FREE BOOKS

Author's List




PREV.   NEXT  
|<   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   37   38  
39   40   41   42   43   44   45   46   47   48   49   50   51   52   53   54   55   56   57   58   59   60   61   62   63   >>   >|  
ize. Negotiations dragged on for months. Reporting to Congress in August, 1786, Jay advised the abandonment of the claim of free navigation of the Mississippi for the sake of securing an advantageous commercial treaty with Spain. The delegates from Northern States were ready to barter away the Southwest; but the Southern delegates succeeded in postponing action until the impotent Confederation gave way to a more perfect union. At the Court of St. James, John Adams was having no better luck in pressing the rights of the moribund Confederation. Notwithstanding the explicit terms of the Treaty of 1783, British garrisons still held strategic posts along the Great Lakes, exercising a strong influence upon the Indians and guarding the interests of British fur traders. Such a situation would have been intolerable to a self-respecting nation. Smothering his pride, Adams mustered all the diplomacy which his nature permitted and sought an explanation of this extraordinary conduct from the ministers. He was finally told that he need not expect Great Britain to relinquish the Western posts so long as the States continued to put obstacles in the way of the collection of British debts. A general reluctance to meet financial obligations was a deplorable aspect of the depression to which American society had succumbed. In all the States there was a more or less numerous class of debtors who were convinced that the Government could help them out of all their distresses. As the cause of all their woes was the scarcity of money, why, let the Government manufacture money and so put an end to the stringency. What Madison called "the general rage for paper money" seized upon Rhode Island, New Jersey, Pennsylvania, the Carolinas, and Georgia. Coupled with paper-money acts were others designed to alleviate the distress of the unfortunate. Stay laws of one sort or another were devised to keep the wolf, in the guise of the sheriff, from the door. Legal-tender acts made cattle and produce equivalent to money when offered in payment of debts. Nor was this legislation inspired altogether by dishonest intent. Many believed with Luther Martin, of Maryland, that there were times of great public distress and extreme scarcity of specie when it was the duty of the Government to pass stay laws and legal-tender acts, "to prevent the wealthy creditor and the moneyed man from totally destroying the poor, though even industrious, debtor." No State suffe
PREV.   NEXT  
|<   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   37   38  
39   40   41   42   43   44   45   46   47   48   49   50   51   52   53   54   55   56   57   58   59   60   61   62   63   >>   >|  



Top keywords:

Government

 

States

 

British

 

Confederation

 

scarcity

 

distress

 
tender
 

general

 

delegates

 
Island

succumbed

 

called

 

seized

 

Pennsylvania

 
American
 

depression

 
aspect
 

Coupled

 

society

 

Georgia


Carolinas
 

Jersey

 

convinced

 

distresses

 

debtors

 
stringency
 

manufacture

 

numerous

 

Madison

 

devised


specie

 

extreme

 

public

 

Martin

 

Luther

 
Maryland
 

prevent

 
wealthy
 

industrious

 

debtor


moneyed

 
creditor
 

totally

 

destroying

 

believed

 

deplorable

 
sheriff
 

alleviate

 
designed
 
unfortunate