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A Brief Account of the Finances and Paper Money of the Revolutionary War
J. W. SCHUCKERS
Uten tilgangsbegrensning - 1874
aggregate American amount army authorized bank beginning bills of credit borrowed British called cash cause cent certificates circulation colonies Congress continental continued contracted course currency debt December depreciation discharge duties effect emissions emitted enemies equal established estimated exchange existence expenses faith February finally finances five fixed foreign four France funds further gold hands honour hundred thousand immediately important interest issued January July June latter laws less liberty livres loan March means measure millions of dollars months Morris necessary necessity never notes November October officers paid paper money payment Pennsylvania period persons present principal quotas received recommended redeemed refusing resolved respective result September silver soldiers specie sufferings supplies taxes tender things thousand dollars tion treasury United whole
Side 118 - Though paper emissions under a general authority might have some advantages not applicable, and be free from some disadvantages which are applicable to the like emissions by the States separately, yet they are of a nature so liable to abuse — and, it may be affirmed, so certain of being abused — that the* wisdom of the Government will be shown in never trusting itself with the use of so seducing and dangerous an expedient...
Side 115 - Hence it is even the interest of the creditors of the Union, that those of the individual States should be comprehended in a general provision. Any attempt to secure to the former either exclusive or peculiar advantages, would materially hazard their interests.
Side 31 - GOUVERNEUR MORRIS moved to strike out ' and emit bills on the credit of the United States/ If the United States had credit, such bills would be unnecessary ; if they had not, unjust and useless.
Side 32 - Though he had a mortal hatred to paper money, yet, as he could not foresee all emergencies, he was unwilling to tie the hands of the legislature. lie observed that the late war could not have been carried on had such a prohibition existed.
Side 32 - MR. RANDOLPH, notwithstanding his antipathy to paper money, could not agree to strike out the words, as he could not foresee all the occasions that might arise. MR. WlLSON. — lt will have a most salutary influence on the credit of the United States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered. And, as long as it can be resorted to, it will be a bar to other resources.
Side 33 - Madison has disclosed the grounds of his own action, by recording that ''this vote in the affirmative by Virginia was occasioned by the acquiescence of Mr. Madison, who became satisfied that striking out the words would not disable the government from the use of public notes...
Side 32 - Mr. Ellsworth thought this a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made were now fresh in the public mind and had excited the disgust of all the respectable part of America.
Side 77 - Other causes of discontent prevailed. The original idea of a continental army, to be raised, paid...
Side 118 - The stamping of paper is an operation so much easier than the laying of taxes, that a government in the practice of paper emissions would rarely fail, in any emergency, to indulge itself too far in the employment of that resource to avoid, as much as possible, one less auspicious to present popularity.