The Critical Period of American HistoryFiske, John
History
The Critical Period of American History
Fiske, John
United States -- History -- Confederation, 1783-1789
In view of all these complicated impediments to business on the morrow
of a long and costly war, it was not strange that the whole country was
in some measure pauperized. The cost of the war, estimated in cash, had
been about $170,000,000--a huge sum if we consider the circumstances of
the country at that time. To meet this crushing indebtedness Mr.
Hildreth reckons the total amount raised by the states, whether by means
of repudiated paper or of taxes, down to 1784, as not more than
$30,000,000. No wonder if the issue of such a struggle seemed quite
hopeless. In many parts of the country, by the year 1786, the payment of
taxes had come to be regarded as an amiable eccentricity. At one
moment, early in 1782, there was not a single dollar in the treasury.
That the government had in any way been able to finish the war, after
the downfall of its paper money, was due to the gigantic efforts of one
great man,--Robert Morris, of Pennsylvania. This statesman was born in
England, but he had come to Philadelphia in his boyhood, and had amassed
an enormous fortune, which he devoted without stint to the service of
his adopted country. Though opposed to the Declaration of Independence
as rash and premature, he had, nevertheless, signed his name to that
document, and scarcely any one had contributed more to the success of
the war. It was he who supplied the money which enabled Washington to
complete the great campaign of Trenton and Princeton. In 1781 he was
made superintendent of finance, and by dint of every imaginable device
of hard-pressed ingenuity he contrived to support the brilliant work
which began at the Cowpens and ended at Yorktown. He established the
Bank of North America as an instrument by which government loans might
be negotiated. Sometimes his methods were such as doctors call heroic,
as when he made sudden drafts upon our ministers in Europe after the
manner already described. In every dire emergency he was Washington's
chief reliance, and in his devotion to the common weal he drew upon his
private resources until he became poor; and in later years--for shame be
it said--an ungrateful nation allowed one of its noblest and most
disinterested champions to languish in a debtor's prison. It was of ill
omen for the fortunes of the weak and disorderly Confederation that in
1784, after three years of herculean struggle with impossibilities, this
stout heart and sagacious head could no longer weather the storm. The
task of creating wealth out of nothing had become too arduous and too
thankless to be endured. Robert Morris resigned his place, and it was
taken by a congressional committee of finance, under whose management
the disorders only hurried to a crisis.
[Sidenote: The craze for paper-money, 1786.]
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.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account