Presidents -- United States -- Biography; Washington, George, 1732-1799
he wished, but fighting in a very clear and manful spirit, and not
laboring in vain.
The Indian question in its management touched, as has been seen, at
various points our financial policy and our foreign relations, on
which the history of the country really turned in those years. The
latter had not risen to their later importance when the government
began, but the former was knocking importunately at the door of
Congress when it first assembled. The condition of affairs is soon
told. The Revolution narrowly escaped shipwreck on the financial
reefs, and the shaky government of the confederation had there gone to
pieces. The country, as a political organism, was bankrupt. It owed
sums of money, which were vast in amount for those days, both at
home and abroad, and it could not pay these debts, nor was there any
provision for them. All interest was in arrears, there were no means
provided for meeting it, and the national credit everywhere was
dishonored and gone. The continental currency had disappeared, and the
circulating medium was represented by a confused jumble of foreign
coins and worthless scrip. Many of the States were up to their eyes in
schemes of inflation, paper money, and repudiation. There was no money
in the treasury to pay the ordinary charges of government; there was
no revenue and no policy for raising one, or for funding the debt.
This picture is darkly drawn, but it is not exaggerated. That high
spirit of public honor, which seventy-five years later rose above the
ravages of war and the temptings of dishonesty to pay the debt and the
interest, dollar for dollar in gold, seemed in 1789 to be wellnigh
extinct. But it was not dead. It was confused and overclouded in the
minds of the people, but it was still there, and it was strong, clear,
and determined in Washington and those who followed him.
Congress grappled with the financial difficulties in the most
courageous and honest way, but it struggled with them rather
helplessly despite its good disposition. It could lay taxes in one way
or another so as to get money, but this was plainly insufficient. It
could not formulate a coherent policy, which was the one essential
thing, nor could it settle the thousand and one perplexing questions
which hedged the subject on every side. The members turned, therefore,
with a sigh of relief to the new Secretary of the Treasury, asked him
the questions which were troubling them, and having directed him to
make various reports, adjourned.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account