rom those states which
made an annual and adequate provision for the interest, can be
ascribed only to a want of confidence in governments which were
controlled by no fixed principles; and it is therefore not entirely
unworthy of attention. In many of those states which had repelled
every attempt to introduce into circulation a depreciated medium of
commerce, or to defeat the annual provision of funds for the payment
of the interest, the debt sunk in value to ten, five, and even less
than four shillings in the pound. However unexceptionable might be the
conduct of the existing legislature, the hazard from those which were
to follow was too great to be encountered without an immense premium.
In private transactions, an astonishing degree of distrust also
prevailed. The bonds of men whose ability to pay their debts was
unquestionable, could not be negotiated but at a discount of thirty,
forty, and fifty _per centum_: real property was scarcely vendible;
and sales of any article for ready money could be made only at a
ruinous loss. The prospect of extricating the country from these
embarrassments was by no means flattering. Whilst every thing else
fluctuated, some of the causes which produced this calamitous state of
things were permanent. The hope and fear still remained, that the
debtor party would obtain the victory at the elections; and instead of
making the painful effort to obtain relief by industry and economy,
many rested all their hopes on legislative interference. The mass of
national labour, and of national wealth, was consequently diminished.
In every quarter were found those who asserted it to be impossible for
the people to pay their public or private debts; and in some
instances, threats were uttered of suspending the administration of
justice by violence.

By the enlightened friends of republican government, this gloomy state
of things was viewed with deep chagrin. Many became apprehensive that
those plans from which so much happiness to the human race had been
anticipated, would produce only real misery; and would maintain but a
short and a turbulent existence. Meanwhile, the wise and thinking part
of the community, who could trace evils to their source, laboured
unceasingly to inculcate opinions favourable to the incorporation of
some principles into the political system, which might correct the
obvious vices, without endangering the free spirit of the existing
institutions.

While the advocates for un