May 26, 1781, Congress had taken the important step of chartering the Bank of North America. The United States was to furnish part of the capital, and to make the bank its financial agent. Its notes were to be receivable in the duties and taxes of every State in the Union. Morris asked Jay to get specie from Spain to start the bank. "I am determined," said he, "that the bank shall be well supported until it can support itself, and then it will support us." Its connection with the government practically ceased after the retirement of Morris in 1784, although it remained under a State charter a prosperous and useful institution, and is still in existence, a sound and healthy bank. [Sidenote: The currency.] Another financial measure was the attempt to correct the currency. After the end of the war there was found in circulation an extraordinary mixture of gold and silver coins of all nations, especially the Spanish milled dollar, which had been accepted by the Continental Congress as the unit of its issues. All the currency was badly counterfeited, defaced, and clipped. In 1782 the quartermaster-general, Timothy Pickering, who was about to pay out a part of the French subsidy in coin, wrote as follows: "I must trouble you for the necessary apparatus for clipping. 'Tis a shameful business and an unreasonable hardship on a public officer.... A pair of good shears, a couple of punches, and a leaden anvil of two or three pounds weight. Will you inquire how the goldsmiths put in their plugs?" The Confederation, upon Jefferson's report, July 6, 1785, adopted the dollar as its unit, and provided for a decimal ratio; but a few tons of copper cents made up the only national currency put into circulation. [Sidenote: Foreign loans.] Towards the end of its existence the Confederation found itself on the brink of a default of interest on debts due to foreign governments and bankers. France in 1783 made a final loan of six hundred thousand francs; and from 1783 to 1788 Dutch bankers were found who had sufficient confidence in the government to advance it $1,600,000 on favorable terms. With the proceeds of these loans the government was able to pay the accumulated interest on the foreign loans, and thus to keep its credit above water in Europe. 54. DISORDERS IN THE STATES (1781-1788). [Sidenote: State financial legislation.]