Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . importance to the national honor and prosperity. Resolved, That the Secretary of the Treasury be directed to prepare a plan for that purpose, and to report the same to this House at its next were two kinds of debt in the adjustment of which thereseems to have been no difficulty: One was the unadjusted foreigndebt, where the lenders had paid for their bonds in gold, on the faithof the Continental Congress; the other icas the paper money issued
Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . importance to the national honor and prosperity. Resolved, That the Secretary of the Treasury be directed to prepare a plan for that purpose, and to report the same to this House at its next were two kinds of debt in the adjustment of which thereseems to have been no difficulty: One was the unadjusted foreigndebt, where the lenders had paid for their bonds in gold, on the faithof the Continental Congress; the other icas the paper money issued byComrress and the several States. 88 Authorities vary as to the amount of paper money issuedduring the struggle for independence. Possibly Mr. Jeffersonsstatement in his writings may be taken as approximate to the truth,and it affords, at the same time, a striking exhibit of the effects of theinflation of our paper currency: (Bayleys History of the NationalLoans.) The total issue was estimated by Jefferson at about$200,000,000. He states that this paper money continued fora twelvemonth equal to gold and silver; it then began to de-. S. S. <ashii:r, l.\ hank, ckosse. wis. prcciate. In two years it had fallen to two dollars of papermoney for one of silver; in three years to four for one ; in ninemonths it fell to ten for one; and in the six months following,that is to say, by Se[)tember, 1779, it had fallen twenty for M .y. J/, -v. one. -^ * ?• It continued to circulate and to depreciate till the end of17S0, when it had fallen to seventy-five for one; and the moneycirculatetl frcjui the I^rench army being, by that time, sensible in 89 all the States north of the Potomac, the j)aper ceased its circula-tion altogether in those States. In Virginia and North Carolinait continued a year longer, within which tune it fell to onethousand for one, and then expired, as it had done in the otherStates, without a single groan. Not a inunmir zvas hear
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Keywords: ., bookcentury1800, bookde, booksubjectbanksandbanking, bookyear1895
