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of the succeeding year, be liable for the first instalment of the principal; and the humiliating circumstance was to be encountered of a total failure to comply with the most solemn engagements, unaccompanied with the prospect of being enabled to give assurances, that, at any future time, their situation would be more eligible. If the condition of the domestic creditors was not absolutely desperate, the prospect of obtaining satisfaction for their claims was so distant and uncertain, that their evidences of debt were transferred at an eighth, and even at a tenth of their nominal value. The distress consequent on this depreciation was great and afflicting. "The requisitions of congress for eight years past," say the committee in February, 1786, to whom the subject of the revenue had been referred, "have been so irregular in their operation, so uncertain in their collection, and so evidently unproductive, that a reliance on them in future as a source from whence moneys are to be drawn to discharge the engagements of the confederacy, definite as they are in time and amount, would be not less dishonourable to the understandings of those who entertain such confidence, than it would be dangerous to the welfare and peace of the union." Under public embarrassments which were daily increasing, it had become, it was said, "the duty of congress to declare most explicitly that the crisis _had_ arrived, when the people of the United States, by whose will, and for whose benefit, the federal government was instituted, must decide whether they will support their rank as a nation, by maintaining the public faith at home and abroad, or whether, for want of a timely exertion in establishing a general revenue, and thereby giving strength to the confederacy, they will hazard not only the existence of the union, but of those great and invaluable privileges for which they have so arduously and so honourably contended." The revenue system of the 18th of April, 1783, was again solemnly recommended to the consideration of the several states, and their unanimous and early accession to it was declared to be the only measure which could enable congress to preserve the public faith, and to avoid the fatal evils which will inevitably flow from "a violation of those principles of justice which are the only solid basis of the honour and prosperity of nations." In framing this system, a revenue adequate to the funding of the whole national debt had
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