f $159,948,880, in emissions,--$7,545,196-67/90, in money borrowed
before the first of March, 1778, with the interest payable in
France,--$26,188,909, money borrowed since the first of March, 1778,
with interest due in America,--about $4,000,000, of money due abroad."
The taxes had brought in only $3,027,560; so that all the money supplied
to Congress by the people was but $36,701,665-67/90.

"Judge, then, of the necessity of emissions, and learn from whom and
whence that necessity arose. We are also to inform you, that, on the
first day of September instant, we resolved that we would on no account
whatever emit more bills of credit than to make the whole amount of
such bills two hundred million dollars; and as the sum emitted and in
circulation amounted to $159,948,880, and the sum of $40,051,120
remained to complete the two hundred million above mentioned, we, on the
third day of September instant, further resolved that we would emit such
part only of the said sum as should be absolutely necessary for public
exigencies before adequate supplies could otherwise be obtained, relying
for such ratios on the exertions of the several States."

Coming to the depreciation, they reduce the causes to three
kinds,--natural, or artificial, or both. The natural cause was the
excess of the supply over the demands of commerce; the artificial cause
was a distrust of the ability or inclination of the United States to
redeem their bills; and assuming that both causes have combined in
producing the depreciation of the Continental money, they proceed to
prove that there can be no doubt of the ability of the United States to
pay their debt, and none of their inclination. Under the head of
inclination the argument is divided into three parts:--

First, Whether, and in what manner, the faith of the United States has
been pledged for the redemption of their bills.

Second, Whether they have put themselves in a political capacity to
redeem them.

Third, Whether, admitting the two former propositions, there is any
reason to apprehend a wanton violation of the public faith. The idea
that Congress can destroy the money, because Congress made it, is
treated with scorn.

"A bankrupt, faithless Republic would be a novelty in the political
world.... The pride of America revolts from the idea; her citizens know
for what purposes these emissions were made, and have repeatedly
plighted their faith for the redemption of them; they are to be found i