t in, the
several States be credited for the new emissions to have been issued
as specie, agreeably to the several resolutions of Congress upon that
subject; and,
3dly. That on all those requisitions last mentioned, the money of the
new emissions of any particular State be received as specie.
It is true that these propositions are liable to exception, but they
have the great advantage of being consistent with former resolutions
of Congress, which should always be attended to as much as possible.
I am sure that Congress must be convinced of this, for they are not to
learn, that authority is weakened by the frequent change of measures
and pursuits; that such changes injure the reputation of supreme power
in public opinion, and that opinion is the source and support of the
sovereign authority. It is further to be observed, that the motives
for complying with the resolutions of the 18th of March, will, if the
above plan is adopted, become very strong; for in that case, every
forty dollars of old Continental, paid by a State, will produce to the
credit side of its account three dollars in specie; because in the
first place, the whole proportion of old Continental being changed at
forty for one, and receivable until a certain day at the same rate,
that payment will so far operate a discharge of one dollar; and in the
second place, it will entitle the State to two dollars of the new
emission, which not being issued, will also be carried to its credit
upon its several requisitions.
It will be in the wisdom of the United States, in Congress assembled,
to determine whether after the expiration of the day to be fixed for
the above purpose, they will permit the possessors of the old
Continental money to bring it in loan at the rate of forty for one. It
is true, that this might operate against those States, who have not
complied with the resolutions of the 18th of March, 1780, and who have
not now the old Continental to comply with it; but it is entirely
consistent with the former resolutions of Congress, and the States are
themselves blamable for the neglect. Besides, those who now hold the
Continental do it either from choice, because of their confidence in
Congress, or from necessity, because it has been poured in upon them
from those places where it was of inferior value, and this
inferiority was owing to the neglect of those States in not passing
the laws which Congress recommended. There is, therefore, a degree of
justi
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