In October, 1779, it was resolved by congress, that no further sum in this paper-money should be issued, on any account whatever, than would, when added to the sum then in circulation, amount to 200 millions of dollars. In their circular letter of the 13th of September preceding, addressed to their constituents, congress asserted the practicability of redeeming all the continental bills at par, with gold and silver; and rejected, with indignation, the supposition that the states would ever tarnish their credit by violating public faith. “These strong declarations in favour of the paper-currency,” says Dr. Ramsay, “deceived many to repose confidence in it, to their utter ruin.” In addition to the amount of many millions of dollars, in paper-emissions of the several states, congress, soon after, actually continued to issue their own paper, until it amounted in the whole to the enormous sum of 200 millions of dollars! That which was of little value before, now became of less, and soon afterwards good for nothing. The inevitable consequence was, that thousands of meritorious citizens were entirely ruined, and others greatly injured in their property. ----- That he should have had, in thirteen years, successively, an unanimous annual vote for the office of treasurer, is a very strong testimonial of the exalted sense which his countrymen entertained of his integrity: it would have been so, under a popular government, at any period. But when it is considered, that, during the whole of the time he held the treasurership, the people of Pennsylvania were divided into two opposing parties, which sprung into existence with the adoption of the state-constitution of 1776, the unanimity of their representatives in favour of this individual, is still more conclusive evidence of his merits. Most of those men in the community, best acquainted with human nature, and practically versed in the science of politics, very early pointed out the radical defects of the new frame of government; and predicted the utter incompetency of that instrument, as they conceived, to promote the true interest and happiness of civil society. In a single legislative body, a plural executive, and in a limited duration of the judicial authority—consequently, an undue dependence of the judges on the executive for their re-appointment,—they foresaw those evils, which were too soon realized: and in a septennial council of censors, such as that constitution provided for,[236] they beheld a political chimera, at variance with common sense and the experience of mankind. Men entertaining these views, formed, of course, one of these parties. ----- Footnote 236: