History of the United StatesBeard, Charles A. (Charles Austin)
History
History of the United States
Beard, Charles A. (Charles Austin)
United States -- History
as if to increase the confusion, backward states enacted laws hindering
the prompt collection of debts within their borders--an evil which
nothing but a national system of courts could cure.
=Congress in Disrepute.=--With treaties set at naught by the states, the
laws unenforced, the treasury empty, and the public credit gone, the
Congress of the United States fell into utter disrepute. It called upon
the states to pay their quotas of money into the treasury, only to be
treated with contempt. Even its own members looked upon it as a solemn
futility. Some of the ablest men refused to accept election to it, and
many who did take the doubtful honor failed to attend the sessions.
Again and again it was impossible to secure a quorum for the transaction
of business.
=Troubles of the State Governments.=--The state governments, free to
pursue their own course with no interference from without, had almost as
many difficulties as the Congress. They too were loaded with
revolutionary debts calling for heavy taxes upon an already restive
population. Oppressed by their financial burdens and discouraged by the
fall in prices which followed the return of peace, the farmers of
several states joined in a concerted effort and compelled their
legislatures to issue large sums of paper money. The currency fell in
value, but nevertheless it was forced on unwilling creditors to square
old accounts.
In every part of the country legislative action fluctuated violently.
Laws were made one year only to be repealed the next and reenacted the
third year. Lands were sold by one legislature and the sales were
canceled by its successor. Uncertainty and distrust were the natural
consequences. Men of substance longed for some power that would forbid
states to issue bills of credit, to make paper money legal tender in
payment of debts, or to impair the obligation of contracts. Men heavily
in debt, on the other hand, urged even more drastic action against
creditors.
Public-domain text, read in full here on John Shaqi.
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