New England, encouraged by a successful expedition against Port Royal, made an attempt upon Quebec. Confident of success, she sent forth her little army without providing the means of paying it. The soldiers came back soured by disaster and fatigue, and, not yet up to the standard of '76, were upon the point of mutinying for their pay. To escape the immediate danger, Massachusetts bethought her of bills of credit. They were issued, accepted, and redeemed, although the first holders suffered great losses, and the last holders or the speculators were the only ones that found them faithful pledges. The flood-gates once opened, the water poured in amain. Every pressing emergency afforded a pretext for a new issue. Other Colonies followed the seductive example. Paper was soon issued to make money plenty. Men's minds became familiar with the idea, as they saw the convenient substitute passing freely from hand to hand. Accepted at market, accepted at the retail store, accepted in the counting-room, accepted for taxes, everywhere a legal tender, it seemed adequate to all the demands of domestic trade. But erelong came undue fluctuations of prices, depreciations, failures,--all the well-known indications of an unsound currency. England interposed to protect her own merchants, to whom American paper-money was utterly worthless; and Parliament stripped it of its value as a legal tender. Men's minds were divided. They had never before been called upon to discuss such questions upon such a scale or in such a form. They were at a loss for the principle, still enveloped in the multitude and variety of conflicting theories and obstinate facts. One fact, however, was clearly established,--that a government could, in great needs, make paper fulfil, for a while, the office of money; and if a regular government, why not also a revolutionary government, sustained and accepted by the people? Here, then, begins the history of the Continental money,--the principal chapter in the financial history of the Revolution,--leading us, like all such histories, over ground thick-strown with unheeded admonitions and neglected warnings, through a round of constantly recurring phenomena, varied only here and there by modifications in the circumstances under which they appear.