were to be receivable in the payment of the monthly 1780. quotas or taxes of each state, at the fame rate with fpecie, or of one Spanish milled dollar, in lieu of forty dol lars of the old bills ftill in circulation. By this political contrivance of congrefs, various effects were produced. The value of the new bills was to be really double to that of the old. The laft were estimated at forty for a fpecie dollar, the firft at par with fpecie: thus ten millions of new were equivalent to 400 millions of the old. The several states had, a bait held out to them to induce their adoption of the plan; in that each was to receive fix tenths of the new for its own ufe, while the remaining four were fubject to the orders of congrefs. Thofe who had amaffed large quantities of the old, were dif appointed in their hopes of converting it into fpecie, dol. lar for dollar; notwithstanding all the fine and expreffive language in the circular letter of congrefs the last September, ftrongly tending to encourage fuch hopes. The real injustice of fubjecting all the inhabitants to the redemption of the old paper in fpecie at par, when the generality of the holders received it at a confiderable depreciation, and when a large quantity of it was not circulated in the first inftance but in a depreciated condition, was fo apparent; that the avoidance of it by the refolution of congrefs produced no convulfion, though there was a violation of public faith. Many fuffering individuals complained loudly, but the measure was peaceably adopted. Congrefs have alfo fixed the value of certifi cates given for money loaned from September 1777 to March 1780, fo rating the value of the continental paper between those two periods, as that the lender might receive the value of what was lent, and the public not 1780. The proceedings of congrefs muft now again engage our attention. The grand council of the American states called upon each, in February, for specific fupplies of provifion and forage. But before thefe could be brought in, fuch advantage was taken of the public wants, that the nominal debt of the continent was increased beyond calculation. Depreciation was rapid. The enemy took courage, and fet every engine to work, by counterfeiting and multiplying their base emiffions, to decry the credit of the paper currency. Congrefs, to baffle their defigns and curb inteftine avarice, refolved on the 18th of March, to call in by taxes in the course of one year, and to burn all the paper bills heretofore emitted to the amount of 200 million of dollars, and in lieu thereof to iffue ten millions of new money, which was to be iffued as fast and no faster than the old was brought in. For every 20 dollars of the old, one dollar of the new emiffion was to be perfected, and lodged in the continental loan offices in the respective ftates. Thefe new bills were to be redeemable in fpecie, within fix years after the present, and to bear an interest at the rate of 5 per cent. to be paid alfo in fpecie at the redemption of the bills, or at the election of the owner annually, in fterling bills of exchange on the American commiffioners in Europe, at four fhillings and fixpence per dollar. The new bills. were to iffue on funds of individual states, established for the purpose. As the faid bills were completed, the ftates respectively on whofe funds they iffued were to receive fix tenths of them, and the remainder was to be fubject to the orders of the United States, and credited to the ftates on whofe funds they iffued. Thefe bills were to be receivable in the payment of the monthly 1780. quotas or taxes of each state, at the fame rate with fpecie, or of one Spanish milled dollar, in lieu of forty dol lars of the old bills ftill in circulation. By this political contrivance of congrefs, various effects were produced. The value of the new bills was to be really double to that of the old. The laft were estimated at forty for a fpecie dollar, the firft at par with fpecie: thus ten millions of new were equivalent to 400 millions of the old. The feveral states had, a bait held out to them to induce their adoption of the plan; in that each was to receive fix tenths of the new for its own use, while the remaining four were subject to the orders of congrefs. Those who had amaffed large quantities of the old, were dif appointed in their hopes of converting it into fpecie, dolJar for dollar; notwithstanding all the fine and expreffive language in the circular letter of congrefs the laft September, ftrongly tending to encourage fuch hopes. The real injustice of subjecting all the inhabitants to the redemption of the old paper in fpecie at par, when the generality of the holders received it at a confiderable depreciation, and when a large quantity of it was not circulated in the first inftance but in a depreciated condition, was fo apparent; that the avoidance of it by the refolution of congrefs produced no convulfion, though there was a violation of public faith. Many fuffering individuals complained loudly, but the measure was peaceably adopted. Congrefs have alfo fixed the value of certifi cates given for money loaned from September 1777 to March 1780, fo rating the value of the continental paper between those two periods, as that the lender might receive the value of what was lent, and the public not 1780. The proceedings of congrefs muft now again engage our attention. The grand council of the American ftates called upon each, in February, for specific fupplies of provifion and forage. But before thefe could be brought in, fuch advantage was taken of the public wants, that the nominal debt of the continent was increased beyond calculation. Depreciation was rapid. The enemy took courage, and fet every engine to work, by counterfeiting and multiplying their base emiffions, to decry the credit of the paper currency. Congrefs, to baffle their defigns and curb inteftine avarice, refolved on the 18th of March, to call in by taxes in the course of one year, and to burn all the paper bills heretofore emitted to the amount of 200 million of dollars, and in lieu thereof to iffue ten millions of new money, which was to be iffued as faft and no faster than the old was brought in. For every 20 dollars of the old, one dollar of the new emiffion was to be perfected, and lodged in the continental loan offices in the respective states. These new bills were to be redeemable in fpecie, within fix years after the present, and to bear an interest at the rate of 5 per cent. to be paid alfo in fpecie at the redemption of the bills, or at the election of the owner annually, in fterling bills of exchange on the American commiffioners in Europe, at four fhillings and fixpence per dollar. The new bills. were to iffue on funds of individual states, established for the purpose. As the faid bills were completed, the ftates respectively on whofe funds they iffued were to receive fix tenths of them, and the remainder was to be fubject to the orders of the United States, and credited to the ftates on whofe funds they iffued. Thefe bills were to be receivable in the payment of the monthly 1989. quotas or taxes of each state, at the fame rate with fpecie, or of one Spanish milled dollar, in lieu of forty dollars of the old bills ftill in circulation. By this political contrivance of congrefs, various effects were produced. The value of the new bills was to be really double to that of the old. The laft were estimated at forty for a fpecie dollar, the first at par with fpecie: thus ten millions of new were equivalent to 400 millions of the old. The several states had, a bait held out to them to induce their adoption of the plan; in that each was to receive fix tenths of the new for its own use, while the remaining four were subject to the orders of congrefs. Those who had amaffed large quantities of the old, were dif appointed in their hopes of converting it into fpecie, dollar for dollar; notwithstanding all the fine and expreffive language in the circular letter of congrefs the laft September, ftrongly tending to encourage fuch hopes. The real injustice of subjecting all the inhabitants to the redemption of the old paper in fpecie at par, when the generality of the holders received it at a confiderable depreciation, and when a large quantity of it was not circulated in the first inftance but in a depreciated condition, was fo apparent; that the avoidance of it by the refolution of congrefs produced no convulfion, though there was a violation of public faith. Many fuffering individuals complained loudly, but the measure was peaceably adopted. Congrefs have alfo fixed the value of certifi cates given for money loaned from September 1777 to March 1780, fo rating the value of the continental paper between those two periods, as that the lender might receive the value of what was lent, and the public not |