ould have been scarcely merited by
revolt and treason? Of all this was the Congress well aware. But it
had no choice of means. Its despised and despicable scraps of paper
were actually thirty times below their original value, when more of
them were ordered to be made. On the 13th of September 1779, there was
of this paper money, amongst the public, to the amount of
L.35,544,155. The State owed moreover L.8,305,356, without reckoning
the particular debts of single Provinces."

In the above-recited passages, the Abbe speaks as if the United States
had contracted a debt of upwards of forty million pounds sterling,
besides the debts of individual States. After which, speaking of
foreign trade with America, he says, that "those countries in Europe,
which are truly commercial ones, knowing that North America had been
reduced to contract debts at the epoch even of her greatest
prosperity, wisely thought, that in her present distress, she would be
able to pay but very little, for what might be carried to her."

I know it must be extremely difficult to make foreigners understand
the nature and circumstances of our paper money, because there are
natives who do not understand it themselves. But with us its fate is
now determined. Common consent has consigned it to rest with that kind
of regard which the long service of inanimate things insensibly
obtains from mankind. Every stone in the bridge, that has carried us
over, seems to have a claim upon our esteem. But this was a
corner-stone, and its usefulness cannot be forgotten. There is
something in a grateful mind, which extends itself even to things that
can neither be benefited by regard, nor suffer by neglect: But so it
is; and almost every man is sensible of the effect.

But to return. The paper money, though issued from Congress under the
name of dollars, did not come from that body always at that value.
Those which were issued the first year, were equal to gold and silver.
The second year less; the third still less; and so on, for nearly the
space of five years; at the end of which, I imagine, that the whole
value at which Congress might pay away the several emissions, taking
them together, was about ten or twelve millions pounds sterling.

Now, as it would have taken ten or twelve millions sterling of taxes,
to carry on the war for five years, and, as while this money was
issuing and likewise depreciating down to nothing, there were none, or
very few valuable taxes paid;