History of the Origin, Formation, and Adoption of the Constitution of the United States, Vol. 1: With Notices of Its Principle FramersCurtis, George Ticknor
History
History of the Origin, Formation, and Adoption of the Constitution of the United States, Vol. 1: With Notices of Its Principle Framers
Curtis, George Ticknor
Constitutional history -- United States
Manly and his crew had not received their share of the valuable prize
taken by them in the autumn previous.[96]
* * * * *
Another remarkable defect in the revolutionary government was found in
the mode in which it undertook to supply the means of defraying the
public expenses. It was a government entirely without revenues of any
kind; for, in constituting the Congress, the colonies had not clothed
their delegates with power to lay taxes, or to establish imposts. At the
time when hostilities were actually commenced, the commerce of the
country was almost totally annihilated; so that if the Congress had
possessed power to derive a revenue from commerce, little could have
been obtained for a long period after the commencement of the war. But
the power did not exist; money in any considerable quantity could not be
borrowed at home; the expedient of foreign loans had not been suggested;
and consequently the only remaining expedient to which the Congress
could resort was, like other governments similarly situated, to issue
paper money. The mode in which this was undertaken to be done was, in
the first instance, to issue two millions of Spanish milled dollars, in
the form of bills, of various denominations, from one dollar to eight
dollars each, and a few of twenty dollars, designed for circulation as
currency. The whole number of bills which made up the sum of $2,000,000
was 403,800.[97] The next emission amounted to $1,000,000, in bills of
thirty dollars each, and was ordered on the 25th of July.[98] When the
bills of the first emission were prepared, it would seem to have been
the practice to have them signed by a committee of the members; but this
was found so inconvenient, from the length of time during which it
withdrew the members from the other business of Congress, that, when the
second emission was ordered, a committee of twenty-eight citizens of
Philadelphia was appointed for the purpose, and the bills were ordered
to be signed by any two of them.[99] At this time, no continental
Treasurers had been appointed.[100]
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