thought proper to declare, that whoever should refuse to receive this paper in exchange for any property, as gold and silver, should be deemed "an enemy to the liberties of these United States."[1] This course of violence and terror, so far from aiding the circulation of the paper, led on to still farther depreciation. New issues continued to be made, until in September, 1779, the whole emission exceeded one hundred and sixty millions of dollars. At this time congress thought it necessary to declare, that the issues on no account should exceed two hundred millions; and still held out to the public the delusive hope of an ultimate redemption of the whole at par. They indignantly repelled the idea, in a circular address, that there could be any violation of the public faith, pledged for their redemption; or that there did not exist ample funds to redeem them. They indulged in still more extraordinary delusions, and ventured to recommend paper money, as of peculiar value. "Let it be remembered," said they, "that paper money is the only kind of money, which cannot make to itself wings and fly away."[2]
§ 1354. The states still continued to fail in complying with the requisitions of congress to pay taxes; and congress, notwithstanding their solemn declaration to the contrary, increased the issue of paper money, until it amounted to the enormous sum of upwards of three hundred millions.[3] The idea was then abandoned of- ↑ 2 Journal of Congress, 11th January, 1776, p. 21; 14th January, 1777; 3 Journal of Congress, p. 19, 20; 2 Pitk. Hist. ch. 16, p. 155, 156.
- ↑ See 4 Journal of Congress, 9th Dec. 1778, p. 742, and 5 Journal of Congress, 13th Sept. 1779, p. 341 to 353; 2 Pitk. Hist. ch. 16, p. 156, 157.
- ↑ In the American Almanac for 1830, p. 183, the aggregate amount is given at 357,000,000 of the old emission, and 2,000,000 of the new emission; upon which the writer adds, "there was an average depreciation of two thirds of its original value." Mr. Jefferson has given an in-
