed expressly with a view to negotiate this loan in Holland.

On the 16th of December a communication was made to Congress by the French Minister, through a committee appointed for the purpose of waiting upon him, in which most of the arguments, which had been used in the ad statum legendi of M. Gerard, were re

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peated to show the little prospect there seemed to be of a peace with Great Britain, founded upon the recognition of American independence. The minister stated that Great Britain was using every possible inducement to the different powers of Europe to de

. clare war against France, while at the same time they endeavoured to persuade them that the United States were disposed to enter into treaties of accommodation-and that many persons in the United States were actually employed in negotiating such treaties with every prospect of success. The minister then artfully added that his master gave no credit to these suggestions of Great Britain, but that it was essential to the good of the United States that measures should be speedily taken to prevent the other powers of Europe from being decieved into a belief of them. He pointed out the danger of suffering Great Britain to remain in possession of any portion of the United States, and the necessity of prompt and vigorous measures to prepare for the next campaign, in which he promised the most hearty cooperation of his most Christian Majesty.

The answer of Congress to this communication, and the further conferences with the Minister will be given in another chapter. We shall close the present with an account of the successful cruizes of Captain Paul Jones, who sailed from L'Orient in Ju. ly, with a small squadron of five vessels, to which he acted as Commodore. Jones himself commanded the Bon Homme Richard, of 10 guns and 375 men. From L'Orient he sailed to the western coast of Ireland, and thence steered round the north of Scotland, until he entered the Frith of Forth. Arrived off Hamborough head on the 23d of September, he fell in

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